Finance Secretary Tuhin Kanta Pandey was appointed as the new chairman of the Securities and Exchange Board of India (SEBI) on Thursday by the Cabinet's appointments committee.

Pandey will take office for a three-year initial term. He takes over for Madhabi Puri Buch, the current SEBI Chairperson, whose term expires on March 1.

“The Appointments Committee of the Cabinet has approved the appointment of Tuhin Kanta Pandey, IAS (OR:1987), Finance Secretary and Secretary, Department of Revenue to the post of Chairman, Securities and Exchange Board of India (SEBI), initially for a period of three years from the date of assumption of charge of the post or until further orders, whichever is earlier,” the government order stated.

In January, the government invited applications for the position, setting February 17, 2025, as the deadline for submissions.

The Ministry of Finance’s newspaper advertisements called for applications from eligible candidates for the appointment to the senior position at the capital markets regulator.

SEBI chief shall have the option to receive pay as admissible to a Secretary to the Government of India or a consolidated salary of Rs 5,62,500 per month without house and car.

The tenure of the current SEBI Chairperson ends on March 1. She assumed office on March 2, 2022, for a three-year term, becoming the first woman to lead the markets regulator.

Buch succeeded former IAS officer Ajay Tyagi, whose term as SEBI chief ended after a two-year extension that followed his regular three-year stint. Tyagi had served in key posts in the Finance Ministry.

She was the first person from the private sector to head SEBI. Her career started in 1989 with ICICI Bank. Between 1993 and 1995, Buch worked as a lecturer at West Cheshire College in England.

She worked in various profiles across companies for 12 years, including sales, marketing and product development. She also led operations. In 2006 she joined ICICI Securities and later went on to become their CEO from February 2009 to May 2011.