By Nikunj Ohri and Ira Dugal
(Reuters) – The Indian government on Thursday appointed Finance Secretary Tuhin Kanta Pandey as chief of the country’s market regulator, replacing Madhabi Puri Buch, whose terms ends this month.
Pandey has been appointed chairman of the Securities and Exchange Board of India (SEBI) for three years, a government order showed.
He comes in at a time when the market regulator is trying to expand the suite of regulated financial investment options available to investors while also trying to curb volatility and malpractice in the derivative market.
Pandey was appointed as finance secretary in September 2024, adding to his role overseeing the divestment department. He was the longest serving divestment secretary, a post he held for over five years, and oversaw listing of country’s largest insurer Life Insurance Corp. of India.
He also led the government’s successful sale of Air India to Tata Group, one of the few accomplishments of Prime Minister Narendra Modi’s privatisation effort.
As privatisation slowed, Pandey prioritised value creation by state-run companies, pushing them to generate better returns and making them more accountable.
As the country’s finance and revenue secretary from January 2025, Pandey worked towards lowering import duties on high-end motorcycles as India prepared to shed its protectionist tag.
He holds masters degrees in economics and business administration from Panjab University and the University of Birmingham.
Buch, who has helmed SEBI for the past three years, came under attack from Hindenburg Research towards the end of her term. Hindenburg alleged conflict of interest in SEBI’s investigations into the Adani group because of previous investments, which Buch and the Adani group both denied.
While SEBI’s investigations into allegations against the Adani group have been completed, orders are yet to be released.
The first woman to head SEBI, Buch made significant regulatory changes, including tighter rules for India’s derivative markets to protect retail investors punting on risky financial products.
She has instead championed safer small investment options as a way to widen the reach of financial investments.
Buch has also enforced tougher disclosures for corporates, fund houses and moved the Indian markets towards same-day settlement.
(Reporting by Ira Dugal, Nikunj Ohri and Urvi Dugar; Editing by Franklin Paul, Leslie Adler and Sonali Paul)
