Pandey, an officer of the 1987 Indian Administrative Service batch from Odisha, succeeds Madhabi Puri Buch, who concluded her role as SEBI’s first female chairperson on February 28, 2025, as confirmed by her tenure dates.
The government named him chairman of SEBI on February 27, 2025, according to a notification from the Appointments Committee of the Cabinet, for a term of three years.
In an interview with CNBC-TV18, Pandey said, “SEBI is a very robust market institution. SEBI has been built over the years with successive leadership. We hold the trust of people of India, Parliament, Government, investors, industry. Trust will be very important.”
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He outlined four objectives for his tenure: “Trust, Transparency, Teamwork, Technology.” He added, “We will create one of the best market institutions,” and noted, “Don’t want to comment on any individual or style.”
Pandey previously held the position of Finance and Revenue Secretary in the Ministry of Finance, taking charge of the revenue department on January 9, 2025, following Sanjay Malhotra’s move to Reserve Bank of India governor in December 2024.
He stepped into the role vacated by Arunish Chawla three weeks before the Budget and managed a tax relief package worth ₹1 lakh crore for the middle class in Budget 2025, as outlined in the Budget announcement. He also worked on a new Income Tax Bill to replace the 1961 legislation, according to finance ministry updates.
From October 24, 2019, to January 8, 2025, Pandey led the Department of Investment and Public Asset Management (DIPAM), handling government stakes in public sector firms, as per ministry data. He drove disinvestment efforts, including Air India’s privatisation, where the Tata Group secured the airline for ₹18,000 crore on 8 October 2021, with ownership transferred on January 27, 2022, per official statements.
He also supervised IDBI Bank’s privatisation, with bidders now in due diligence, according to DIPAM progress reports. Additionally, he oversaw the Department of Public Enterprises (DPE) since 1 August 2024 and the Department of Personnel and Training since November 4, 2024, both under the Ministry of Finance, as documented in government records.
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Madhabi Puri Buch, during her term, tightened derivative market regulations, enforced stricter disclosure rules for companies and funds, and introduced same-day settlement, as per SEBI announcements. She also encouraged safer investment options for retail investors, according to her policy initiatives.
Pandey earned a Master’s in Economics from Panjab University, Chandigarh, and an MBA from the University of Birmingham, UK, as listed in his educational background. His career includes roles in the Odisha government, where he headed the Health, General Administration, Commercial Taxes, Transport, and Finance departments and served as Executive Director of the Odisha State Finance Corporation and Managing Director of the Odisha Small Industries Corporation, per state records.
In the Union Government, he was Joint Secretary in the Planning Commission (now NITI Aayog), Joint Secretary in the Cabinet Secretariat, and Deputy Secretary in the Ministry of Commerce, alongside a stint at the United Nations Industrial Development Organisation’s Regional Office, as documented in his service history.
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