February 28th 2025.
On Thursday, the government announced the appointment of Tuhin Kanta Pandey as the new chairman of the Securities and Exchange Board of India, replacing Madhabi Puri Buch who has completed her three-year term. Pandey, an Indian Administrative Service officer from the Odisha cadre, will take over the role from Friday, according to a government order issued later in the evening.
Pandey, who currently serves as the Finance Secretary and Secretary of the Department of Revenue, has been approved for the position by the Appointments Committee of the Cabinet. His term will initially be for three years from the day he assumes charge, as stated in the order.
Pandey's new role comes at a crucial time for the market, as it faces pressure due to foreign institutional investors pulling out over Rs 1 lakh crore since the beginning of the year. With his extensive experience in the Ministry of Finance, particularly in the Department of Revenue, Pandey is well-equipped to take on the challenges of leading the SEBI.
Prior to this appointment, Pandey was the longest-serving secretary in the Department of Investment and Public Asset Management, where he played a key role in implementing the government's disinvestment plans for public sector companies. He also oversaw the privatisation of Air India, which was successfully acquired by the Tata group in October 2021.
Pandey's expertise in the finance sector is evident from his involvement in the framing of the 2025-26 budget, where he helped provide tax reliefs to the middle class. He was also instrumental in drafting the new Income Tax Bill, which aims to replace the outdated Income Tax Act of 1961.
With a Master's degree in Economics from Punjab University and an MBA from the University of Birmingham, Pandey has a strong academic background. He has held various positions in both the government of Odisha and the government of India, including Joint Secretary in the Planning Commission and Deputy Secretary in the Ministry of Commerce.
In the early years of his career, Pandey served as the administrative head of various departments, such as health, general administration, commercial taxes, transport, and finance. He also held executive roles in the Odisha State Finance Corporation and the Odisha Small Industries Corporation.
Overall, Pandey's vast experience and expertise make him a strong candidate for the role of SEBI chairman, and his appointment has been welcomed by many in the finance sector. We wish him all the best in his new position and look forward to his leadership in the coming years.
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