Tuhin Kanta Pandey, Chairman, Sebi
IRDAI chief Debasish Panda will also complete his three-year tenure on Mar 14 and it is yet to be know whether the government will extend his tenure at the Indian insurance regulatory body
New Delhi: The government on Thursday appointed Finance and Revenue Secretary Tuhin Kanta Pandey as the new chairman of the Securities and Exchange Board of India (SEBI) with a three-year tenure.
Pandey would replace Madhabi Puri Buch, who completes her three-year tenure on Friday (February 28).
In January, the government had appointed then Revenue Secretary Sanjay Malhotra as the new governor of Reserve Bank of India in place of Shaktikanta Das, who had occupied the post for the last six years.
IRDAI chief Debasish Panda will also complete his three year tenure on Mar 14 and it is yet to be know whether he will get further extension or not.
The Appointments Committee of the Cabinet has approved the appointment of Pandey, IAS (OR:1987), Finance Secretary and Secretary, Department of Revenue, to the post of SEBI chairman, according to a government order issued late in the evening.
Pandey’s appointment is initially for a period of three years from the day he assumes charge, the order said.
Pandey had served for more than five years as the Department of Investment and Public Asset Management (DIPAM) secretary from October 24, 2019 and among a host of disinvestments, he had overseen the listing of life insurance behemoth Life Insurance Corporation with a Rs 21,000 initial public offering (IPO).
Recently, he had also supervised the second stake sale in GIC Re that had raised around Rs 5,000 crore for the government.
Buch, who has helmed SEBI for the past three years, came under attack from Hindenburg Research towards the end of her term.
Hindenburg alleged conflict of interest in SEBI’s investigations into the Adani group because of previous investments, which Buch and the Adani group both denied.
While SEBI’s investigations into allegations against the Adani group have been completed, orders are yet to be released.
The first woman to head SEBI, Buch made significant regulatory changes, including tighter rules for India’s derivative markets to protect retail investors punting on risky financial products.
She has instead championed safer small investment options as a way to widen the reach of financial investments.
Buch has also enforced tougher disclosures for corporates, fund houses and moved the Indian markets towards same-day settlement.