While Buch introduced significant regulatory changes across multiple aspects of the securities market, her successor will be expected to sustain and build upon these reforms while tackling pressing new issues.
One of the foremost challenges on Pandey’s plate is the review of the mutual fund expense ratio. Another key area of focus will be the consideration of instantaneous settlement in Indian capital markets. Pandey will also have to weigh the possibility of allowing Indian investors to own fractional shares.
Beyond these immediate priorities, Pandey will also inherit SEBI’s ongoing efforts to curb insider trading, regulate financial influencers, and strengthen the framework for the primary markets. The recent introduction of ‘Choti SIP’, or the ₹250 Systematic Investment Plan (SIP), is an example of SEBI’s proactive measures under Buch’s leadership. Pandey will be expected to expand such investor-friendly initiatives while maintaining regulatory oversight.
Pandey brings with him a wealth of experience from his tenure as Secretary of the Department of Investment and Public Asset Management (DIPAM), where he played a crucial role in the privatisation of Air India and the initial public offering (IPO) of Life Insurance Corporation (LIC). His extensive background in policymaking, planning, and administration—including stints at the Planning Commission, Cabinet Secretariat, and Orissa state government—positions him well to navigate SEBI’s complex mandate.
While Madhabi Puri Buch’s official last working day is February 28, her term officially concludes on March 1. With SEBI undergoing significant structural shifts, Pandey will need to hit the ground running from Day 1.
