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Tuhin Kanta Pandey has been appointed as the new chairman of SEBI (Securities and Exchange Board of India). He is an IAS officer from the Odisha cadre and brings over 38 years of administrative experience to his new role. He has been a key member of Finance Minister Nirmala Sitharaman’s team.
Let’s learn more about his life and career. The current SEBI Chairperson, Madhabi Puri Buch, will complete her three-year tenure on February 28. She assumed office on March 2, 2022.
Now, Tuhin Kanta Pandey will take over her position. The central government has appointed Pandey as the next SEBI chairman, and the Department of Personnel and Training (DoPT) has issued the notification regarding his appointment. Tuhin Kanta Pandey has a strong educational background.
He completed his Master’s degree in Economics (MA) from Panjab University, Chandigarh, and then went abroad for further studies. He pursued an MBA from Birmingham University, UK, where he gained expertise in management. 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.
This amounts to ₹5,62,500 per month (excluding housing and car allowances). Before joining the Ministry of Finance, Pandey had also contributed to the United Nations Industrial Development Organization (UNIDO) regional office. In Odisha, Pandey 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. It is worth noting that NITI Aayog was previously known as the Planning Commission before PM Modi’s tenure. Pandey 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 of which fall under the Ministry of Finance.
Before his central government career, Pandey served in several important roles in the Odisha state government. He worked as the administrative head in various departments such as health, transport, commercial taxes, and finance. He also served as the Executive Director of the Odisha State Finance Corporation and the Managing Director of the Odisha Small Industries Corporation.
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 Odisha cadre, was appointed Secretary of DIPAM on October 24, 2019, and worked for over five years in that role.
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.
Tuhin Kanta Pandey will take over from Madhabi Puri Buch, who is the first woman and the youngest person to lead SEBI. Madhabi’s tenure, however, was controversial, especially after the Hindenburg report surfaced. This led opposition parties to criticize her.
Madhabi, born in 1966 in Mumbai, is the daughter of a successful corporate professional. She took charge of SEBI after studying at IIM Ahmedabad and had previously worked for ICICI Bank. Her career has spanned more than three decades, but after facing allegations following the Hindenburg report, she became embroiled in a controversy.
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