Tuhin Kanta Pandey Appointed as SEBI Chief, Marking Return of Bureaucrat Leadership

New Delhi, Feb 28: The government has appointed Tuhin Kanta Pandey as the new chairman of the Securities and Exchange Board of India (SEBI), reinstating bureaucratic leadership at the helm of India's capital market regulator. Pandey, currently the Finance Secretary, will take over from Madhabi Puri Buch, whose term concludes on Friday.

A Return to Bureaucratic Leadership​

Pandey’s appointment marks the return of a seasoned bureaucrat to SEBI after Buch, 60, made history as the first woman and the only private-sector professional to lead the institution. During her three-year tenure, Buch implemented faster equity settlements, enhanced foreign portfolio investor (FPI) disclosures, and expanded mutual fund penetration through systematic investment plans (SIPs). However, her final year was overshadowed by controversies, including allegations from Hindenburg Research and the Congress party, alongside internal protests over alleged "toxic work culture."

In contrast, Pandey, a 1987-batch IAS officer from the Odisha cadre, brings a reputation for discipline, adherence to regulations, and extensive experience in financial governance. He will serve a three-year term as SEBI chief.

A Proven Track Record in Financial Governance​

At 59 years old, Pandey has played a pivotal role in India's economic policymaking. He was the longest-serving Secretary in the Department of Investment and Public Asset Management (DIPAM), overseeing critical privatisation and disinvestment initiatives. His major contributions include:

• Privatisation of Air India: He successfully facilitated the long-awaited sale of the loss-making national carrier to the Tata Group in October 2021.
• LIC's Historic Listing: Pandey spearheaded the May 2022 IPO of Life Insurance Corporation of India (LIC), the country's largest-ever public listing.
• IDBI Bank Privatisation: He initiated the process, with bidders currently undergoing due diligence.

His experience extends beyond disinvestment. In January 2025, he took charge of the Revenue Department, succeeding Sanjay Malhotra, who was appointed Governor of the Reserve Bank of India (RBI). He played a key role in drafting the 2025-26 Budget, which provided Rs 1 lakh crore in tax reliefs for the middle class, and contributed to the proposed new Income Tax Bill, aimed at replacing the 64-year-old Income Tax Act, 1961.

Navigating Market Challenges​

Pandey assumes leadership at a challenging time for India's markets, which are under bearish pressure following over Rs 1 lakh crore in withdrawals by foreign portfolio investors (FPIs) since January 2025. His regulatory approach will be crucial in stabilizing investor confidence and shaping policies to attract capital inflows.

Educational and Professional Background​

Pandey holds:

• MA in Economics from Panjab University, Chandigarh
• MBA from the University of Birmingham, UK

He has previously held key positions in the Odisha government and various central government departments, including NITI Aayog, the Cabinet Secretariat, and the Ministry of Commerce.

Conclusion​

With a reputation for rigid adherence to policy and a clean image, Pandey's appointment signals the government's preference for experienced bureaucrats in financial sector leadership roles. His tenure at SEBI will be closely watched as he navigates regulatory challenges and strives to maintain market stability amidst global economic uncertainties.