The Indian government has appointed Finance and Revenue Secretary Tuhin Kanta Pandey as the new chairman of the Securities and Exchange Board of India (SEBI). The decision was announced on Thursday, February 27, 2025. Mr. Pandey will take over from Madhabi Puri Buch, who is completing her three-year term on Friday, February 28, 2025.

The government order confirming Mr. Pandey's appointment was issued late on Thursday. "The Appointments Committee of the Cabinet has approved the appointment of Mr. Pandey, IAS (OR:1987), Finance Secretary and Secretary, Department of Revenue, to the post of SEBI chairman," the order stated. His appointment will initially be for three years from the date he takes charge.

Mr. Pandey will lead SEBI at a time when the stock market is facing challenges. Currently, the markets are under pressure because foreign institutional investors (FIIs) are pulling out their investments. Since January, foreign portfolio investors (FPIs) have withdrawn over Rs 1 lakh crore from the Indian market. This has caused a decline in stock prices and has made market conditions difficult.

Mr. Pandey is a senior Indian Administrative Service (IAS) officer from the Odisha cadre and belongs to the 1987 batch. He is one of the most experienced officers in the Ministry of Finance, where he has been handling the Department of Revenue.

His experience in finance and public sector management

Before becoming the Finance Secretary, Mr. Pandey served as the longest-serving secretary in the Department of Investment and Public Asset Management (DIPAM). This department is responsible for managing the government's equity in public sector companies and handling public enterprises. He also worked in the Department of Public Enterprises (DPE).

Mr. Pandey took charge of the revenue department on January 9, 2025, after Sanjay Malhotra moved to the Reserve Bank of India (RBI) as its governor. In his role, he played a crucial part in shaping the Union Budget for 2025–26. This budget provided tax reliefs worth Rs 1 lakh crore to the middle class. Additionally, he was actively involved in drafting the new Income Tax Bill, which aims to replace the old Income Tax Act of 1961.

During his five-year tenure (October 24, 2019, to January 8, 2025) at DIPAM, Mr. Pandey focused on the disinvestment of central public sector enterprises (CPSEs). He played a key role in implementing the public sector enterprises (PSE) policy, which aims to reduce government involvement in PSEs across different sectors of the economy.

One of his most major achievements was leading the privatisation of Air India. On October 8, 2021, the government announced that the Tata Group had won the bid to acquire Air India for Rs 18,000 crore. The Tata Group officially took ownership of the airline on January 27, 2022. Mr. Pandey was also involved in the privatisation of IDBI Bank, where bidders are currently undergoing a due diligence process.

Educational background and early career

Mr. Pandey holds a Master’s degree in Economics from Punjab University, Chandigarh, and an MBA from the University of Birmingham, U.K. Over the years, he has worked in various important roles both in the Odisha government and the Indian central government.

In his early career, he served as an administrative head in departments such as health, general administration, commercial taxes, transport, and finance. He also worked as the executive director of the Odisha State Finance Corporation and as the managing director of the Odisha Small Industries Corporation.

At the central level, he has held positions such as Joint Secretary in the Planning Commission (now NITI Aayog), Joint Secretary in the Cabinet Secretariat, and Deputy Secretary in the Ministry of Commerce.

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