The Indian government has appointed Tuhin Kanta Pandey, the current Finance Secretary and Secretary of the Department of Revenue, as the new Chairman of the Securities and Exchange Board of India (SEBI) for a three-year term. He will succeed Madhabi Puri Buch, whose tenure concludes on February 28, 2025 (today).
Pandey, a 1987-batch Indian Administrative Service (IAS) officer from the Odisha cadre, holds a Master’s degree in Economics from Panjab University, Chandigarh, and an MBA from the University of Birmingham, UK.
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During his tenure as Secretary of the Department of Investment and Public Asset Management (DIPAM), Pandey played an important role in significant privatization initiatives, notably the sale of Air India to the Tata Group in January 2022. He also advanced the privatization process of IDBI Bank, with bidders currently undergoing due diligence.
As Finance Secretary, Pandey was instrumental in shaping the 2025-26 Union Budget, which provided Rs. 1 lakh crore in tax relief to the middle class. He also contributed to drafting a new Income Tax Bill aimed at replacing the Income Tax Act of 1961.
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Pandey’s appointment comes at a time when the Indian stock markets are experiencing volatility due to significant withdrawals by Foreign Portfolio Investors (FPIs). Since January 2025, FPIs have withdrawn over Rs. 1 lakh crore, impacting market stability.
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Madhabi Puri Buch, the outgoing SEBI Chairperson and the first woman to lead the organization, implemented significant regulatory changes during her tenure, including stricter rules for India’s derivatives markets and enhanced corporate disclosures. Her term also faced challenges, such as allegations from Hindenburg Research concerning conflicts of interest in SEBI’s investigations into the Adani group, which both Buch and the Adani group denied.
Pandey’s tenure at SEBI will be important in determining how India’s financial markets evolve in the coming years. Investors, policymakers, and financial experts will be watching closely to see how he manages the challenges ahead.
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