NEW DELHI: Seasoned bureaucrat and rulebook adherent Tuhin Kanta Pandey has been appointed as the new chairperson of the Securities and Exchange Board of India (SEBI) for a three-year term. The 1987-batch Odisha-cadre IAS officer replaces Madhabi Puri Buch, whose tenure concludes on Friday.
Buch made history as the first woman and the first private-sector professional to lead SEBI. Her tenure saw key reforms, including faster equity settlements, enhanced FPI disclosures, and deeper mutual fund penetration through the Rs250 SIP initiative.
 However, her final year was marred by controversies, including allegations from Hindenburg Research and the Congress party, alongside internal employee protests over “toxic work culture.”
Amid this turbulence, the government has opted for a seasoned bureaucrat to steady the regulatory ship. Pandey, known for his measured approach and unwavering adherence to rules, brings extensive experience in public asset management and disinvestment.
Proven track record
Pandey was instrumental in the privatisation of Air India, a landmark achievement during his tenure as Secretary of the Department of Investment and Public Asset Management (DIPAM).
He also played a key role in the ongoing IDBI Bank divestment and was deeply involved in drafting the new Income Tax Bill, which aims to replace the 64-year-old Income Tax Act.
Having recently served as Finance Secretary, Pandey was part of the team that framed the 2025-26 Union Budget, which provided Rs1 lakh crore in tax reliefs to the middle class. He took charge of the Revenue Department in January 2025, following Sanjay Malhotra’s appointment as RBI Governor.
Challenges ahead
Pandey steps in as SEBI chief at a time when the markets are facing bearish pressure amid a withdrawal by foreign investors. Since January, FPIs have pulled out over Rs1 lakh crore, adding to market volatility.
His appointment continues the trend of bureaucrats leading SEBI, reinforcing the government’s preference for experienced administrators in regulatory roles.
Soft-spoken yet resolute, Pandey is expected to bring stability and precision to SEBI’s regulatory framework as he takes charge in turbulent times.
