Tuhin Kanta Pandey will succeed Madhabi Puri Buch as the Chairman of the Securities and Exchange Board of India (SEBI). In a union government notification, the Centre confirmed the appointment of Pandey as the 11th chairman of the market watchdog organisation for an initial tenure of three years.
Pandey is an IAS officer from the 1987 batch of the Odisha cadre, who now serves as the Finance Secretary and the Secretary of the Department of Revenue. His appointment comes at a turbulent time in the market as Donald Trump-triggered tariffs woes trigger continuous selloff from foreign portfolio investors (FPIs).
So far, FPIs have pulled out more than ₹1 lakh crore in 2025 alone, a staggering amount that is a testament to the bearish market sentiment. The BSE Sensex and NSE Nifty, benchmark indices of India markets, slumped on early Friday trade following the latest US announcement of additional 10 per cent tariffs on Chinese products.
"Stock markets dislike uncertainty, and uncertainty has been on the rise ever since Trump was elected the US president,” said V.K. Vijayakumar of Geojit Financial Services. It is during such a challenging time that Pandey takes over the reins of the SEBI.
Pandey succeeds India’s first woman SEBI chief, Madhabi Puri Buch. Buch had an eventful three years in office, including being faced with allegations of conflict of interest by the US-based Hindenburg Research that prevented the examination of market manipulation and fraud claims at Adani Group.
Pandey’s appointment was approved by the Appointments Committee of the Cabinet, according to the central government order issued late on Thursday.
Pandey headed the divestment department apart from being the Finance Secretary, overseeing the market listing of LIC and the sale of Air India to Tata. The incoming SEBI chief was also instrumental in preparing the latest Union Budget, which received public praise due to its middle-class-friendly, populist approach.
Pandey is a double post-graduate, with an MA in economics from Panjab University and an MBA from the University of Birmingham. Early in his career, he served as the executive director of Odisha State Finance Corporation (OSFC) and the MD of Odisha Small Industries Corporation (OSIC). Pandey also served as the Collector and District Magistrate of Sambalpur district.
After his tenure as the Deputy Secretary in the Department of Commerce in the Union Government, Pandey was deputed to the Regional Office of United Nations Industrial Development Organisation (UNIDO). He later took over as the Health Secretary and Commercial Taxes Commissioner. In 2009, Pandey assumed the role of Joint Secretary, Planning Commission. After his five-year tenure, the IAS officer was appointed as Joint Secretary in the Cabinet Secretariat. Pandey assumed the office of the Principal Secretary, Finance Department, Government of Odisha, in September 2016.