The Appointments Committee of the Cabinet has officially appointed Tuhin Kanta Pandey as the Chairman of the Securities and Exchange Board of India (SEBI) for an initial three-year term. Pandey, who currently serves as Finance Secretary, will replace Madhabi Puri Buch, whose tenure is set to conclude on March 1, 2024.
The Appointments Committee of the Cabinet (ACC) confirmed Pandey’s appointment on Thursday. As per the official order, Pandey will take charge for a period of three years or until further government directives, whichever comes first.
The Finance Ministry had earlier invited applications for the SEBI chief position in January 2024, setting February 17 as the deadline for submissions. Newspaper advertisements were issued to attract qualified candidates for the top role at India's capital markets regulatory body.
The newly appointed SEBI Chairman will have two options for salary structure:
A pay scale equivalent to a Secretary to the Government of India, or
A consolidated salary of ₹5,62,500 per month (excluding house and car allowances).
Madhabi Puri Buch made history when she became SEBI’s first female Chairperson on March 2, 2022. She was appointed for a three-year term, succeeding Ajay Tyagi, a former IAS officer who served for five years—first for three years and later with a two-year extension.
Tyagi had held key positions in the Finance Ministry before leading SEBI. Buch’s appointment was groundbreaking, not only because she was the first woman in the role but also because she was the first private-sector professional to head the regulatory body.
Before taking the helm at SEBI, Buch had an extensive career in the banking and financial services sector:
She began her professional journey in 1989 at ICICI Bank, where she gained experience in banking operations.
Between 1993 and 1995, she worked as a lecturer at West Cheshire College in England.
Over the next 12 years, she took on key leadership roles in sales, marketing, product development, and operations across various financial institutions.
In 2006, she joined ICICI Securities, and by February 2009, she was promoted to CEO. She held this role until May 2011.
With Pandey at the helm, SEBI is expected to continue its mission of strengthening financial markets, protecting investor interests, and ensuring market transparency. Given his experience in financial policy-making and regulatory affairs, Pandey’s leadership will likely focus on policy reforms, market regulations, and financial stability.
His tenure will be closely watched as he navigates challenges in India's capital markets, ensuring that SEBI upholds its role as a robust regulatory body in the country's economic landscape.
Conclusion
The appointment of Tuhin Kanta Pandey as the new SEBI Chairman marks a significant leadership transition in India's financial regulatory framework. With his extensive experience as Finance Secretary and a seasoned policymaker, Pandey is expected to bring strategic reforms, strengthen investor confidence, and enhance market regulations. His tenure will play a crucial role in shaping SEBI’s policies, ensuring transparency, and fostering financial stability in the rapidly evolving capital markets.
Meanwhile, Madhabi Puri Buch’s tenure leaves a lasting legacy, as she broke barriers by becoming SEBI’s first woman and private-sector professional to lead the organization. Her leadership focused on market innovation, investor protection, and regulatory efficiency, setting the stage for future advancements.
As Pandey assumes charge, market stakeholders will be keenly watching his approach to policy enforcement, corporate governance, and financial market supervision. His leadership will determine how SEBI adapts to new challenges, including technological disruptions, investor security, and market transparency, making his tenure a pivotal period for India’s financial ecosystem.