MUMBAI: Tuhin Kanta Pandey has assumed charge as the 13th chairman of the capital markets regulator Securities and Exchange Board (Sebi) this afternoon, replacing Madhabi Puri Buch, whose controversy-ridden three-year tenor ended Friday, who reportedly bid farewell through a video conferencing due to COVID.
Pandey, a career bureaucrat who was serving as the finance and revenue secretary till Thursday when the appoints committee of the Cabinet cleared his name for the top job at Sebi.
Pandey arrived at the Sebi headquarters in the Bandra Kurla Complex business district Saturday afternoon, a Sebi source said, and was welcomed by the all four whole-time members--Ashwani Bhatia, Amarjeet Singh, Ananth Narayan and Kamlesh Varshney.
Pandey takes over the corner room of the Sebi Bhawan at a crucial time for the institution when the market is creating negative histories by the day—indices are on a losing streak for the five months on the trot—the longest in the past 30 years--and losing as much as Rs 107 trillion of market capitalisation and Rs 90 trillion of investor pennies - leading investors badly losing confidence.
He also has to clear the many issues that Puri Buch has created for the institution such as being lost out on impartiality and thus in regulatory effectiveness apart from setting the house in order when it comes to staff morale; as well as those left unfinished.
His extensive experience in finance and economic policy is expected to aid in the effective functioning of the regulatory body.
On Friday, while talking to reporters in New Delhi, Pandey said, he would spell out his priority areas after he assumed office. On current condition of the financial market, he said, "I think I'll not speak at this moment, let me take over."
Due to ill-health Puri-Buch could not follow the custom of the incumbent receiving the successor.