New Delhi: Kamlesh Chandra Varshney, a 1990-batch Indian Revenue Service (Income Tax) officer and Whole-Time Member of the Securities and Exchange Board of India (SEBI), has been reappointed to the regulatory body beyond September 19, 2026.
According to a Department of Personnel and Training (DoPT) order dated September 15, 2026, the Appointments Committee of the Cabinet (ACC) has approved his continuation as SEBI Whole-Time Member until he attains the age of 65 years on August 4, 2029, or until further orders, whichever is earlier.
Mr Varshney has been serving on the SEBI board since September 20, 2023, when he took charge as a Whole-Time Member for an initial three-year term. His continuation comes as he oversees several important areas of securities-market regulation, including corporate finance, surveillance, investigation and legal affairs.
With a career spanning income-tax administration, tax policy, international tax negotiations and securities-market regulation, Varshney has held several specialised assignments during his public service career.
Kamlesh Chandra Varshney Reappointed as SEBI Whole-Time Member
The latest ACC decision allows Varshney to continue as a Whole-Time Member of SEBI beyond the end of his initial tenure in September 2026.
His approved continuation runs until August 4, 2029, when he reaches the age of 65, unless further orders are issued earlier.
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Mr Varshney’s SEBI role places him in charge of portfolios covering important aspects of India’s capital markets. His responsibilities include the Corporate Finance Department, Integrated Surveillance Department, Corporation Finance Investigation and Legal Affairs.
His work at the market regulator has involved areas such as market surveillance, regulation of market intermediaries, corporate-fraud-related matters and enforcement actions.
From Merchant Navy to Civil Services
Mr Varshney’s professional journey took an unconventional route before he entered the civil services.
He had secured an opportunity to pursue studies at IIT Roorkee but chose instead to enter the Merchant Navy. He spent around four years in the sector and underwent training at TS Rajendra.
He subsequently pursued higher education, completing a Bachelor of Arts from Osmania University, followed by an MBA from IIM Lucknow as part of its 1987–1989 batch. He also holds a law degree.
Before joining the civil services, Varshney briefly worked with the State Trading Corporation.
He subsequently joined the Indian Revenue Service, beginning a career that would take him through tax administration, policy formulation, international tax work and, eventually, securities-market regulation.
India’s First Commissioner of Advance Pricing Agreement
One of the notable assignments in IRS Varshney’s tax career was his role as India’s first Commissioner of Advance Pricing Agreement (APA).
The APA mechanism was introduced to provide greater certainty in cross-border transfer-pricing matters and help resolve potential disputes between taxpayers and tax authorities.
As the first Commissioner of APA, Varshney was involved in building and implementing the programme in India. His work focused on creating a framework through which transfer-pricing issues involving international transactions could be addressed in advance, reducing uncertainty and potential litigation.
The assignment gave him specialised experience in international taxation and cross-border financial matters.
Role in Tax Policy and Legislation
Before moving to SEBI, Mr Varshney served as Joint Secretary in the Tax Policy and Legislation division of the Department of Revenue, Ministry of Finance.
During this period, he was associated with several significant areas of India’s tax-policy framework.
His work included involvement in the Direct Tax Code and the Vivad Se Vishwas scheme, while he also participated in international negotiations concerning India’s tax treaties.
He represented India in discussions at international platforms including the United Nations and the Organisation for Economic Co-operation and Development (OECD).
His experience in domestic tax legislation as well as international tax negotiations subsequently formed an important part of his professional background in financial regulation.
Five Years on Foreign Deputation in Papua New Guinea
Mr Varshney also spent five years on foreign deputation, serving as a Senior Advisor/Director assisting the tax administration of Papua New Guinea.
His assignment involved capacity building and tax reforms, giving him experience in strengthening tax administration outside India.
He has also been associated with the United Nations Development Programme (UNDP) as a member of its panel of tax experts.
For his contribution to Indian tax policy, Varshney received the Finance Minister Award.
Varshney’s Role at SEBI
IRS Varshney assumed charge as a Whole-Time Member of SEBI on September 20, 2023.
At the regulator, his responsibilities cover several critical areas, including the Corporate Finance Department and Integrated Surveillance Department. His portfolio also includes Corporation Finance Investigation and Legal Affairs.
The surveillance function is central to monitoring activity in the securities market and identifying patterns that may warrant regulatory scrutiny.
His responsibilities have included regulatory oversight involving market intermediaries, including registered investment advisers and finfluencers, as well as matters involving corporate fraud and potential market manipulation.
He has also been associated with enforcement actions concerning alleged manipulation during closing auction sessions, an area in which market activity is closely monitored because trading patterns around market close can have implications for price discovery.
Corporate Finance and Market Regulation
The Corporate Finance Department is another important component of Varshney’s SEBI portfolio.
The department deals with regulatory and compliance matters relating to corporate finance and the capital markets. Alongside this, the Corporation Finance Investigation function addresses matters requiring regulatory examination and enforcement.
His legal-affairs portfolio also brings together the regulatory and legal dimensions of SEBI’s work.
Together, these responsibilities reflect the combination of tax-policy, financial regulation, legal and enforcement experience that Mr Varshney has accumulated over his career.
Integrated Surveillance and Market Enforcement
The Integrated Surveillance Department is responsible for monitoring trading and market activity to identify unusual patterns and transactions that may require further examination.
As part of his SEBI responsibilities, Varshney has handled matters concerning market intermediaries and emerging participants in the financial-information ecosystem, including finfluencers and registered investment advisers.
His portfolio has also covered enforcement-related issues involving corporate fraud and market manipulation.
In particular, SEBI’s surveillance and enforcement framework examines trading behaviour around sensitive market periods, including closing auction sessions. Varshney has been associated with regulatory action in matters concerning alleged manipulation in such trading activity.
These responsibilities have placed him at the intersection of market surveillance, corporate regulation, investigation and legal enforcement.
Reappointment Till August 2029
The latest DoPT order provides continuity to Varshney’s tenure on the SEBI board.
The ACC-approved arrangement will remain in force until August 4, 2029, when he attains 65 years of age, or until further orders, whichever is earlier.
Since joining SEBI in September 2023, Varshney has brought experience from multiple areas of financial administration, including direct-tax policy, transfer pricing, international taxation, tax reform and securities-market regulation.
His reappointment therefore extends his association with SEBI’s regulatory work for nearly three more years beyond the completion of his initial term.
Kamlesh Chandra Varshney: Career at a Glance
Mr Varshney belongs to the 1990 batch of the Indian Revenue Service (Income Tax).
His career has included service in tax administration and senior policy-making roles in the Ministry of Finance. He served as India’s first Commissioner of Advance Pricing Agreement and later worked as Joint Secretary in the Tax Policy and Legislation division of the Department of Revenue.
He was involved in areas including the Direct Tax Code, Vivad Se Vishwas, international tax treaties and negotiations at the UN and OECD.
He also spent five years on foreign deputation in Papua New Guinea as a Senior Advisor/Director, supporting tax-administration capacity building and reforms.
In September 2023, he joined SEBI as a Whole-Time Member. His current portfolios include Corporate Finance, Integrated Surveillance, Corporation Finance Investigation and Legal Affairs.
With the latest ACC approval, Varshney will continue as a SEBI Whole-Time Member until August 4, 2029, or until further orders, whichever is earlier.
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