Senior bureaucrat Tuhin Kant Pandey has taken over as the 11th chairman of the Securities and Exchange Board of India (SEBI) amidst the ongoing upheaval in the Indian stock market. He promised to give protection and trust to investors, describing transparency and teamwork as his priority.
Tuhin Kant Pandey is taking over the command of SEBI at a time when the market pressure has increased due to heavy withdrawal of foreign institutional investors (FII). Since January, foreign portfolio investors (FPIs) have withdrawn more than Rs 1 lakh crore, causing instability in the market. It will be a big challenge for them to restore confidence in the market and to give a safe environment to investors.
The statement of Tuhin Kant Pandey, the new chairman of SEBI
Tuhin Kant Pandey, who has worked as Finance Secretary, described SEBI as a strong and reliable market institute, which has been worn by different experts over years.
He referred to “4TS), clarifying his four primary objectives:
- Trust
- Transparency
- Teamwork
- Technology
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They said,
“I think these four elements make us (SEBI) special. Our goal is to continue to make SEBI one of the world’s best market regulators. ”
However, he did not disclose much about his working style and upcoming plans and said that he would not comment on any issue at the moment.
Pandey will replace Madhabi Puri Buch
Tuhin Kant Pandey, Madhabi Puri is replacing Buch, who was the first female chairperson of SEBI. However, in the last months of his tenure, there were allegations of many irregularities, which raised questions on SEBI’s functioning.
Recently, a large section of SEBI employees also staged a protest against the management, causing dissatisfaction within the institution. In such a situation, it would also be a big responsibility to maintain internal stability in SEBI in front of Pandey.
Who is Tuhin Kant Pandey?
Tuhin Kant Pandey is a 1987 batch Indian Administrative Service (IAS) officer of Odisha cadre and his tenure will be of three years.
- He has been the most senior officer of Revenue Department in the Finance Ministry.
- He served as the longest secretary in the Department of Investment and Public Property Management (DIPAM).
- Dipam is a department of the Ministry of Finance, which manages government equity in government undertakings.
Pandey has deep expertise in financial policy, investment management and capital markets, which can help them improve SEBI.
Investors’ eyes fixed
The appointment of Tuhin Kant Pandey amidst the historical decline of the market and heavy withdrawal by the FPI expects investors to arrange a stable and transparent market system. Now it has to be seen what steps they take to restore stability and trust in the Indian stock market.
