Tuhin Kanta Pandey Takes Charge as SEBI Chairman

Tuhin Kanta Pandey, the Finance Secretary, has been appointed as the new Chairman of SEBI for a three-year term, following approval from the Appointment Committee of the Cabinet (ACC). The Department of Personnel & Training confirmed his appointment, stating that he will transition from Secretary of the Department of Revenue to lead SEBI. Tuhin Kanta Pandey Succeeds Madhabi Puri Buch as SEBI chief, who will complete her three-year tenure on Friday, February 28, 2025. 

Tuhin Kanta Pandey: Background and Key Roles

Tuhin Kanta Pandey holds a Master’s degree in Economics from Punjab University, ¯Chandigarh, and an MBA from the UK. He has held several senior administrative roles at the state and central government levels. A 1987-batch Indian Administrative Service (IAS) officer from the Odisha cadre, he was appointed India’s Finance Secretary in September 2024 and Secretary of the Department of Revenue in January 2025. He took on this responsibility during a challenging time, with Indian markets experiencing bearish trends due to large-scale foreign investor withdrawals.

Key Roles & Responsibilities

1. Mr. Tuhin played a key role in the 2025-26 Union Budget, which provided ₹1 lakh crore tax relief to the middle class. He also significantly contributed to drafting a new Income Tax Bill to replace the outdated 1961 Income Tax Act.

2. Before becoming Finance Secretary, he was executive director and managing director of Odisha State Finance Corporation (OSFC) and Odisha Small Industries Corporation (OSIC). 

3. He later served as collector and district magistrate of Sambalpur district and deputy secretary in the Department of Commerce at the Government of India. 

4. He was also deputed to the Regional Office of the United Nations Industrial Development Organisation (UNIDO) during his tenure. 

5. Tuhin Kanta Pandey became the longest-serving secretary in the Department of Investment and Public Asset Management. This department, part of the finance ministry, manages government equity in public sector enterprises and the Department of Public Enterprises (DPE).

6. Under his leadership, the government announced the Tata Group as the winning bidder, offering ₹18,000 crore on October 8, 2021. On January 27, 2022, the Tata Group officially took ownership of Air India.

7. Another significant project under Mr. Pandey was the privatisation of IDBI Bank, with bidders undergoing due diligence.

Also Read: Hindenburg Accuses SEBI Chief of Ties to Adani-linked Fund

Madhabi Puri Buch’s Tenure: Bold Reforms, Retail Boom, and Regulatory Challenges

Madhabi Puri Buch is the first woman chairperson of the Securities Exchange Board of India (SEBI) and the first to come from the private sector. She took charge on March 2, 2022, and will complete her three-year term on February 28, 2025.  Over the past three years, she has had one of the most challenging jobs as a regulator: keeping retail investors as safe as possible in a roaring bull market. The futures and options (F&O) and SME-IPO guidelines are anticipated to decrease retail enthusiasm in riskier segments. Buch’s ability to introduce all these rigid guidelines when retail investors flocked to the market was commendable.

The number of unique investors at the National Stock Exchange (NSE) crossed 110 million last month. The total market capitalisation in February 2025 is ₹392.6 lakh crore, up 55.15% from ₹252.4 lakh crore in February 2022. The Sensex is up 32%, and the BSE Mid-cap index is up 68% during her tenure. Further, after reports accused senior SEBI officials of misbehaviour, the markets regulator issued an official statement accusing employees of being influenced by outsiders. Other setbacks include the inability to slash expense ratio due to pushback from the mutual fund industry. Even the T+0 settlement, a first globally, did not find many takers as retail investors and brokerages are yet to be convinced about its utility. 

Interestingly, her entry and the end of her term are marked by foreign investors exiting the Indian market. In 2022, global volatility due to the Russia-Ukraine conflict was a factor, and now, the Trump tariff tensions are keeping them on high alert.