Tuhin Kanta Pandey has been appointed as the new chairman of the Securities and Exchange Board of India (SEBI). An IAS officer from the Odisha cadre, Pandey brings over 38 years of administrative experience to his new role. He has been a key member of Finance Minister Nirmala Sitharaman’s team and will succeed Madhabi Puri Buch, whose three-year tenure concludes on February 28, 2025.
*Educational Background*
Pandey has a strong educational background, holding a Master’s degree in Economics from Panjab University, Chandigarh. He further pursued an MBA from Birmingham University, UK, where he gained expertise in management.
*Salary of the New SEBI Chairman*
According to an advertisement issued by the Ministry of Finance, the SEBI Chairman will receive a salary equivalent to that of a Secretary in the Government of India, amounting to ₹5,62,500 per month (excluding housing and car allowances).
*Proven Career in Administrative Roles*
Before joining the Ministry of Finance, Pandey contributed to the United Nations Industrial Development Organization (UNIDO) regional office. In Odisha, he worked in several key departments, including health, general administration, commercial taxes, transport, and finance, demonstrating his administrative acumen.
At the central level, Pandey served as Joint Secretary at the NITI Aayog, Joint Secretary in the Cabinet Secretariat, and Deputy Secretary in the Ministry of Commerce. He also worked with the Department of Personnel and Training (DoPT) and contributed significantly in various departments, including the Department of Investment and Public Asset Management (DIPAM) and the Department of Public Enterprises (DPE), both under the Ministry of Finance.
*Significant Contributions to the Finance Sector*
As the Secretary of the Ministry of Finance, Pandey played a crucial role in bringing Life Insurance Corporation (LIC) to the stock market. He is also credited with successfully completing the long-pending sale of Air India, the national carrier. Pandey, a 1987 batch IAS officer from the Odisha cadre, was appointed Secretary of DIPAM on October 24, 2019, and worked for over five years in that role.
*SEBI Chairman Appointment Process*
The Government appoints the SEBI Chairman based on recommendations from the Financial Sector Regulatory Appointments Search Committee (FSRASC). This committee shortlists candidates based on their qualifications and may recommend individuals who did not apply for the position. According to the SEBI Act, the term of the SEBI Chairman is up to five years or until the age of 65 years, whichever comes first.
*Pandey to Replace SEBI’s First Female Chairperson*
Tuhin Kanta Pandey will take over from Madhabi Puri Buch, the first woman and youngest person to lead SEBI. Buch’s tenure was marked by controversy, especially after the Hindenburg report surfaced, leading to criticism from opposition parties. Buch, born in 1966 in Mumbai, took charge of SEBI after studying at IIM Ahmedabad and working for ICICI Bank. Her career has spanned more than three decades, but she faced allegations following the Hindenburg report, which embroiled her in controversy.
Stay tuned for more updates on Tuhin Kanta Pandey’s tenure as SEBI Chairman and his contributions to the financial sector.
