The new SEBI leadership assumes responsibility during a challenging period for India’s financial markets, with Foreign Institutional Investors (FIIs) withdrawing over ₹1 lakh crore since January 2025, fuelling a bearish trend

The current Finance Secretary of India, Tuhin Kanta Pandey, has been appointed as the 11th Chairman of the Securities and Exchange Board of India (SEBI) for a three-year term. The announcement was made on Thursday (February 27) by the Appointments Committee of the Cabinet (ACC). Pandey takes over from former SEBI Chairman, Madhabi Puri, whose term as SEBI’s first woman chairperson will conclude today (February 28).

Pandey takes over amid market challenges

The new SEBI leadership development comes at a challenging time for India’s financial markets. Since January 2025, Foreign Institutional Investors (FIIs) have pulled out more than ₹1 lakh crore, contributing to a bearish market trend. Despite these challenges, Pandey is expected to provide the leadership needed to stabilize the market and guide SEBI through these uncertain times. His vast experience in managing financial policies and public sector reforms positions him to lead SEBI effectively.

Former SEBI Chairman Madhabi Puri Buch’s tenure was marked by significant regulatory changes, including tighter rules for derivative markets and greater transparency in corporate disclosures. Pandey will build upon these reforms, continuing the mission to make markets safer for retail investors and fostering growth and confidence in India’s financial system.

A veteran bureaucrat with financial expertise

Pandey, an IAS officer of the 1987-batch, has had a distinguished career in India’s finance and economic policy sectors. Before becoming Finance Secretary, Pandey served as Secretary at the Department of Investment and Public Asset Management (DIPAM), where he oversaw major disinvestment initiatives, including the privatization of Air India in 2022. Pandey’s role was also pivotal in advancing the government’s privatization agenda for several public sector enterprises, including IDBI Bank.

In addition to his work in disinvestment, Tuhin Kanta Pandey played a central role in shaping Budget 2025, which provided ₹1 lakh crore in tax relief for the middle class. He was also involved in drafting a new Income Tax Bill that seeks to replace the 64-year-old Income Tax Act of 1961. His contributions to revenue management and economic policy have earned him a reputation as a skilled administrator.

With his proven track record in financial management and public sector reforms, Pandey is poised to drive SEBI’s mission of ensuring market integrity, investor protection, and sustainable growth.