Meet Tuhin Kanta Pandey: New SEBI chief who led Air India’s sale and oversaw IDBI’s privatisation plans

The government has appointed Finance Secretary Tuhin Kanta Pandey as the new chairman of the Securities and Exchange Board of India (SEBI), making him the 11th head of the capital markets regulator.

Pandey succeeds Madhabi Puri Buch, who completes her three-year tenure on Friday, February 28.

According to an official order issued late Thursday, the Appointments Committee of the Cabinet has approved Pandey’s appointment for a three-year term from the date he assumes charge.

"The Appointments Committee of the Cabinet has approved the appointment of Shri Tuhin Kanta Pandey, IAS (OR:1987), Finance Secretary and Secretary, Department of Revenue to the post of Chairman, Securities and Exchange Board of India (SEBI), initially for a period of three years from the date of assumption of charge of the post or until further orders, whichever is earlier," the government order read.

Tuhin Kanta Pandey - a seasoned bureaucrat

A 1987-batch Indian Administrative Service (IAS) officer from the Odisha cadre, Pandey is currently the seniormost officer in the Ministry of Finance handling the Department of Revenue.

His appointment comes at a time when markets are witnessing bear pressure following a withdrawal by foreign institutional investors (FIIs). Foreign portfolio investors (FPIs) have withdrawn more than ₹1 lakh crore since January.

Pandey brings extensive experience in finance, policy-making, and public sector management.

Before his current role, he served as the longest-tenured secretary in the Department of Investment and Public Asset Management (DIPAM). During his tenure, he spearheaded the government’s disinvestment and privatisation drive, including the historic sale of Air India to the Tata Group in 2021.

He also played a critical role in the privatisation process of IDBI Bank, which is currently undergoing due diligence.

Diverse experience in governance

Pandey has served in various capacities in both the central and state governments. His tenure includes stints as Secretary in the Department of Public Enterprises (DPE) and Department of Personnel and Training, along with roles in the Planning Commission (now NITI Aayog), Cabinet Secretariat, and Ministry of Commerce.

In the early part of his career, Pandey served as the executive director of the Odisha State Finance Corporation and managing director of the Odisha Small Industries Corporation.

He also has experience with international institutions, having worked with the United Nations Industrial Development Organisation (UNIDO).

A trained economist, Pandey holds a Master’s degree in Economics from Panjab University and an MBA from the University of Birmingham, UK.