Finance Secretary Tuhin Kanta Pandey has been appointed as the new Chairman of the Securities and Exchange Board of India (SEBI).
Government Confirms Appointment
The Appointments Committee of the Cabinet has officially approved Pandey’s appointment, confirming earlier media reports. He will serve as SEBI Chairman for an initial term of three years.
According to the government order, “The Appointments Committee of the Cabinet has approved the appointment of Shri Tuhin Kanta Pandey, IAS (OR:1987), Finance Secretary and Secretary, Department of Revenue, as the Chairman of the Securities and Exchange Board of India (SEBI) for an initial period of three years from the date of assuming office or until further orders, whichever is earlier.”
Selection Process and Other Contenders
Earlier reports suggested that Pandey was among several contenders for the role. Other shortlisted candidates included Ajay Seth (Secretary, Department of Economic Affairs), Pankaj Jain (Secretary, Ministry of Petroleum and Natural Gas), and KC Varshney (Whole-Time Member, SEBI).
The government had invited applications for the position in January, setting February 17, 2025, as the deadline for submissions.
Transition in Leadership at SEBI
Pandey will succeed Madhabi Puri Buch, whose tenure as SEBI Chairperson ends on March 1, 2025. Buch, who assumed office on March 2, 2022, was the first woman to lead SEBI. Before her, Ajay Tyagi served as Chairman from March 2017 to February 2022, and UK Sinha held the position for six years before that.
Who is Tuhin Kanta Pandey?
A 1987-batch IAS officer from the Odisha cadre, Pandey currently serves as Finance and Revenue Secretary. Despite a brief tenure of less than two months as Revenue Secretary, he played a key role in restructuring income tax slabs and the customs duty framework in the latest budget. He also led the drafting of the new Income Tax Bill, which is under review by a parliamentary select committee. Pandey assumed charge as Revenue Secretary on January 9, 2025.
Previously, he served as Secretary of the Department of Investment and Public Asset Management (DIPAM), where he was instrumental in the divestment of Air India and the listing of LIC. Before taking over as Revenue Secretary, Pandey also held leadership roles in the Department of Public Enterprises (DPE) and the Department of Personnel and Training (DoPT). Both DIPAM and DPE operate under the Ministry of Finance.
A Distinguished Career in Bureaucracy
Pandey holds a Master’s degree in Economics from Punjab University, Chandigarh, and an MBA from the UK. He has held several high-ranking positions in both the Union and Odisha state governments, including roles in the Planning Commission (now NITI Aayog), the Cabinet Secretariat, and the Ministry of Commerce.
At the state level, he served as the administrative head of multiple departments, including Health, General Administration, Commercial Taxes, Transport, and Finance in Odisha. He also held key positions as Executive Director of the Odisha State Finance Corporation and Managing Director of the Odisha Small Industries Corporation.
Additionally, Pandey has experience working with international organizations, including a tenure at the Regional Office of the United Nations Industrial Development Organisation (UNIDO).
