As the curtain fell on the unprecedented race to find a new boss for the country’s capital market, lots of questions arose from various quarters of the economy. The most important question among them is: whether the new boss will be able to restore investor confidence and push retail investor participation in the market? It is a million-dollar question, indeed.
Tuhin Pandey, The New SEBI Chief
It was after days of speculation over the race, the government on Thursday appointed Finance and Revenue Secretary Tuhin Kanta Pandey, a well-known ‘perfectionist’ for rules at the helm of SEBI for three years.
Can we expect the new chief to knock heads? Of late, we heard several stories about staff challenges, and debates on HR policies at SEBI.
Pandey, the 1987-batch IAS officer, is a seasoned bureaucrat and a renowned disinvestment specialist of public sector companies, and he played a pivotal role in the privatization of Air India.
Pandey’s clean image and his open approach to various issues and challenges are expected to help him accomplish his mission at SEBI.
Indeed, more headaches await the new SEBI boss! “However, Pandey, who holds an MA in economics from the Punjab University, and an MBA from the University of Birmingham (UK), has been highly successful in all his challenging assignments, and he is likely to accomplish his new mission as desired by the government. Pandey’s mission is noble, and challenges will stimulate market sentiment,” a senior official at a leading domestic institutional investor, said.
SEBI, certainly, is an institution responsible for maintaining the integrity and stability of capital markets, and during the last 20 years, the Indian capital markets have seen several significant developments.
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SEBI, certainly, is an institution responsible for maintaining the integrity and stability of capital markets, and during the last 20 years, the Indian capital markets have seen several significant developments.
Madhabi Puri Buch, the first person from the private sector and the first woman to chair the market regulator retired yesterday. Buch, in the past three years, had faced controversies, especially the Hindenburg Research allegation, which had raised concerns over her impartial role as market regulator.
She had issued clarifications and dismissed allegations as baseless.
“Pandey’s priorities as the new SEBI chief are expected to be revealed soon. Though, it’s not yet clear when he is expected to assume full duties, we must believe, it’s so important to work together—SEBI, stock exchanges, market intermediaries, or listed companies—as capital market development depends on various regulatory requirements, government policies, investor confidence and cooperation and coordination among stakeholders, including the quality staff members at SEBI.
New Leadership, New Energy
“Together, all stakeholders must spread the message far and wide—if we care about market development, investor-confidence, and shareholders’ equity, we must care about revamped market policies, and, if fact, several SEBI guidelines and norms need a repair. And we strongly believe, Pandey, who was the longest-serving secretary in the finance ministry’s Department of Investment and Public Asset Management will deliver excellence with wholehearted cooperation from SEBI staff, stock exchanges, intermediaries, market men, and other stakeholders,” a retired IAS officer opined.
“There is a real appetite for market reforms. The new leadership at SEBI will bring new energy as investors seek progress on a range of issues, including timely disclosures, investor protection, and fresh capital market reforms,” he added.
