The Newly Appointed SEBI Chairperson, Tuhin Kanta Pandey, will Serve a Three-Year Tenure

For a three-year tenure, India's Finance Secretary Tuhin Kanta Pandey has been named the Securities and Exchange Board of India (SEBI) 11th chairwoman. Madhabi Puri Buch, who will finish her three-year term as SEBI's first female chairwoman on Friday, February 28, 2025, will be replaced as SEBI chief by the seasoned financial bureaucrat. The Cabinet has authorised the appointment of Pandey, IAS (OR: 1987), Finance Secretary, and Secretary, Department of Revenue, to the position of SEBI chairperson, the government's Appointments Committee of the Cabinet (ACC) announced in a notification on February 27. The first term of Pandey's appointment is three years from the day he takes over.

Who is Tuhin Kanta Pandey?

Pandey had a stellar career before this, holding important positions such as head of the Department of Public Enterprises (DPE) and the Department of Investment and Public Asset Management (DIPAM). He was especially well-known for managing the historic sale of Air India and LIC's initial public offering. In his capacity as Finance Secretary, Pandey played a critical role in overseeing the ministry's functioning and providing policy advice to the Finance Minister. He played a key role in forming India's fiscal and economic policies while representing the ministry before the Parliamentary Public Accounts Committee. With his extensive background in financial management and governance, Pandey now leads SEBI, ushering in a new era in his remarkable career.

Pandey has an MBA from the UK and an MA in Economics from Punjab University in Chandigarh. Throughout his career, he has held important administrative positions in both the central and state governments of Odisha. In addition to holding a number of jobs in industries like health, transportation, and commercial taxation, he was the Deputy Secretary in the Ministry of Commerce and the District Collector of Sambalpur. Prior to his leadership position at DIPAM, where he oversaw significant disinvestment activities, he served as Joint Secretary at the Planning Commission. In 2021, he also served for a short time as Secretary in the Ministry of Civil Aviation.

He has held a number of positions with the Indian and Odisha governments. Kanta Pandey was the administrative head of the departments of finance, transportation, general administration, health, and commercial taxation in the early years of his career.

In addition, the top officer was the managing director of the Odisha Small Industries Corporation and the executive director of the Odisha State Finance Corporation. His prior roles at the Centre included Deputy Secretary in the Ministry of Commerce, Joint Secretary, Cabinet Secretariat, and Joint Secretary, Planning Commission (now NITI Aayog).

After Madhabi Puri Buch, Tuhin Kanta Pandey Takes Over

When the Indian stock market is under negative pressure due to the continued withdrawal of capital by FIIs, Pandey will assume the role of head of the market watchdog. Since January 2025, foreign portfolio investors (FPIs) have taken out about INR 1 lakh crore.

In order to prevent retail investors from placing bets on dangerous financial instruments, Madhabi Puri Buch, the first woman to lead SEBI, implemented significant regulatory measures, including stricter guidelines for India's derivative markets. In order to expand the scope of financial investments, Buch promoted safer, modest investment possibilities.

Additionally, Buch has pushed the Indian markets towards same-day settlement and mandated stricter disclosures for fund houses and corporations. During her tenure, she led a comprehensive reform of the laws governing the trading of equity derivatives in India, which became the leading location for these products globally.

Why was Madhabi Buch replacedIndia?

In March 2022, Madhabi Buch became the first woman to serve as the Chairperson of the SEBI. After US short-seller Hindenburg Research accused her of having conflicts of interest with regard to offshore finances associated with the Adani Group, she faced criticism towards the end of her three-year term, particularly from opposition parties. Concerns over possible bias in SEBI's regulatory operations were raised when the Congress and other opposition parties called for her resignation. Allegations were also made concerning her financial statements' transparency and potential partiality to particular financial institutions. But she maintained her position despite the accusations, dismissing them as baseless allegations.