Tuhin Kanta Pandey formally assumed office as the 11th chairperson of the Securities and Exchange Board of India (SEBI) on Saturday, 1st March. He takes the helm of the capital markets regulator at a time of significant market volatility, with foreign institutional investors (FIIs) withdrawing over ₹1 lakh crore from the Indian stock market since January 2025, according to market data.
A 1987-batch Indian Administrative Service (IAS) officer from Odisha, Pandey succeeds Madhabi Puri Buch, who made history as SEBI’s first female chairperson and completed her tenure on 28th February 2025.
The government appointed Pandey as SEBI’s new chairman on 27th February 2025, as per a notification from the Appointments Committee of the Cabinet. His term will last for three years.
In an interview with CNBC-TV18, Pandey emphasised SEBI’s strong institutional foundation, stating: “SEBI is a robust market institution, built over the years with successive leadership. We hold the trust of the people of India, Parliament, the Government, investors, and industry. Trust will be crucial.”
Outlining his priorities, Pandey identified four key objectives: “Trust, Transparency, Teamwork, and Technology.” He also expressed confidence in SEBI’s future, saying, “We will create one of the best market institutions,” while choosing not to comment on individual leadership styles.
Extensive Experience in Finance and Governance
Before his appointment to SEBI, Pandey served as Finance and Revenue Secretary in the Ministry of Finance, assuming charge of the revenue department on 9th January 2025. He replaced Sanjay Malhotra, who moved to the Reserve Bank of India (RBI) as governor in December 2024.
During his tenure, Pandey managed a ₹1 lakh crore tax relief package for the middle class in Budget 2025 and played a key role in drafting a new Income Tax Bill to replace the 1961 law, according to finance ministry reports.
From 24th October 2019 to 8th January 2025, he led the Department of Investment and Public Asset Management (DIPAM), overseeing government stakes in public sector enterprises. Under his leadership, the Tata Group acquired Air India for ₹18,000 crore, with ownership transferred on 27th January 2022. He also spearheaded IDBI Bank’s privatisation, which is currently in the due diligence stage.
Additionally, Pandey was in charge of the Department of Public Enterprises (DPE) from 1st August 2024 and the Department of Personnel and Training from 4th November 2024, both under the Ministry of Finance.
Academic and Professional Background
Pandey holds a Master’s degree in Economics from Panjab University, Chandigarh, and an MBA from the University of Birmingham, UK.
His career spans various roles in the Odisha government, where he led departments such as Health, General Administration, Commercial Taxes, Transport, and Finance. He also served as Executive Director of the Odisha State Finance Corporation and Managing Director of the Odisha Small Industries Corporation.
At the central government level, Pandey has held positions including Joint Secretary in the Planning Commission (now NITI Aayog), Joint Secretary in the Cabinet Secretariat, and Deputy Secretary in the Ministry of Commerce. He also had a stint at the United Nations Industrial Development Organisation’s Regional Office.
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