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Tag: tuhin kanta pandey

  • Finance Secretary Tuhin Kanta Pandey Appointed as the new SEBI Chairman

    • The first woman to lead SEBI, Madhabi Puri Buch ends her tenure on 27th February 2025.
    • Tuhin Kanta Pandey, 1987 batch officer from Odisha Cadre named as the new chairman of SEBI
    • Pandey is known for his strict rules and clean image.
    • In the framing of the 2025-26 Budget, Pandey played a pivotal role which gave tax reliefs with a total of INR 1 lakh crore to the middle class.
    • Mr. Pandey played a crucial role in the privatization of Air India, which was sold to the Tata group for INR 18,000 crore.

    Mumbai/Delhi, 28th February 2025: Tuhin Kanta Pandey, an officer from the Odisha cadre batch 1987 has been appointed as the new chairman of SEBI(Securities and Exchange Board Of India) by the government. Pandey is all set to lead the market regulation after succeeding the current chairperson, Madhabi Puri Buch who is the first woman to lead SEBI. She is a former ICICI bank executive who was involved in several controversies, including the allegation of conflict of interest. The IAS officer has served as a secretary in the Department of Investment and Public Assets Management(DIPAM) for a tenure of 5 years.

    During his tenure at DIPAM, Pandey played a key role in the privatization of Air India which was sold to the highest bidder, Tata Group for INR 18,000 crore. He was also involved in the privatization plans of IDBI Bank which is currently going under the due diligence process. Issues that surfaced during Puri Buch’s tenure came to light when Sebi employees held a demonstration at the agency’s BKS headquarters where it was seen as a revolt against the new HR policies. Pandey would face it challenging to restore the confidence among stakeholders that the Sebi chief is impartial.

    About Tuhin Kanta Pandey

    Pandey pursued his Master’s degree in Economics from Punjab University, Chandigarh, and holds an MBA degree from the University of Birmingham, UK. Throughout his journey as an IAS officer, Pandey has played significant roles in both the Union government and the State government of Odisha.

    In the Union government, his positions include joint secretary, Cabinet Secretariat, and Planning commission (presently NITI Ayog). At an early stage of his career, Pandey served as the administrative head in the departments of health, general administration, commercial taxes, transport, and finance. Tuhin Kanta Pandey is known to be strict against his rules and has a very clear image.

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  • The Newly Appointed SEBI Chairperson, Tuhin Kanta Pandey, will Serve a Three-Year Tenure

    For a three-year tenure, India’s Finance Secretary Tuhin Kanta Pandey has been named the Securities and Exchange Board of India (SEBI) 11th chairwoman. Madhabi Puri Buch, who will finish her three-year term as SEBI’s first female chairwoman on Friday, February 28, 2025, will be replaced as SEBI chief by the seasoned financial bureaucrat. The Cabinet has authorised the appointment of Pandey, IAS (OR: 1987), Finance Secretary, and Secretary, Department of Revenue, to the position of SEBI chairperson, the government’s Appointments Committee of the Cabinet (ACC) announced in a notification on February 27. The first term of Pandey’s appointment is three years from the day he takes over.

    Who is Tuhin Kanta Pandey?

    Pandey had a stellar career before this, holding important positions such as head of the Department of Public Enterprises (DPE) and the Department of Investment and Public Asset Management (DIPAM). He was especially well-known for managing the historic sale of Air India and LIC’s initial public offering. In his capacity as Finance Secretary, Pandey played a critical role in overseeing the ministry’s functioning and providing policy advice to the Finance Minister. He played a key role in forming India’s fiscal and economic policies while representing the ministry before the Parliamentary Public Accounts Committee. With his extensive background in financial management and governance, Pandey now leads SEBI, ushering in a new era in his remarkable career.

    Pandey has an MBA from the UK and an MA in Economics from Punjab University in Chandigarh. Throughout his career, he has held important administrative positions in both the central and state governments of Odisha. In addition to holding a number of jobs in industries like health, transportation, and commercial taxation, he was the Deputy Secretary in the Ministry of Commerce and the District Collector of Sambalpur. Prior to his leadership position at DIPAM, where he oversaw significant disinvestment activities, he served as Joint Secretary at the Planning Commission. In 2021, he also served for a short time as Secretary in the Ministry of Civil Aviation.

    He has held a number of positions with the Indian and Odisha governments. Kanta Pandey was the administrative head of the departments of finance, transportation, general administration, health, and commercial taxation in the early years of his career.

    In addition, the top officer was the managing director of the Odisha Small Industries Corporation and the executive director of the Odisha State Finance Corporation. His prior roles at the Centre included Deputy Secretary in the Ministry of Commerce, Joint Secretary, Cabinet Secretariat, and Joint Secretary, Planning Commission (now NITI Aayog).

    After Madhabi Puri Buch, Tuhin Kanta Pandey Takes Over

    When the Indian stock market is under negative pressure due to the continued withdrawal of capital by FIIs, Pandey will assume the role of head of the market watchdog. Since January 2025, foreign portfolio investors (FPIs) have taken out about INR 1 lakh crore.

    In order to prevent retail investors from placing bets on dangerous financial instruments, Madhabi Puri Buch, the first woman to lead SEBI, implemented significant regulatory measures, including stricter guidelines for India’s derivative markets. In order to expand the scope of financial investments, Buch promoted safer, modest investment possibilities.

    Additionally, Buch has pushed the Indian markets towards same-day settlement and mandated stricter disclosures for fund houses and corporations. During her tenure, she led a comprehensive reform of the laws governing the trading of equity derivatives in India, which became the leading location for these products globally.

    Why was Madhabi Buch replacedIndia?

    In March 2022, Madhabi Buch became the first woman to serve as the Chairperson of the SEBI. After US short-seller Hindenburg Research accused her of having conflicts of interest with regard to offshore finances associated with the Adani Group, she faced criticism towards the end of her three-year term, particularly from opposition parties. Concerns over possible bias in SEBI’s regulatory operations were raised when the Congress and other opposition parties called for her resignation. Allegations were also made concerning her financial statements’ transparency and potential partiality to particular financial institutions. But she maintained her position despite the accusations, dismissing them as baseless allegations.