MC EXCLUSIVE Ajay Seth, Giridhar Aramane lead race for IRDAI Chairman role

US tariffs could shave up to half a percentage point off India GDP, says Finance Secretary Ajay Seth

Ajay Seth, the current Finance Secretary and head of the Department of Economic Affairs and Giridhar Aramane, former defence secretary, have emerged as leading candidates to become the next Chairman of the Insurance Regulatory and Development Authority of India (IRDAI), according to multiple sources close to the matter.

“The decision is expected to be finalised soon,” sources said.

However, Seth and Aramane did not respond to the queries sent to them.

The position fell vacant after Debasish Panda completed his three-year term on March 13, 2025.

Seth, a 1987-batch IAS officer from the Karnataka cadre, is set to retire from his current role by June 2025.

Anuradha Thakur, Additional Secretary in the Ministry of Corporate Affairs, has already been appointed as his successor in the Economic Affairs Secretary position.

The IRDAI chairmanship allows a tenure until the age of 65.

Seth is a seasoned bureaucrat with over three decades of experience in public finance, taxation, and social sector governance. A BTech graduate in Mechanical Engineering from IIT Roorkee and an MBA holder from Ateneo de Manila University, Seth has been a part of several decisions that have shaped India’s economic policies.

He spearheaded initiatives such as India’s first sovereign green bond issuance and the creation of the infrastructure finance secretariat. In 2013, he received the Prime Minister’s Award for Excellence in Public Administration for transforming Karnataka’s commercial tax system.

Giridhar Aramane, who is also speculated to be in the running, is a 1988-batch IAS officer from the Andhra Pradesh cadre who served as Defence Secretary until his retirement in October 2024.  He is also a former executive director at IRDAI between 2012 and 2014. With a background in civil engineering from IIT Madras and advanced management training from IIM Bangalore, Aramane has held key roles in defence, power, and insurance sectors.

The government’s final decision on the appointment of the IRDAI chairman is awaited in a few weeks.