Tuhin Kanta Pandey, the finance secretary, will succeed Madhabi Puri Buch as chairman of the Securities and Exchange Board of India (Sebi) when the latter's three-year term expires on February 28.
According to a statement from the Department of Personnel and Training, Pandey's appointment as Sebi chief has been approved by the Cabinet's Appointments Committee, which is chaired by Prime Minister Narendra Modi. The appointment will be effective for three years from the date of assumption of charge or until further orders are issued, whichever comes first.
Since October 24, 2019, Pandey, an Indian Administrative Service (IAS) officer from 1987 who was born in Odisha, has served as the secretary of the Department of Investment and Public Asset Management (DIPAM) for more than five years. In September 2023, he was named finance secretary. On January 9, Pandey was appointed as the finance ministry's revenue secretary.
In his capacity as DIPAM secretary, Pandey is recognized for having completed the long-awaited sale of national carrier Air India and contributing to the launch of Life Insurance Corporation of India (LIC).
The government had invited applications for the position of Sebi chairperson, with the submission deadline set for February 17.
While Puri Buch has an exemplary track record in market oversight and regulatory reforms, the 'conflict of interest' controversy, which was first raised by the now-defunct Hindenburg Research and later by the Opposition Congress, overshadows her achievements.
Over a year after Sebi launched an investigation into the Adani-Hindenburg case, the US short seller leveled serious allegations of conflict of interest and code of conduct violations against the advisory firms owned by Puri Buch and her husband, Dhaval Buch. The political opposition, Congress, raised corruption concerns about Puri Buch's private investments, employee stock ownership from her previous employer, and Dhaval Buch's relationship with Blackstone. Despite the couple's rebuttal, the Public Accounts Committee summoned Puri Buch, but the session was adjourned due to her absence.
