Tuhin Kanta Pandey, who currently serves as the Finance and Revenue Secretary, has been appointed as the new Chairperson of the Securities and Exchange Board of India (SEBI) for a three-year term.
Pandey, a 1987-batch Indian Administrative Officer (IAS) belonging to the Odisha-cadre, will succeed Madhabi Puri Buch, whose tenure as Sebi chief ends on February 28.
In a re-shuffle, Pandey who was earlier serving as Department of Investment and Public Asset Management (DIPAM) Secretary was appointed as the new Revenue Secretary back in January of this year, ahead of Union Budget 2025.
During his role as DIPAM Secretary, Pandey was credited for successfully completing the long-pending sale of the national carrier Air India and for overseeing the listing of the national insurer, the Life Insurance Corporation of India (LIC).
Pandey's appointment confirms speculations that Buch, unlike her predecessors, may not get an extension.
Former SEBI heads, such as UK Sinha and Ajay Tyagi, served as Chairmen of the market regulator for six and five years, respectively, owing to extensions.
Buch, who is moving on after a three-year tenure, assumed the role of SEBI chairperson on March 2, 2022. She was a whole-time member at the market regulator before that for five years from April 2017 to March 2022.
Buch was not only the first woman to head the market regulator but also the first person from the private sector to serve as the chairperson of the entity.
However, her tenure as SEBI chief was marked by allegations of irregularities—initially from short-seller Hindenburg and later the Congress party.
Moreover, a section of SEBI employees has accused her of creating a ‘toxic work environment’, though that matter has now been resolved.
Buch has denied the allegations.
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