New Delhi [India], February 28 (ANI): The government has 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.

In an official statement the Department of Personnel & Training said 'The Appointments Committee of the Cabinet has approved the appointment of Shri Tuhin Kanta Pandey, IAS (OR:1987), Finance Secretary and Secretary, Department of Revenue to the post of Chaiman, Securities and Exchange Board of India (SEBI)'

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. During her tenure, she was appointed for a three-year term.

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. (ANI)