Seasoned bureaucrat Tuhin Pandey to take over as 11th SEBI chairman
New Delhi (PTI): The government on Thursday appointed Finance Secretary Tuhin Kanta Pandey as the 11th chairman of the capital market regulator, Securities and Exchange Board of India (SEBI).
The Odisha-cadre Indian Administrative Service (IAS) officer would replace Madhabi Puri Buch, who completes her three-year tenure on Friday (February 28).
The Appointments Committee of the Cabinet has approved the appointment of Pandey, IAS (OR:1987), Finance Secretary and Secretary, Department of Revenue, to the post of SEBI chairman, according to a government order issued late on Thursday evening.
Pandey's appointment is initially for a period of three years from the day he assumes charge, the order said.
Pandey will take over as the head of the SEBI at a time when markets are witnessing bear pressure following a withdrawal by foreign institutional investors (FIIs). Foreign portfolio investors (FPIs) have withdrawn more than Rs 1 lakh crore since January.
The 1987-batch IAS officer is the seniormost officer in the Ministry of Finance handling the Department of Revenue.
Pandey was the longest-serving secretary in the Department of Investment and Public Asset Management (DIPAM), a department in the finance ministry that manages government equity in public sector companies, as well as the Department of Public Enterprises (DPE).
He assumed the charge of the revenue department on January 9, after his predecessor Sanjay Malhotra moved to the Reserve Bank of India (RBI) as its governor. Pandey played a key role in the framing of the 2025-26 Budget, which gave tax reliefs totalling Rs 1 lakh crore to the middle class. He was also involved in the drafting of the new Income Tax Bill, which seeks to replace the 64-year-old Income Tax Act, 1961.
In his over-five-year stint (October 24, 2019 to January 8, 2025) at the DIPAM, Pandey took forward disinvestments of CPSEs as he implemented the public sector enterprises (PSE) policy, which intended to minimise the presence of the government in the PSEs across all sectors of the economy.
Pandey was instrumental in the privatisation of Air India. On October 8, 2021, the government declared the Tata group as the winning bidder for Air India.
The conglomerate had put in bids of Rs 18,000 crore. On January 27, 2022, the Tata group took the ownership of Air India.
Pandey also oversaw the privatisation plans of the IDBI Bank. The bidders are currently undergoing the due-diligence process.
Pandey holds an MA in economics from the Punjab University, Chandigarh and an MBA from the University of Birmingham (UK). He has worked in various capacities in the government of Odisha and the government of India.
In the early part of his career, Pandey served as the administrative head in the departments of health, general administration, commercial taxes, transport and finance. He also served as the executive director of the Odisha State Finance Corporation and managing director of the Odisha Small Industries Corporation.
At the Centre, his previous positions include Joint Secretary, Planning Commission (now NITI Aayog), Joint Secretary, Cabinet Secretariat and Deputy Secretary in the Ministry of Commerce.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Rupee falls 28 paise to 94.77 against US dollar in early trade
Mumbai (PTI): The rupee depreciated 28 paise to 94.77 against the US dollar in early trade on Thursday as market sentiment took a dramatic turn after reports emerged that the US and Iran are discussing a 14-point Memorandum of Understanding (MOU) aimed at reducing tensions and reopening negotiations.
Forex traders said Brent oil prices, which had fallen to USD 98 on the US-Iran peace deal, edged slightly higher to USD 101 per barrel after investors weighed the prospects for a Middle East peace deal.
Moreover, factors such as unabated foreign capital outflows amid rising geopolitical uncertainties further dented investor sentiment.
At the interbank foreign exchange market, the rupee opened at 94.77 against the US dollar, registering a fall of 28 paise over its previous close.
On Wednesday, the rupee appreciated 69 paise to close at 94.49 against the US dollar.
"Markets are currently focused on the critical 48-hour window during which the US expects Tehran’s formal response through Pakistani mediators," said CR Forex Advisors MD Amit Pabari.
US President Donald Trump on Wednesday threatened Iran with more bombing if it doesn't reopen the Strait of Hormuz, amid a report that the warring sides were nearing an agreement to end the war.
US media outlet Axios reported, quoting US officials and two other sources, that the US and Iran were getting close to a one-page memorandum of understanding to end the war and set a framework for more detailed nuclear negotiations.
The US expects Iranian responses on several key points over the next 48 hours, Axios reported, adding that nothing has been agreed yet. This was the closest the parties had been to an agreement since the war began.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading at 98.01, down 0.01 per cent.
Brent crude, the global oil benchmark, was trading higher by 0.65 per cent at USD 101.83 per barrel in futures trade.
On the domestic equity market front, the 30-share benchmark index Sensex declined 160.24 points to 77,798.28 in early trade, while the Nifty was down 30.25 points to 24,300.70.
Foreign Institutional Investors offloaded equities worth Rs 5,834.90 crore on Wednesday, according to exchange data.
On the domestic macroeconomic front, the country's goods and services exports rose 4.6 per cent to an all-time high of USD 863.11 billion during 2025-26, up from USD 825.26 billion in 2024-25, despite global economic uncertainties, according to revised commerce ministry data.
Merchandise exports grew 0.93 per cent to USD 441.78 billion in the last fiscal year from USD 437.70 billion in 2024-25, the data showed.
