Pandey will head Sebi initially for a period of three years or until further orders, whichever is earlier, according to an official notification following the approval of the Appointments Committee of the Cabinet.
A 1987 batch IAS officer of the Odisha cadre, Pandey with extensive experience in public policy and administration had been responsible for divestment and unlocking potential for public assets, before taking over as the revenue secretary.
His appointment follows opposition parties’ demand for the resignation of Buch after American short seller Hindenburg Research last year accused her of conflict of interest in the regulator’s probe into the Adani Group. They claimed that she had stakes in offshore funds linked to the ports-to-power conglomerate.
Buch had rejected Hindenburg allegations as “malicious and motivated” and asserted that she had acted as per rules and also made all the required disclosures. In January 2023, the short seller had accused the Adani Group of fraud and stock price manipulations. The allegations, denied by the conglomerate, later led to the Sebi probe.Hindenburg Research last month announced that it was shutting down operations, just days before Donald Trump was sworn in as the US President.Buch’s two immediate predecessors — former bureaucrats Ajay Tyagi and UK Sinha — had got extensions beyond their initial three-year terms. While Tyagi served as the chief of the capital markets regulator for five years, Sinha held the position for six years.
The next Sebi chief will have an option to receive pay akin to a secretary to the Union government, or a consolidated salary of Rs 5,62,500 per month without a house or car, as per last month’s official circular that sought applications for the Sebi chairperson.
“The chairman should be a person who does not, and will not have any such financial or other interests as are likely to affect prejudicially his functions as the chairman,” the department of economic affairs had said in the circular.
It’s desirable that “persons with high integrity, eminence and reputation”, preferably above 50 years and with more than 25 years of professional experience may apply, it had added.
Buch is the first woman to helm Sebi, and also the first from the private sector. She had served as a whole-time member of the regulator between 2017 and 2022 before her elevation to the top job.
