New Delhi, Feb 28: Tuhin Kanta Pandey, a 1987 batch IAS officer, brings with him a rich experience in handling the country’s economic policy and financial administration as he takes over as the 11th chairman of the Securities and Exchange Board of India (Sebi) on March 1.
He will be replacing Madhabi Puri Buch, whose three-year term as the Sebi chief draws to an end. Pandey concludes his tenure as the Finance Secretary and Secretary of the Department of Revenue which saw him playing a key role in the formation of the Union Budget that undertook the bold initiative of exempting all those earning up to Rs 12 lakh a year from paying income tax to boost demand and drive growth in the economy.
He also played an important role in drafting the new Income Tax Bill, based on global best practices, to simplify the language and structure of the Income-tax Act, 1961, reducing the Act’s volume by close to 50 per cent.
Pandey took over as Finance Secretary in September 2024 after the position became vacant following TV Somanathan’s promotion as Cabinet Secretary. Before this, he had held key positions in the government, including Secretary of the Department of Investment and Public Asset Management (DIPAM) and Secretary of the Department of Public Enterprises (DPE).
In these roles, Pandey played a major part in formulating India’s fiscal policies, disinvestment programmes, and public sector management. Pandey is one of the longest-serving secretaries in DIPAM, which is responsible for managing the government’s stake in public sector enterprises.
During his tenure, he played a crucial role in implementing the government’s privatisation of public sector companies. He oversaw the sale of loss-making Air India to the Tata Group, marking one of the most important disinvestment initiatives of the government to reduce the drain on the national exchequer and pave the way for the revival of the commercial airline.
He also handled the successful public listing of government-owned life insurance giant LIC, which was the country’s biggest ever IPO. Besides, he started the privatisation process of IDBI Bank, which is still ongoing as bidders conduct their due diligence. Pandey holds a Master of Arts degree in Economics from Punjab University and an MBA from the University of Birmingham, UK.
As a young officer, he served as Deputy Secretary in the Ministry of Commerce and was Joint Secretary at the Planning Commission before his leadership role at DIPAM. His tenure also included a stint as Secretary in the Ministry of Civil Aviation in 2021. Pandey belongs to the Odisha cadre of the IAS and has served in key posts in the state government, including the District Collector of Sambalpur. He has also held various positions in sectors like health, transport, and commercial taxes.
IANS