Tuhin Kanta Pandey appointed as the new SEBI chief, succeeding Madhabi Puri Buch. Pandey’s appointment comes amid market challenges and FII withdrawals.
Tuhin Kanta Pandey, a seasoned finance bureaucrat, has been appointed as the new chief of the Securities and Exchange Board of India (SEBI). The appointment comes as Madhabi Puri Buch’s term ends. Pandey’s appointment is for a period of three years or until further orders.
Pandey, a 1987 cadre IAS officer, was appointed by the Appointments Committee of the Cabinet. Ahead of assuming office, Pandey addressed the media in New Delhi, stating that he received the order and would join SEBI soon. He refrained from commenting on priority areas or the market regulator’s role in the current situation, saying he would address those matters after taking over.
Pandey’s appointment occurs during a period when Indian markets face bearish pressure amid Foreign Institutional Investor (FII) withdrawals. As of January 2025, FIIs had withdrawn over Rs 1 lakh crore from the Indian market.
Madhabi Puri Buch’s Tenure Ends
Today marks the end of Madhabi Puri Buch’s term as SEBI chief. She was the first woman to hold the position. Buch ushered in several key changes such as new rules for derivative markets aimed at protecting retail investors. She has also been a vocal supporter of small investment options.
Buch’s Background and Career
Madhabi Puri Buch’s tenure as SEBI chief, which concludes on February 28, 2025, has been marked by both progress and challenges. She made history as the first woman and the first private-sector individual to lead the market regulator, taking charge on March 2, 2022. She succeeded former IAS officer Ajay Tyagi, who served as SEBI chairman for five years, from March 1, 2017, to February 28, 2022.
Buch’s career includes significant roles at ICICI Bank, ICICI Securities, and ICICI Web Trade Ltd. Her experience has significantly influenced India’s banking and financial services sector.
Born in 1966 and raised in Mumbai, Buch’s interest in mathematics and finance led her to pursue an MBA from the Indian Institute of Management (IIM) Ahmedabad. She began her career in the financial sector in 1989 at ICICI Bank.
Key Roles at ICICI Bank
During her 12 years at ICICI Bank, Buch held several key positions, including Head of Marketing and Sales (1997-2002), Head of Product Development (2002-2003), and Head of Operations (2004-2006). In 2006, she was promoted to Executive Director, a role she held until 2009.
Leadership at ICICI Securities and Beyond
After leaving ICICI Bank, Buch became the CEO of ICICI Securities in 2009, leading the firm until 2011. She then broadened her career with an international role as Head of Business Development at Greater Pacific Capital in Singapore from 2011 to 2013. Buch also served as a Non-Executive Director at Idea Cellular from 2011 to 2017.
Controversies During Buch’s Tenure
The final year of Buch’s tenure saw heightened controversy, including allegations by Hindenburg Research and the Congress party, as well as in-house employee protests. In August of the previous year, Buch faced pressure to resign after Hindenburg Research accused her of having a conflict of interest related to investments in offshore entities linked to Vinod Adani. Buch denied the allegations, stating that the investments were made before she joined SEBI and that she had complied with all disclosure requirements.
She was summoned by Parliament’s Public Accounts Committee (PAC) in October 2024 but skipped the meeting citing personal reasons.
Buch’s Strides in Regulatory Framework
Despite the controversy, Ms. Buch made significant strides in areas like faster settlements in equities, enhanced FPI disclosures and increasing mutual fund penetration through ₹250 SIP.
Pandey’s Appointment Amidst Market Dynamics
Tuhin Kanta Pandey’s appointment occurs during a period of bearish pressure in the Indian markets, influenced by FII withdrawals. His leadership will be crucial in navigating these challenges and ensuring market stability.
Sources: https://www.moneycontrol.com/news/business/new-sebi-chairman-tuhin-kanta-pandey-on-his-priorities-as-madhabi-puri-s-term-ends-today-watch-12952976.html
https://www.thehindu.com/business/madhabi-puri-buch-to-hang-boots-as-sebi-chief-after-eventful-3-year-tenure/article69273660.ece
https://www.barandbench.com/news/corporate/tuhin-kanta-pandey-appointed-new-sebi-chairperson