After the controversial tenure of India’s first woman Securities and Exchange Board of India (SEBI) Chief Madhabi Puri Buch, the Union Government has appointed India’s Finance Secretary Tuhin Kanta Pandey as the 11th chairperson of the capital market regulator.

The former SEBI chief faced conflict of interest allegations after an expose by the US-based short-seller Hindenburg and the following political repercussions in India. Buch would complete her three-year tenure on Friday, February 28, which was started with her appointment as SEBI chief in March 2022 after her five-year stint as a whole-time member of the board.

Read Also: “No Need For Regulator To Intervene,” Says Madhabi Buch On Mid, Small Cap Stocks Slump

The Cabinet approved the appointment of Pandey for the three-year tenure, as per a notification by the government. A 1987-batch IAS officer, Pandey is the senior officer in the Ministry of Finance handling the Department of Revenue. He is the longest-serving secretary in the Department of Investment and Public Asset Management (DIPAM), a department in the finance ministry that manages government equity in public sector companies, and the Department of Public Enterprises (DPE).

Read Also: “Vindication”: Congress’ Jairam Ramesh On Notification For New SEBI Chief’s Post

The IAS officer had assumed the charge of India’s revenue department on January 9. He has been credited for being a key player in forming the Union Budget 2025. He has also worked on drafting a new Income Tax Bill, which seeks to make a significant overhaul, replacing the 64-year-old Income Tax Act of 1961.

Pandey started his exceptional career after completing a master’s degree in economics from Punjab University and an MBA from the United Kingdom. Initially, he held several positions in both the Union Government and the State Government of Odisha.

His key positions include Joint Secretary in the Planning Commission (now NITI Aayog), Joint Secretary in the Cabinet Secretariat, and Deputy Secretary in the Ministry of Commerce. In Odisha, Pandey served as the administrative head in the Departments of Health, General Administration, Commercial Taxes, Transport, and Finance.

Pandey’s tenure at the market watchdog starts at a time when the Indian stock market experiences bearish pressure following persistent withdrawals in funds by foreign institutional investors (FIIs). Foreign portfolio investors (FPIs) have withdrawn more than ₹1 lakh crore since January 2025, causing a stock market crash.