Who Is Kamlesh Chandra Varshney? IRS Officer Gets Extended Tenure as SEBI Whole-Time Member Till 2029
Kamlesh Chandra Varshney, the 1990-batch Indian Revenue Service officer who has brought together extensive experience in taxation, international tax policy and financial regulation, will continue as a Whole-Time Member of the Securities and Exchange Board of India (SEBI) for another term.
The Appointments Committee of the Cabinet has approved his continuation at the market regulator beyond the completion of his initial three-year tenure. According to a Department of Personnel and Training order dated September 15, 2026, Varshney will remain a SEBI Whole-Time Member until August 4, 2029, when he attains the age of 65, or until further orders, whichever is earlier.
Varshney has been serving on the SEBI board since September 20, 2023. During his tenure, he has been associated with several important regulatory portfolios, including corporate finance, integrated market surveillance, investigation and legal affairs, placing him at the centre of a number of issues concerning India’s securities market.
Kamlesh Chandra Varshney Gets Extension as SEBI Whole-Time Member
The latest government order effectively allows Varshney to continue his work at SEBI beyond September 19, 2026, which marked the end of his original three-year tenure.
His fresh tenure will run up to August 4, 2029, subject to the condition that it will end earlier if further orders are issued. The continuation comes at a time when SEBI’s regulatory responsibilities cover an increasingly complex financial environment involving listed companies, market intermediaries, investor protection, surveillance systems, corporate disclosures and enforcement.
As a Whole-Time Member, Varshney has been entrusted with portfolios that include the Corporate Finance Department, Integrated Surveillance Department, Corporation Finance Investigation and Legal Affairs. These are areas where regulatory decisions can involve detailed examination of corporate activity, market transactions, intermediary conduct and possible violations of securities laws.
His background in taxation and financial policy is also notable in this context. Before joining SEBI, Varshney had spent decades working in specialised areas of tax administration, legislation, international taxation and policy formulation.
A Civil Servant With a Different Beginning
Varshney’s journey into the civil services did not follow the most conventional route.
He had an opportunity to study at IIT Roorkee, but chose to enter the Merchant Navy instead. He spent approximately four years in the sector and received training at TS Rajendra before deciding to move towards higher education and a different professional path.
He later completed his Bachelor of Arts degree from Osmania University and pursued an MBA from IIM Lucknow as part of the institute’s 1987-1989 batch. He also obtained a law degree, adding a legal dimension to an academic background that would eventually prove useful in his work on taxation, legislation and financial regulation.
Before joining the civil services, Varshney briefly worked with the State Trading Corporation. He subsequently entered the Indian Revenue Service and began a career that would take him through tax administration, international taxation, policy-making and eventually the regulation of India’s capital markets.
India’s First Commissioner of Advance Pricing Agreement
One of the most distinctive chapters in Varshney’s IRS career was his association with India’s Advance Pricing Agreement programme. He served as the country’s first Commissioner of Advance Pricing Agreement, taking on the task at a time when the APA mechanism was being developed as an important tool for providing greater certainty in international transfer-pricing matters.
Advance Pricing Agreements are designed to give taxpayers and tax authorities greater clarity on the manner in which transfer-pricing issues relating to international transactions will be determined. Such arrangements can help reduce uncertainty and, in appropriate cases, prevent prolonged disputes and litigation over transfer pricing.
As the first Commissioner of APA, Varshney was involved in developing and implementing the programme in India. The assignment required an understanding of international transactions, transfer-pricing principles, taxation policy and the practical challenges involved in resolving disputes involving multinational businesses.
The role consequently gave him specialised exposure to international taxation and cross-border financial issues, experience that later became relevant to his work in broader financial regulation.
Key Role in India’s Tax Policy and Legislation
Another major phase of Varshney’s career came when he served as Joint Secretary in the Tax Policy and Legislation division of the Department of Revenue under the Ministry of Finance.
The assignment placed him close to some of the important debates and policy initiatives surrounding India’s direct-tax framework. His responsibilities extended beyond routine tax administration and involved policy formulation, legislative work and India’s engagement on international taxation issues.
Varshney was associated with work relating to the Direct Tax Code and the Vivad Se Vishwas scheme. He also participated in international discussions involving India’s tax treaties and cross-border taxation arrangements.
His international engagement included representing India in discussions at platforms such as the United Nations and the Organisation for Economic Co-operation and Development, commonly known as the OECD.
