Technology, teamwork, transparency & trust: New Sebi chief's mantra

Tuhin Kanta Pandey on Saturday assumed charged as the new Sebi chief

Tuhin Kanta Pandey, the new chairman of the Securities and Exchange Board of India (Sebi), has outlined his vision for the market regulator, emphasising four key objectives- trust, transparency, teamwork, and technology.

 

Assuming the charge on Saturday, Pandey said, "We have four objectives. We work for trust, we work for transparency, teamwork, and for technology. We will continue to create one of the best market institutions in the world." 

 

He highlighted the importance of trust, stating that Sebi holds the trust of the people of India, Parliament, and the government, as well as investors and the industry.

 

Pandey takes over the reins at a challenging time, with domestic markets facing significant selling pressure due to sustained foreign portfolio investor outflows. The benchmark Nifty 50 index has plummeted 16 per cent from its peak in September, with small- and mid-caps dropping over 20 per cent.

 

 

 

When asked if his leadership style is expected to be different from his predecessor, Madhabi Puri Buch, he declined to comment.

 

"We are not going to comment on anything, anyone, or any style. We are a team here, and this team will work,” he said.

 

Sebi’ four whole-time members welcomed the new chairperson at the Sebi’s headquarters at Mumbai’s Bandra Kurla Complex. However, outgoing chairperson Buch was not present as she is suffering from Covid-19. 

 

Before his Sebi appointment, Pandey was a senior official in the Ministry of Finance, overseeing the Department of Revenue. He previously served as the longest-tenured secretary in the Department of Investment and Public Asset Management (Dipam), which manages government equity in public sector enterprises.

 

Taking charge of the revenue department on January 9, following Sanjay Malhotra’s appointment as the Reserve Bank of India (RBI) governor, Pandey played a pivotal role in shaping the Union Budget 2025. His contributions included tax relief measures for the middle class, amounting to Rs 1 trillion. He was also actively involved in drafting the new Income Tax Bill, aimed at replacing the outdated Income Tax Act of 1961.

 

During his tenure at Dipam from October 24, 2019, to January 8, 2025, Pandey led multiple disinvestment initiatives, aligning with the government’s public sector enterprise (PSE) policy. This strategy sought to scale down state participation in PSEs across various industries.