In a significant development, 1987 batch senior IAS officer Tuhin Kanta Pandey, from Odisha cadre, has been appointed as the Chairman of the Securities and Exchange Board of India (SEBI) for a three-year term.
Mr Pandey, who is currently serving as Finance Secretary and Revenue Secretary, will succeed Madhabi Puri Buch, whose tenure concludes on February 28, 2025.
The announcement was made through an order issued by the Department of Personnel and Training (DoPT) on Thursday, February 27, 2025. The Appointment Committee of the Cabinet has approved Pandey’s appointment, effective from the date he assumes charge or until further orders, whichever is earlier.
Crucial Time
His appointment comes at a challenging time for the market, with the impact of tariffs triggered by Donald Trump causing a continued sell-off by foreign portfolio investors (FPIs). So far, FPIs have withdrawn more than ₹1 lakh crore in 2025 alone, a substantial amount that reflects the prevailing bearish sentiment in the market. On Saturday morning, the BSE Sensex and NSE Nifty, the benchmark indices of Indian markets, dropped sharply following the latest US announcement of an additional 10 percent tariff on Chinese goods.
Who is IAS Tuhin Kanta Pandey?
Mr Pandey led the divestment department in addition to serving as the Finance Secretary, where he oversaw the market listing of LIC and the sale of Air India to Tata. The incoming SEBI chairman also played a key role in preparing the most recent Union Budget, which was widely praised for its middle-class-friendly, populist approach.
Pandey holds two post-graduate degrees – an MA in Economics from Panjab University and an MBA from the University of Birmingham. Early in his career, he served as the Executive Director of the Odisha State Finance Corporation (OSFC) and the Managing Director of the Odisha Small Industries Corporation (OSIC). He also held the position of Collector and District Magistrate of Sambalpur district.
After his tenure as Deputy Secretary in the Union Government’s Department of Commerce, Pandey was deputed to the Regional Office of the United Nations Industrial Development Organization (UNIDO). He later took on roles as the Health Secretary and Commissioner of Commercial Taxes. In 2009, he became the Joint Secretary at the Planning Commission.
After serving a five-year term, he was appointed Joint Secretary in the Cabinet Secretariat. In September 2016, Pandey took office as the Principal Secretary of the Finance Department in the Government of Odisha.
The other contenders
The appointment of Pandey to this prestigious role follows his selection from a pool of key contenders. The other contenders included Ajay Seth (IAS: 1987: KN), Secretary of the Department of Economic Affairs; Pankaj Jain (IAS: 1987: AM), Secretary of the Ministry of Petroleum & Natural Gas; Ashwani Bhatia, Whole-Time Member of SEBI; and Anand Mohan Bajaj (IA&AS: 1990), Deputy Comptroller and Auditor General and former SEBI Member.
Pandey, along with Seth and Jain, was highlighted as a frontrunner in the race, and his appointment solidifies his leadership in overseeing the functioning of India’s capital markets.
