Daijiworld Media Network- New Delhi

New Delhi, Feb 28: The appointments committee of the cabinet has approved the appointment of finance secretary Tuhin Kanta Pandey as the new chairman of the Securities and Exchange Board of India (SEBI) for an initial tenure of three years.

Pandey will take over from Madhabi Puri Buch, whose term concludes on March 1.

As per the official notification, "The Appointments Committee of the Cabinet has cleared the appointment of Tuhin Kanta Pandey, IAS (OR:1987), finance secretary and secretary, department of revenue, to the post of SEBI Chairman, for an initial period of three years from the date of assuming charge or until further orders, whichever is earlier."

In January, the government had invited applications for the top post, setting February 17, 2025, as the deadline. The Finance Ministry had issued advertisements seeking suitable candidates to helm the capital markets regulator.

The SEBI chief has the option to draw the salary of a secretary to the Government of India or a consolidated pay of Rs 5,62,500 per month, excluding house and car benefits.

The outgoing SEBI Chairperson, Madhabi Puri Buch, took charge on March 2, 2022, for a three-year term, making history as the first woman to lead the capital markets watchdog.

Buch succeeded Ajay Tyagi, an IAS officer, who had completed a five-year tenure, including a two-year extension. Tyagi had earlier held crucial roles in the Finance Ministry.

Before her SEBI stint, Madhabi Puri Buch had a distinguished career in the private sector. She began her journey with ICICI Bank in 1989, later transitioning to West Cheshire College, England, as a lecturer between 1993 and 1995.

She held multiple leadership roles across companies for 12 years, gaining expertise in sales, marketing, and product development, eventually rising to the position of CEO of ICICI Securities from February 2009 to May 2011.