Tuhin Kanta Pandey has been appointed as the new chairman of the Securities and Exchange Board of India (SEBI), officially taking over from Madhabi Puri Buch whose term concludes on February 28, 2025. The Appointments Committee of the Cabinet (ACC) announced Pandey's appointment on February 27, 2025, designifying him for a three-year term as the head of the capital markets regulator.
Before assuming this high-profile position, Tuhin Kanta Pandey was already well-established within the Indian government as the Finance Secretary and Secretary of the Department of Revenue. Having graduated with a Master of Arts degree in Economics from Panjab University, Chandigarh, and earning an MBA from the University of Birmingham, UK, Pandey boasts both academic credentials and significant administrative experience.
Pandey is no stranger to public service, having worked his way up through the ranks since joining the Indian Administrative Service (IAS) as part of the 1987 batch. Over the years, he has held several key positions, including Secretary of the Department of Investment and Public Asset Management (DIPAM), where he played pivotal roles in major economic reforms, including the historic disinvestment of Air India and the initial public offering of the Life Insurance Corporation of India (LIC).
His appointment arrives at a time when India's stock markets are encountering considerable bearish pressures, largely influenced by substantial withdrawals from foreign portfolio investors (FPIs). To date, they have pulled out over ₹1.13 lakh crore from the Indian markets since the beginning of 2025. Investors are now hopeful Pandey's leadership will stabilize the market dynamics, which have been described as uncertain owing to regulatory changes during Buch's term.
“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 to the post of Chairman, Securities and Exchange Board of India (SEBI), initially for a period of three years from the date of assumption of charge of the post or until any orders, whichever is earlier,” reported the Department of Personnel & Training.
While Buch, the first woman to lead SEBI, made strides during her tenure by increasing market accessibility and instituting technological advancements, her period was also marred by criticisms over regulatory practices. Pandey now steps onto the scene with the industry’s primary demand echoing: less regulation. Some market analysts have criticized excessive regulatory measures taken during Buch's time, which they claim led to investor uncertainty and complicated market operations.
“Sebi must balance innovation with stable, long-term policies,” remarked Sonam Srivastava, founder of Wright Research, based in Mumbai, emphasizing the importance of clear and consistent regulations moving forward.
With foreign investors increasingly voicing their demand for simplified regulation on derivative trading and know-your-customer norms, Pandey is expected to focus on streamlining these processes, potentially easing entry points for investors. The new SEBI chair will also have to navigate heightened scrutiny around corporate governance, especially following controversies surrounding investment firms like the Adani Group.
On the ground, Pandey’s immediate responsibility includes addressing the bearish trend and restoring investor confidence. He has extensive experience from prior roles, managing fiscal policies, tax structures, and economic reforms as part of his duties encompassing areas like the recent framing of the budget for the upcoming fiscal year and drafting the upcoming Income Tax Bill, which aims to replace the 1961 Act. These experiences will be pivotal as SEBI continues to drive innovations in financial regulatory practices.
Pandey has also previously worked with UNIDO, bringing international exposure to his leadership capabilities—a feature he intends to utilize to inspire improvements within SEBI. His tenure is anticipated to contribute toward renewing focus on corporate governance standards among smaller companies which investors eye with genuine interest but often find clouded by irregularities.
Under Pandey’s stewardship, SEBI can potentially regain the trust of foreign investors who have recently cited concerns over corporate governance and the pace of reform. The challenges will be considerable; under current economic pressures, fostering growth and stability will be no small feat. Nevertheless, Pandey's track record of transparency and efficacy suggests he may be equipped to tackle these formidable tasks.
With the markets witnessing significant transformations, Tuhin Kanta Pandey's appointment has arrived at perhaps the most opportune moment, promising both challenges and potential reforms necessary to boost the resilience and vitality of India's capital markets.