SEBI’s new boss clears LG Electronics IPO — indicates shift from speed to stability

Tuhin Kanta Pandey’s first big move as SEBI Chairman? Greenlighting the much-anticipated LG Electronics India IPO on March 13. The nod, which came in the form of an official observation letter, is a regulatory green signal for one of the year’s biggest market debuts. But beyond the IPO, Pandey’s early days at the helm hint at a shift in SEBI’s tone—from high-octane execution to a steadier, more balanced approach.

His predecessor, Madhabi Puri Buch, set a blistering pace during her tenure. She rolled out sweeping reforms, tightened compliance, and pushed SEBI into private-sector-style efficiency, demanding speed and agility.

But her breakneck reforms didn’t sit well with everyone—reports surfaced of SEBI employees struggling under intense pressure, with over 500 staff members raising concerns about a “stressful and toxic” work environment. They had also raised issues with respect how Key Result Areas were set and measured.

Enter Pandey, who took charge on March 1 with a different playbook. His first week was spent meeting senior officials including all whole-time members and executive directors, junior staff, and middle management—not just to discuss policy but also to calm nerves. His message? Work stress-free, embrace a ‘healing period,’ and focus on trust, transparency, teamwork, and technology.

The Chairman’s nod for the LG IPO was necessitated because of its large size. Offers above Rs 10,000 crore require the Chairman’s approval, while smaller IPOs get signed off at different levels of authority under the SEBI (Delegation of Statutory and Financial Powers) Order, 2019. During her tenure, Buch had greenlighted major IPOs, including Hyundai Motor India (Rs 25,000 crore) and Swiggy (Rs 12,000 crore).

But the bigger story? SEBI’s new boss is signalling a shift from sheer speed to stability, ensuring the markets — and the regulator — move ahead without burnout, said an insider.