The government on Thursday has appointed finance secretary Tuhin Kanta Pandey as the new Sebi chairman. He was appointed as Finance Secretary in September 2024 and now he has been appointed as SEBI Chairman. Government has opted for a civil servant to once again lead the market regulator after current chairperson Madhabi Puri Buch, a former ICICI Bank executive, faced controversies, including allegations of conflict of interest.
The tenure of Madhabi Puri Buch was embroiled in controversies. Various allegations were made against her. According to Congress, she was involved in activities that could potentially violate SEBI’s conflict of interest policies. On September 5, around 200 employees of the Securities and Exchange Board of India (SEBI) staged a protest at the regulator’s headquarters in Mumbai against toxic work culture.
Pandey, who turns 60 in August, has been given a 3-year term at Sebi. This marks another instance of a serving bureaucrat being appointed to a regulatory post before retirement. Apart from Madhabi Puri Buch, the other 10 Sebi chiefs have either been IAS officers or have come from the public sector.
Who is Tuhin Kanta Pandey
He is A 1987-batch IAS officer and has had a long stint in the finance ministry. He served as secretary in the department of investment and public asset management (DIPAM) for five years. During that period, he was involved with privatisation of Air India. In January, weeks before the Budget, Pandey was moved to the revenue department. As DIPAM Secretary, he has also played an important role in bringing Life Insurance Corporation of India to the stock market.
He hails from Punjab and holds a master’s degree in economics and had served as finance secretary in Odisha and was earlier in Planning Commission. He also holds an MBA from the University of Birmingham.
He has served as District Collector in Sambalpur, Deputy Secretary in the Ministry of Commerce, and held various positions in sectors like health, transport, and commercial taxes.
He was Joint Secretary at the Planning Commission before his leadership role at DIPAM, where he managed major disinvestment initiatives. His tenure also included a brief stint as Secretary in the Ministry of Civil Aviation in 2021.
How much salary will the new SEBI get?
The Department of Economic Affairs under the Ministry of Finance invited applications for the post of SEBI Chairman in January. According to the advertisement, the SEBI Chairperson will get a salary equal to that of a Secretary to the Government of India, which is Rs 5,62,500 per month (without house and car).
What is the appointment process of SEBI chairman?
The government appoints the SEBI chairman on the recommendation of the Financial Sector Regulatory Appointments Search Committee (FSRASC). The committee is also free to recommend any other person based on merit, who has not applied for the post. As per the procedure for appointment of regulators, the candidate is shortlisted by the FSRASC headed by the Cabinet Secretary. As per the SEBI Act, the SEBI chairman is appointed for a maximum term of five years or till the age of 65 years, whichever is earlier.
