Mumbai, March 1: Seasoned bureaucrat Tuhin Kant Pandey officially assumed office as the new Chairman of the Securities and Exchange Board of India (SEBI) on Saturday, emphasizing transparency and teamwork as essential to the regulator's growth and effectiveness.
Pandey, who succeeds Madhabi Puri Buch, previously served as Finance Secretary and is known for his significant role in government asset management and policy formulation. On arriving at SEBI headquarters in Mumbai's Bandra Kurla Complex, Pandey refrained from commenting on his predecessor or detailing his specific work style, maintaining a cautious stance: “I will not comment on anyone.”
Former Chairperson Buch, who faced several allegations of impropriety towards the end of her tenure, was notably absent due to illness and a reported COVID-19 infection.
Addressing reporters, Pandey praised SEBI as a robust market regulator established over years of leadership continuity. He outlined four foundational pillars—Trust, Transparency, Teamwork, and Technology—as central to SEBI's future under his leadership. “These four elements make SEBI distinctive,” Pandey remarked, asserting his commitment to building upon SEBI's reputation as one of the world's foremost market institutions.
A New Leadership Amid Market Challenges
Pandey assumes leadership at a critical juncture, with Indian markets facing significant bearish pressures due to heightened withdrawal activity by Foreign Institutional Investors (FIIs). Since January alone, Foreign Portfolio Investors (FPIs) have pulled out over Rs 1 lakh crore, underscoring investor uncertainty.Adding complexity to his new role, Pandey takes charge following a period of internal turbulence at SEBI, marked by unprecedented employee protests against management decisions.
Warm Welcome at SEBI Headquarters
Upon arrival, Pandey, wearing a dark blue blazer paired with a striped shirt, was warmly received by SEBI’s four whole-time members—Ashwani Bhatia, Amarjeet Singh, Ananth Narayan, and Kamlesh Varshney—signifying a unified welcome and highlighting internal harmony amid recent disruptions.Experienced Bureaucrat with Proven Track Record
A distinguished 1987-batch IAS officer of the Odisha cadre, Pandey comes with extensive experience from key financial roles. Before his recent role as Revenue Secretary, he served as the longest-tenured Secretary of the Department of Investment and Public Asset Management (DIPAM). Pandey notably managed crucial initiatives, including the landmark privatization of Air India, marking its return to the Tata Group.Pandey played an integral role in crafting the Union Budget 2025-26, which provided significant tax relief totaling Rs 1 lakh crore for India's middle class. He also contributed prominently to drafting the proposed Income Tax Bill aimed at replacing the six-decade-old Income Tax Act of 1961.
Throughout his career, Pandey has held multiple senior administrative positions in both the Odisha government and the central government, demonstrating his proficiency in fiscal policy, governance, and public asset management. He previously served in pivotal roles within the Planning Commission, Cabinet Secretariat, and Ministry of Commerce.
Educationally, Pandey holds an MA in Economics from Punjab University, Chandigarh, and an MBA from the University of Birmingham, UK.
Pandey’s tenure as SEBI Chairman is set for a duration of three years, during which he aims to navigate complex market dynamics while reinforcing trust and transparency within the institution.