That combination of domestic tax-policy experience and international negotiation exposure became a defining feature of his professional profile. It also gave him an understanding of how taxation, corporate transactions, international business and government policy intersect.
Five Years on Foreign Deputation in Papua New Guinea
Varshney’s public-service career also includes a substantial period outside India.He spent around five years on foreign deputation in Papua New Guinea, where he served as a Senior Advisor/Director and assisted the country’s tax administration. The assignment involved areas such as capacity building and tax reforms.
Working with a foreign tax administration gave him an opportunity to apply his experience in a different institutional environment while contributing to efforts aimed at strengthening tax administration and systems.
His international professional exposure was not limited to Papua New Guinea. Varshney has also been associated with the United Nations Development Programme as a member of its panel of tax experts.
For his contribution to Indian tax policy, he received the Finance Minister Award, adding another recognition to a career that has largely been built around specialised financial and administrative assignments.
When Did Varshney Join SEBI?
Varshney assumed charge as a Whole-Time Member of SEBI on September 20, 2023. His appointment brought an officer with extensive experience in tax administration and policy into one of India’s principal financial-market regulatory institutions. Since then, his responsibilities have covered a number of areas that directly affect the functioning and oversight of the securities market.
His portfolio includes the Corporate Finance Department, Integrated Surveillance Department, Corporation Finance Investigation and Legal Affairs. Each of these areas has a different regulatory role, but they are closely connected when it comes to monitoring companies, transactions, intermediaries and possible violations.
The surveillance function, for example, involves examining market activity and identifying unusual trading patterns or transactions that may require closer regulatory scrutiny. The investigation and enforcement side then deals with matters where regulatory examination may be warranted.
Corporate Finance, Investigation and Legal Affairs
The Corporate Finance Department forms an important part of Varshney’s responsibilities at SEBI. The department deals with regulatory issues connected with corporate finance and the functioning of India’s capital markets. Its work can involve corporate disclosures, compliance requirements and other matters concerning companies and their interaction with the securities market.
The Corporation Finance Investigation function adds another layer by examining matters that may require detailed regulatory investigation. Alongside this, the legal-affairs portfolio brings legal interpretation and enforcement considerations into the regulatory process.
The combination is significant because securities-market regulation often requires more than simply identifying unusual activity. Regulators may need to examine the conduct of companies, intermediaries and individuals, establish the relevant facts and then determine the applicable regulatory and legal framework.
Varshney’s earlier experience in taxation, legislation and law therefore forms a substantial part of the professional background he brings to these responsibilities.
Integrated Surveillance and Market Monitoring
Another prominent part of his SEBI portfolio is the Integrated Surveillance Department. Market surveillance is a critical component of securities regulation because trading patterns can sometimes raise questions that require further examination. Surveillance mechanisms are used to identify unusual activity, transactions or behaviour that may warrant regulatory attention.
During his time at SEBI, Varshney has handled matters involving market intermediaries and newer participants in the financial-information ecosystem. These have included registered investment advisers and finfluencers, whose activities have attracted increasing regulatory attention as more investors obtain financial information through digital platforms.
His responsibilities have also extended to matters involving alleged corporate fraud and possible market manipulation. Such cases can require examination of trading patterns, transaction records, corporate conduct and the flow of information in the market.
One area in which he has been associated with regulatory action concerns alleged manipulation during closing auction sessions. Activity around the market close can be particularly significant because transactions during this period can influence the final traded or closing price used for various market and financial purposes.
A Career Spanning Taxation and Financial Regulation
Varshney’s professional journey is notable for the range of specialised assignments he has handled across government and financial institutions.
He moved from the Merchant Navy to higher education and then into the Indian Revenue Service. Within the IRS, he worked across tax administration, international taxation and policy formulation, including a pioneering role in India’s Advance Pricing Agreement programme.
His five-year foreign assignment in Papua New Guinea added an international tax-administration dimension, while his work with the Ministry of Finance exposed him to tax legislation, policy and international negotiations.
His transition to SEBI in 2023 marked a move from tax administration and policy into securities-market regulation. At the regulator, his responsibilities have brought together corporate finance, surveillance, investigation and legal affairs.
Now, with the Centre approving his continuation until August 4, 2029, Varshney is set to remain at SEBI for several more years. His extended tenure keeps an experienced tax-policy and financial-regulation specialist in a senior position at the country’s securities-market regulator, where his responsibilities span some of the most closely watched areas of corporate and market oversight.
