Former DEA Secretary Ajay Seth appointed IRDAI Chairperson for three years

Ajay Seth, newly appointed Chairperson of IRDAI

Ajay Seth, former Finance Secretary and Secretary of the Department of Economic Affairs (DEA), has been appointed  the new Chairperson of the Insurance Regulatory and Development Authority of India (IRDAI) for a term of three years, or until he attains the age of 65, whichever is earlier. The Appointments Committee of the Cabinet approved the decision on July 23, formally concluding the regulator's leadership vacuum that had persisted since mid-March.

The top post at IRDAI had been vacant since March 14, 2025, following the end of the term of former Chairperson Debasish Panda.

A 1987-batch Indian Administrative Service (IAS) officer of the Karnataka cadre, Seth retired on June 30 this year after completing a distinguished 38-year-long career. His tenure at the Ministry of Finance, particularly as Economic Affairs Secretary from April 2021 to June 2025 positioned him as one of the key architects of India’s fiscal revival post the pandemic.

Architect of post-COVID fiscal response

During his time in DEA, Seth oversaw India’s macroeconomic strategy, spearheading capital expenditure reforms, fiscal consolidation, and infrastructure financing. He was widely credited for driving the Centre’s public capex push and for helping bring the fiscal deficit down from a pandemic-era high of 9.3 percent in FY21 to 4.8 percent in FY25.

He was also a central figure in formulating Union Budgets over the last three years, playing a crucial role in charting a glide path for fiscal discipline while ensuring continued economic stimulus through infrastructure and public investment.

In March 2025, he was given additional charge of the Department of Revenue following the exit of then Revenue Secretary Tuhin Kanta Pandey, who was appointed Chairperson of the Securities and Exchange Board of India (SEBI). Seth’s quiet leadership and steady hand earned him the role of co-chair during India’s G20 Presidency in 2023, where he led discussions on sustainable finance, international taxation, and infrastructure development.

A career spanning finance, taxation, and reform

Over the course of nearly four decades, Seth held key positions in both the central and state governments, as well as international institutions. His work focused extensively on public finance, taxation, expenditure management, budgeting, development financing, and foreign investment. He has also worked in the social sectors of health and education, urban transport, and infrastructure.

He spent over 18 of his 38-year career  in the areas of public finance and taxation, and nearly three years each in the social sector and in urban infrastructure. His stints included roles in the Government of Karnataka, the Government of India, and the Asian Development Bank.

Seth is an alumnus of the University of Roorkee (now IIT Roorkee), with a B.Tech in Mechanical Engineering, and holds an MBA from Ateneo de Manila University. In 2013, he was honoured with the Prime Minister’s Award for Excellence in Public Administration for transforming Karnataka’s commercial tax administration.

A new chapter at IRDAI

Seth takes charge as Chairperson of IRDAI at a time when India’s insurance sector is undergoing significant changes, with increasing private sector participation, digital transformation, and a policy thrust towards greater penetration and financial inclusion. The authority plays a crucial role in ensuring policyholder protection, regulatory compliance, and sectoral stability.

The IRDAI chairpersonship allows for a tenure of up to three years or until the age of 65, and the eligibility criteria required at least 30 years of experience and prior service at the Secretary level in government or an equivalent leadership role in the private sector. The selection process began in March 2025, with applications due by April 6.

Seth’s appointment is expected to bring the much-needed leadership and policy direction to the insurance regulator, headquartered in Hyderabad. The decision to shift IRDAI's base from New Delhi to Hyderabad was made in 2001, as part of a decentralisation effort by the Centre.