New Delhi [India], February 28 : Newly appointed SEBI Chairperson Tuhin Kanta Pandey remained tight lipped about how he would go about or what would be his priority areas as the chief of the markets regulator.
"I just got the order yesterday and government has given the esponsibility. I will go there and join and I'll make out when I will go," Pandey said.
He said he would spell out about his priority areas after he assumes office.
On current condition of the financial market, he said, "I think I'll not speak at this moment, let me take over."
The government on Friday appointed Finance and Revenue Secretary Tuhin Kanta Pandey as the new Chairman of the Securities and Exchange Board of India (SEBI).
The Appointments Committee of the Cabinet on Thursday approved his appointment for an initial term of three years from the date he assumes charge or until further orders, whichever is earlier.
Pandey, a 1987-batch IAS officer of the Odisha cadre, is currently serving as the Finance Secretary and Secretary in the Department of Revenue.
His appointment comes at a crucial time for SEBI, the regulatory body responsible for overseeing India's securities and capital markets. As SEBI Chairman, Pandey will play a key role in strengthening market regulations, ensuring investor protection, and overseeing reforms in the capital markets. His extensive experience in finance and economic policy is expected to aid in the effective functioning of the regulatory body.
He succeeds the outgoing Chairman Madhabi Puri Buch, she assumed the office of SEBI on March 2, 2022, with her term set to conclude on February 28, 2025. Buch made history as the first woman to hold the position of SEBI chairperson.
SEBI, a critical institution responsible for maintaining the integrity and stability of India's financial markets, has seen significant developments during Buch's tenure. However, her term has also faced some controversy.
Allegations raised by the Indian National Congress include a conflict of interest linked to the Adani Group and financial opacity in her consulting ventures. Furthermore, Buch was accused of continuing to receive salary and Employee Stock Ownership Plans (ESOPs) from ICICI Bank during 2017-2024, which includes her tenure in SEBI. These allegations raised concerns over her impartial role as market regulator.
Buch, however, gave clarifications and dismissed the allegations as baseless.
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