Key Highlights:
- Tuhin Kanta Pandey, a seasoned bureaucrat known for strict adherence to rules, appointed SEBI Chairman for a three-year tenure.
- Pandey succeeds Madhabi Puri Buch, the first woman and first private-sector professional to head SEBI.
- Pandey previously spearheaded major privatization initiatives, including Air India's successful divestment.
In a significant move, the government has appointed seasoned bureaucrat Tuhin Kanta Pandey as the new chairman of the Securities and Exchange Board of India (SEBI) for a period of three years. Pandey replaces outgoing chairperson Madhabi Puri Buch, whose tenure concludes this Friday.
Pandey, a 1987-batch IAS officer from the Odisha cadre, is renowned for his disciplined approach and unwavering commitment to rules. He takes charge of the capital market regulator at a critical juncture, as markets face bearish trends amid substantial withdrawals from foreign institutional investors (FIIs). Since January, Foreign Portfolio Investors (FPIs) have pulled over Rs 1 lakh crore from Indian markets, creating volatility and cautious sentiment.
Madhabi Puri Buch’s Mixed Legacy
Pandey steps into the role after Madhabi Puri Buch’s impactful but turbulent term. Buch, the first woman to lead SEBI and notably the first chairperson from the private sector, introduced several transformative reforms. Under her leadership, SEBI expedited equity market settlements, increased transparency with enhanced Foreign Portfolio Investors (FPIs) disclosures, and broadened mutual fund accessibility with affordable SIP options starting from Rs 250.However, the final year of her tenure was marred by controversy. Buch faced fierce allegations from Hindenburg Research and political opposition, particularly the Congress party, alongside internal challenges with employee protests alleging a "toxic work culture."
Against this backdrop, the government has opted to entrust SEBI’s leadership to Pandey, a bureaucrat well-versed in managing intricate governmental processes and complex policy frameworks.
Pandey's Proven Track Record in Economic Reforms
Tuhin Kanta Pandey has substantial experience in economic governance, most notably serving as the longest-tenured secretary of the Department of Investment and Public Asset Management (DIPAM) under the Ministry of Finance from October 2019 until January 2025.Significant milestones mark Pandey’s tenure at DIPAM, most prominently the privatization of Air India. After numerous unsuccessful attempts, the iconic airline was successfully sold to the Tata Group in October 2021 for Rs 18,000 crore, with ownership officially transferred on January 27, 2022. Additionally, Pandey has been actively overseeing the ongoing privatization process of IDBI Bank, which is currently undergoing due diligence with potential bidders.
Furthermore, Pandey recently played a crucial role in formulating the Union Budget for 2025-26, which delivered tax relief of Rs 1 lakh crore for the middle class. He was also instrumental in drafting the new Income Tax Bill, aimed at replacing the outdated Income Tax Act of 1961.
Extensive Administrative Experience
Pandey has held several strategic positions at both state and central levels throughout his illustrious career. In Odisha, he was the administrative head of various departments, including health, commercial taxes, general administration, transport, and finance. His leadership roles included stints as the Odisha State Finance Corporation's Executive Director and Managing Director at the Odisha Small Industries Corporation.At the central government, Pandey previously served as Joint Secretary at the Planning Commission (now NITI Aayog), Joint Secretary in the Cabinet Secretariat, and Deputy Secretary in the Ministry of Commerce.
Academic Background
Pandey holds a Master’s degree in Economics from Punjab University, Chandigarh, and an MBA from the University of Birmingham, UK.Pandey’s appointment underscores the government's preference for bureaucrats with proven governance expertise to lead pivotal economic institutions. His disciplined approach and extensive experience in complex economic reforms are expected to bring stability and strategic clarity to SEBI during a challenging market period.
