New SEBI chief: Tuhin Kanta Pandey, Ajay Seth likely contenders? Appointment panel order may come soon

The government is likely to finalise the next Chairperson of the Securities and Exchange Board of India (SEBI) soon as Madhabi Puri Buch’s tenure ends on February 28. Sources told CNBC TV18 that the Appointments Committee of the Cabinet (ACC) may issue the final order soon.

According to sources, the search panel may have considered the following candidates for the role:

• Tuhin Kanta Pandey – Secretary, Department of Investment and Public Asset Management (DIPAM)
• Ajay Seth – Secretary, Department of Economic Affairs (DEA)
• Pankaj Jain – Secretary, Ministry of Petroleum and Natural Gas
• KC Varshney – Whole-Time Member, SEBI

Buch took charge as SEBI Chairperson on March 2, 2022, becoming the first woman to lead the regulator.

Her tenure has seen major reforms in capital markets and corporate governance.

SEBI’s leadership over the years

SEBI chairpersons usually serve a three-year term, though some have received extensions.

• G V Ramakrishna (1988 – 1990)
• D R Mehta (1995 – 2002)
• M Damodaran (2005 – 2008)
• U K Sinha (2011 – 2017)
• Ajay Tyagi (2017 – 2022)
• Madhabi Puri Buch (2022 – Present)

Buch became SEBI’s first female chairperson in 2022, succeeding Ajay Tyagi.

Before joining SEBI as a whole-time member in April 2017, Buch held leadership roles at ICICI Bank from 1997 to 2009 and served as CEO of ICICI Securities from 2009 to 2011. Her five-year tenure as a whole-time SEBI member paved the way for her appointment as chairperson.

The SEBI chairperson is usually appointed for a three-year term, though extensions have been granted in the past.