Athira Sethu
Kochi, 1 March 2025
Tuhin Kanta Pandey has been made the new chairman of the Securities and Exchange Board of India (SEBI) for a period of three years. Pandey, who is the current Finance Secretary of India, succeeds Madhabi Puri Buch, the first woman to head SEBI. Buch’s term expired on February 28, 2025.
Pandey’s appointment is the second major bureaucratic shift in India’s regulatory institutions. Sanjay Malhotra, another Indian Administrative Service (IAS) officer, was appointed as the Governor of the Reserve Bank of India (RBI) in December 2024. This change reflects the government’s inclination towards experienced bureaucrats as heads of large institutions, even when considering candidates from the private sector for the SEBI position.
Pandey, an Odisha cadre 1987-batch IAS officer, has served in various key positions in the Odisha state government and the central government. Prior to his appointment as Finance Secretary in September 2024, he was the Department of Investment and Public Asset Management (DIPAM) Secretary, in which capacity he worked hard to sell government stakes in companies such as Air India to the Tata Group. He also headed the disinvestment of other public sector units and was involved in policy formulation on public finance and taxation.
Pandey’s educational qualification is a Master’s in Economics as well as an MBA. He has extensive experience in the field of industrial development, financial management, and public finance.He has been responsible for administering major reforms in the form of tax policies as well as for implementing new regulation. His participation in the presentation of the 2025-26 Budget that granted considerable relief to the middle class through reduced taxes has impressed people with his good governance.
While Pandey becomes the SEBI head, the regulator of financial markets, his leadership will uphold the legacy of tough bureaucratic bosses. Earlier, all the chairmen of SEBI, except for Madhabi Puri Buch, were from the IAS or the public sector. Buch’s tenure revolved around investor protection, market efficiency, and monitoring financial influencers. Yet, her stint as the chairperson also witnessed controversies surrounding her and her husband being a part of the Adani scam by Hindenburg Research.
Pandey’s experience in managing large government projects and reforms is expected to guide SEBI’s future strategies, ensuring better regulation and growth of India’s financial markets. His appointment highlights the government’s confidence in bureaucrats handling complex financial and regulatory bodies.
