Tuhin Kanta Pandey, the previous Union Finance Secretary, took cost because the Chairman of Securities and Trade Board of India (SEBI) on March 1, Saturday. The following day, the information broke {that a} Mumbai Particular Court docket Choose directed town’s Anti-Corruption Bureau to file FIRs on former SEBI chairperson Madhabi Puri Buch and three of the regulator’s 4 Wholetime Members for his or her alleged complicity in itemizing of a now delisted firm in 1994.
With out losing any time, Mr. Pandey, 59, moved into motion.
In a press release, SEBI mentioned that despite the fact that these officers weren’t holding their respective positions on the related level of time, the court docket allowed the applying [to register the FIR and a court monitored investigation] with out issuing any discover or granting any alternative to SEBI to put the details on report. “The applicant [a media reporter who could get a court order on Saturday, the day after Ms. Buch exited office and the day Mr. Pandey took over] is thought to be a frivolous and ordinary litigant, with earlier functions being dismissed by the Court docket, with imposition of prices in some instances,” it mentioned.
SEBI mentioned it will provoke applicable authorized steps to problem the order.
On the day he took over, on the SEBI headquarters in Mumbai, Mr. Pandey confronted loads of questions from journalists, notably in regards to the type of functioning of his predecessor. In his response, he firmly put the organisation’s integrity on the centre, with out resorting to any blame sport.
Mr. Pandey, a 1987 IAS officer of the Odisha cadre, is the eleventh Chairman of SEBI. All of SEBI’s previous heads, besides G.N. Bajpai and Ms. Buch, had been IAS officers. With Mr. Pandey on the helm, SEBI has returned into the fold of the “metal body of India”, because the Indian Administrative Service is usually referred to.
Previously three months the Centre has chosen two Finance Ministry secretaries as regulators — Sanjay Malhotra, who was appointed because the RBI Governor in December final 12 months, and now Mr. Pandey.
Throughout his over three many years profession as a bureaucrat, Mr. Pandey has held noteworthy positions within the Union Authorities and the State Authorities of Odisha, in addition to serving a stint within the Regional Workplace of the UN Industrial Improvement Organisation.
Wealthy expertise
Earlier than becoming a member of SEBI, Mr. Pandey served because the Union Finance Secretary, Income Secretary and Secretary, Division of Funding and Public Asset Administration, Secretary, Division of Public Enterprises and Secretary, and Division of Personnel & Coaching. He was additionally with the Planning Fee (Now Niti Aayog), the Cupboard Secretariat and the Ministry of Commerce prior to now.
After Mr. Malhotra’s posting on the RBI, Mr. Pandey had performed a key function within the preparation of the final Union Finances.
Because the disinvestment secretary for 5 years, he has dealt with the divestment of the federal government’s stake in lots of Public Sector Enterprises, together with Life Insurance coverage Company of India (LIC), Mazagon Dock Shipbuilders Ltd and several other corporations from the Indian Railways secure. He had additionally dealt with the strategic sale of Air India to the Tata Group in 2021-22.
His former colleagues describe him as somebody who’s thorough and methodical. He has an excellent sense for numbers and most significantly as an individual, he’s uncompromising and unyielding, they are saying.
Having a Masters diploma in Economics from Panjab College, Chandigarh and an MBA from the College of Birmingham (U.Okay.), Mr. Pandey has a tricky process forward — he has to tame a rampaging bull as markets have been risky in latest weeks because of ‘Trump tantrums’, and combat manipulations within the derivatives market.
Powerful instances name for robust measures. Mr. Pandey is not any stranger to such measures. “Capital market is a dynamic area so change is imminent however we will definitely not be searching for most regulation however for optimum regulation,” Mr. Pandey mentioned on March 7, in his first public speech since assuming the chairmanship of the regulator.
Printed – March 16, 2025 01:20 am IST
