New SEBI Chairperson Outlines 4-Point Strategy for Capital Markets
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Synopsis
On March 2, Tuhin Kata Pandey, the new SEBI Chairperson, revealed a four-point strategy focused on trust, transparency, teamwork, and technology to boost the capital markets regulatory body's efficiency.
Key Takeaways
- Tuhin Kata Pandey is the new SEBI Chairperson.
- Introduced a four-point strategy: trust, transparency, teamwork, technology.
- Emphasized the importance of trust in SEBI's operations.
- Previous experience includes Finance Secretary and Department of Revenue Secretary.
- Key roles in disinvestment and public sector management.
Mumbai, March 2 (NationPress) The newly appointed SEBI Chairperson, Tuhin Kata Pandey, has introduced a four-point strategy centered around trust, transparency, teamwork, and technology to enhance the effectiveness of the capital markets regulator.
Upon assuming his role at the SEBI headquarters located in the Bandra Kurla Complex, Pandey remarked, "SEBI is a very robust market institution. It has been developed over the years with consistent leadership and will persist in this direction."
"We focus on trust, we focus on transparency, we focus on teamwork, and we focus on technology. We aim to establish one of the finest market institutions globally," Pandey stated to the press.
He emphasized that trust is the most critical element, noting that SEBI commands the trust of the population of India, the Parliament, the government, investors, and industry stakeholders.
Pandey, an IAS officer from the 1987 batch, comes with extensive experience in economic policy and financial administration.
He recently concluded his tenure as the Finance Secretary and Secretary of the Department of Revenue, where he played an instrumental role in crafting the Union Budget and drafting the new Income Tax Bill, guided by global best practices. The new Bill has streamlined the language and structure of the Income-tax Act, 1961, cutting down its volume by nearly 50 percent.
Prior to this, he held significant positions within the government, including Secretary of the Department of Investment and Public Asset Management (DIPAM) and Secretary of the Department of Public Enterprises (DPE).
Pandey is one of the longest-serving secretaries in DIPAM, responsible for overseeing the government’s interests in public sector enterprises. In these capacities, he significantly contributed to formulating disinvestment strategies and managing public sector entities.
He supervised the sale of the struggling Air India to the Tata Group, representing a landmark disinvestment move aimed at alleviating the financial burden on the national treasury and facilitating the airline's revival.
He also managed the successful public listing of the government-owned life insurance giant LIC, which became the largest IPO in the country. Additionally, he initiated the privatization process for IDBI Bank, a process still underway as bidders perform due diligence.
Pandey holds a Master of Arts degree in Economics from Punjab University and an MBA from the University of Birmingham, UK.
