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Tuhin Kanta Pandey, the current Finance and Revenue Secretary, has been appointed as the new Chairperson of the Securities and Exchange Board of India (SEBI), succeeding Madhabi Puri Buch. Pandey, a 1992-batch Indian Administrative Service (IAS) officer from the Odisha cadre, will serve a three-year term. His appointment follows Buch’s tenure, which ends on March 1, 2025.
Pandey’s Career and Achievements
Pandey’s appointment marks a significant step in his career. He had previously served as the Secretary of the Department of Investment and Public Asset Management (DIPAM), where he played a pivotal role in the successful sale of Air India and the listing of Life Insurance Corporation of India (LIC). Earlier this year, Pandey was shifted to the position of Revenue Secretary, ahead of the Union Budget 2025.
Madhabi Puri Buch’s Tenure Comes to an End
Madhabi Puri Buch, who assumed the role of SEBI Chairperson in March 2022, will complete her three-year term on February 28, 2025. She was the first woman and the first private-sector individual to hold the position. Buch’s tenure was marked by both achievements and controversies. While she is credited with steering SEBI during a crucial period, her tenure also saw allegations of irregularities, including those from short-seller Hindenburg and the Congress party. A section of SEBI employees also accused her of fostering a toxic work environment, although the matter has been resolved.
Pandey’s Appointment Confirms End of Buch’s Term Without Extension
Pandey’s appointment ends speculation regarding a potential extension for Buch. Unlike previous SEBI chairpersons, including UK Sinha and Ajay Tyagi, who served extended terms, Buch will step down after her initial three years.
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