North Block to Sebi's hot seat: Market's new watchman Tuhin Kanta Pandey

When Tuhin Kanta Pandey took charge as the Department of Investment and Public Asset Management (DIPAM) secretary in 2019, the government’s attempt to privatise Air India had already failed twice. During Pandey’s tenure, the government moved to an enterprise value model for Air India, allowing bidders the flexibility to choose the equity and debt they were willing to assume instead of forcing them to take on a fixed amount of debt. This ultimately led to Air India’s sale to the Tata group in 2021.

 

Pandey’s tenure as the DIPAM secretary also saw the public listing of Life Insurance Corporation of India and the government moving away from disclosing disinvestment targets in the Union Budget, a move often criticised as lacking transparency.

 

The Appointments Committee of the Cabinet, chaired by Prime Minister Narendra Modi, on Thursday approved Pandey’s appointment as Securities and Exchange Board of India (Sebi) chairman for three years. Pandey will succeed Madhabi Puri Buch after her controversial three-year term ended on Friday.

 

A 1987-batch Indian Administrative Service (IAS) officer from the Odisha cadre, Pandey served for more than five years as DIPAM secretary from October 24, 2019. He was appointed finance secretary in September last year. Pandey took charge as the revenue secretary in the finance ministry on January 9, just before the presentation of the 2025-26 Budget. Under his stewardship, the government delivered income-tax sops to the middle class and presented the draft income tax Bill in Parliament.

 

“Pandey is very cool, calculated, and plain-speaking. He is very easy to work with. He never shouts at anybody or pushes anyone beyond their limits. Because he knows the process, he sets achievable targets and asks officers to follow them up,” said a government official who previously worked with Pandey.

 

The official said Pandey’s experience at DIPAM would help him as Sebi chief. “He has seen Sebi’s policies and how they affect companies from the other side,” he added.

 

DIPAM works in close coordination with Sebi for initial public offerings, offers for sale, and the strategic disinvestment of central public sector enterprises.

 

A second official said Pandey never promised or assured the government more than what he could deliver.

 

“Generally, bureaucrats tend to yield when the government pressures them to increase targets. But he never did that. He would only promise what could be achieved, keeping in mind all likely pitfalls along the way. He is also a stickler for rules and does not tolerate any violations,” the official added.

 

A third official said Pandey’s three-pronged strategy focused on disinvestment at the right time and price, maximising dividends, and avoiding exchange-traded funds.

 

Pandey has held many significant positions in the Union and State Government of Odisha, in addition to serving a stint in the Regional Office of the United Nations Industrial Development Organisation.

 

In the Union Government, his previous positions included roles at the Planning Commission (now NITI Aayog), the Cabinet Secretariat, and the Ministry of Commerce.

 

At the district level, he served as Collector and District Magistrate of Sambalpur district in his home cadre, Odisha.

 

Pandey holds a Master’s in Economics from Panjab University, Chandigarh, and a Master of Business Administration from the University of Birmingham.