The Indian government announced on Thursday the appointment of Tuhin Kanta Pandey, the current finance and revenue secretary, as the new Chairperson of the Securities and Exchange Board of India (Sebi). His appointment comes after the completion of Madhabi Puri Buch’s three-year tenure, which ends on Friday.
Who is Tuhin Kanta Pandey?
Tuhin Kanta Pandey, an Indian Administrative Service (IAS) officer of the 1987 batch from the Odisha cadre, has been appointed as the new Chairperson of Sebi. With a robust background in public policy and administration, Pandey has held several important government positions, including his recent role as the Finance and Revenue Secretary. He was also responsible for overseeing divestment and unlocking the potential of public assets before his appointment as the revenue secretary. His distinguished career in governance makes him a highly qualified individual to lead Sebi, a key body regulating India’s capital markets.
Succeeding Madhabi Puri Buch
Pandey’s appointment follows the conclusion of Madhabi Puri Buch’s tenure as Sebi chairperson. Buch made history as Sebi’s first female and private-sector chairperson, serving from 2022 to 2025. During her tenure, she faced political scrutiny and opposition demands for her resignation, especially after allegations from the American short seller Hindenburg Research regarding a potential conflict of interest in the ongoing investigation into the Adani Group.
Opposition Allegations and Buch’s Defense
Hindenburg Research accused the Adani Group of stock manipulation and fraud, leading to a high-profile investigation by Sebi. The opposition parties demanded Buch’s resignation, claiming her ties to offshore funds linked to the Adani Group created a conflict of interest. Buch firmly rejected these allegations, describing them as “malicious and motivated,” and emphasized that her actions were in full compliance with the rules. She also confirmed that all necessary disclosures had been made, and Sebi had initiated an investigation, though the Adani Group denied the accusations.
Previous Sebi Chairperson Terms and Extensions
Buch’s predecessors, Ajay Tyagi and UK Sinha, both received extensions to their initial three-year terms. Tyagi served as Sebi Chairperson for five years, while Sinha held the position for six years. Pandey will now have the chance to influence the future direction of Sebi, which plays a vital role in overseeing India’s capital markets.
Remuneration and Eligibility Criteria
The position of Sebi Chairperson offers a salary comparable to that of a Union government secretary, or a consolidated salary of Rs 5,62,500 per month, excluding the provision of a house or car. This was outlined in an official circular issued last month, which also detailed the eligibility criteria for the Sebi Chairperson role. Candidates must have no financial interests that could interfere with their duties, and the individual appointed should possess high integrity, reputation, and over 25 years of professional experience, with a preference for those above 50 years of age.
A Milestone in Sebi’s Leadership
Madhabi Puri Buch’s departure marks the end of a historic era for Sebi, as she became the first woman and the first private-sector professional to head the regulatory body. Having served as a whole-time member of Sebi between 2017 and 2022, her leadership significantly influenced the capital markets sector.
As Tuhin Kanta Pandey assumes the role of Sebi Chairperson, all eyes will be on how he tackles the challenges facing India’s financial markets, ensuring the continuation of Sebi’s mission to operate with transparency, integrity, and regulatory excellence.
