Meet Tuhin Kanta Pandey, the New SEBI Chairman
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Synopsis
Tuhin Kanta Pandey, a 1987 IAS officer, takes over as the 11th chairman of Sebi on March 1, succeeding Madhabi Puri Buch. With a rich background in economic policy, he has played a critical role in several significant financial reforms.
Key Takeaways
- Pandey is the 11th chairman of Sebi.
- He has significant experience in economic policy.
- Played a role in major tax reforms.
- Overseen the privatization of Air India.
- Holds degrees in Economics and MBA.
New Delhi, Feb 28 (NationPress) Tuhin Kanta Pandey, an IAS officer from the 1987 batch, steps into the role of the 11th chairman of the Securities and Exchange Board of India (Sebi) on March 1, succeeding Madhabi Puri Buch, who has completed her three-year term.
Pandey's recent position was as Finance Secretary and Secretary of the Department of Revenue, where he significantly contributed to the creation of the Union Budget that introduced a crucial initiative to exempt individuals earning up to Rs 12 lakh annually from income tax, aimed at stimulating demand and enhancing economic growth.
He was instrumental in crafting a new Income Tax Bill, aligned with global standards, which streamlined and reduced the Income-tax Act, 1961, by nearly 50%.
Pandey assumed his role as Finance Secretary in September 2024 after TV Somanathan was promoted to Cabinet Secretary. His prior roles included Secretary of the Department of Investment and Public Asset Management (DIPAM) and Secretary of the Department of Public Enterprises (DPE).
In these capacities, he was pivotal in shaping India's fiscal strategies, disinvestment policies, and public sector governance.
Pandey is among the longest-serving secretaries in DIPAM, presiding over the management of government stakes in public enterprises. His tenure included overseeing the privatization of Air India to the Tata Group, a landmark move to alleviate the financial burden on the national treasury and rejuvenate the airline sector.
Additionally, he successfully managed the public listing of LIC, which represented the largest IPO in the nation’s history, and initiated the privatization of IDBI Bank, which is currently in the bidding process.
Pandey holds a Master of Arts in Economics from Punjab University and an MBA from the University of Birmingham, UK.
Beginning his career as a Deputy Secretary in the Ministry of Commerce, he later served as Joint Secretary at the Planning Commission before his leadership at DIPAM. His experience also includes a role as Secretary in the Ministry of Civil Aviation in 2021.
Pandey hails from the Odisha cadre of the IAS and has held significant positions within the state government, including District Collector of Sambalpur. His background encompasses various sectors, including health, transportation, and commercial taxation.
