Tuhin Kanta Pandey has been appointed as the 11th Chairman of the Securities and Exchange Board of India (SEBI), succeeding Madhabi Puri Buch. His tenure will begin on March 2, 2025, after Buch’s three-year term ends on March 1, 2025.
Key Highlights
Appointment and Tenure:
- Appointed by the Appointments Committee of the Cabinet (ACC).
- Initial tenure of three years.
Challenges Ahead:
- Pandey’s tenure begins at a critical time as Indian stock markets face bearish trends due to heavy Foreign Institutional Investor (FII) withdrawals.
- Since January 2025, Foreign Portfolio Investors (FPIs) have pulled out over ₹1 lakh crore, creating a challenging environment for SEBI’s new leadership.
About Tuhin Kanta Pandey
Background & Education:
- 1987-batch IAS officer (Odisha cadre).
- Holds a Master of Arts in Economics from Punjab University and an MBA from the University of Birmingham, UK.
Career & Achievements:
- Finance Secretary & Secretary, Department of Revenue.
- Played a key role in the 2025-26 Budget, which provided ₹1 lakh crore tax relief to the middle class.
- Contributed to drafting a new Income Tax Bill, set to replace the Income Tax Act of 1961.
- Longest-serving Secretary of DIPAM (Department of Investment and Public Asset Management).
- Led Air India’s privatization, facilitating its takeover by the Tata Group.
- Oversaw the privatization of IDBI Bank, with bidders currently conducting due diligence.
Relevance to SEBI:
- Extensive experience in financial restructuring, investment management, and policy reforms.
- Expertise in government equity management in public sector enterprises makes him well-suited to regulate capital markets.
About Securities and Exchange Board of India (SEBI)
Regulatory Authority:
- Regulates securities and commodity markets in India.
- Functions under the Ministry of Finance, Government of India.
Establishment:
- Established as an executive body on April 12, 1988, and granted statutory status on January 30, 1992, through the SEBI Act, 1992.
- Before it came into existence, the Controller of Capital Issues was the market’s regulatory authority, and derived power from the Capital Issues (Control) Act, 1947.
Headquarters & Regional Offices:
- Headquartered in Bandra Kurla Complex, Mumbai.
- Regional offices in New Delhi, Kolkata, Chennai, and Ahmedabad.
Structure of SEBI Board:
- Chairman (Nominated by the Government of India).
- Two members from the Finance Ministry.
- One member from the Reserve Bank of India (RBI).
- Five members nominated by the Government of India (at least three must be whole-time members).
Regulatory Scope:
- Oversees capital markets, stock exchanges, mutual funds, and investor protection.
- After the 1999 amendment, collective investment schemes were brought under SEBI’s jurisdiction, except nidhis, chit funds, and cooperatives.