There are three strongest contenders for SEBI chairmanship from the top of the bureaucracy, namely Pankag Jain , Petroleum Secretary, Tuhin K Pandey , Revenue Secretary and Ajay Seth , secretary department of Economics Affairs.
IAS Pankaj Jain
Mr Pankaj Jain, a seasoned Indian Administrative Service (IAS) officer from the 1990 batch of the Assam-Meghalaya cadre, currently serves as the Secretary of the Ministry of Petroleum and Natural Gas (MoPNG) for the Government of India. Before this, he held the position of Additional Secretary in the Department of Financial Services under the Ministry of Finance.
As Petroleum Secretary, Mr Jain has been actively involved in key initiatives and events. Notably, he laid the foundation stone for the Advanced Training Institute (ATI), demonstrating his commitment to skill development in the petroleum sector.
With his extensive experience in public administration and finance, Mr Jain plays a crucial role in shaping India’s energy sector policies and initiatives.
IAS Tuhin Kanta Pandey
A distinguished IAS officer from the 1987 batch of the Odisha cadre, Tuhin Kanta Pandey holds a Master’s degree in Economics from Panjab University, Chandigarh, and an MBA from the University of Birmingham, UK.
Throughout his career, Mr. Pandey has held several key positions, including, Deputy Secretary in the Ministry of Commerce and Industry and Additional Secretary and Principal Secretary in the Ministry of Finance since August 28, 2016.
As Secretary of the Department of Investment and Public Asset Management (DIPAM) from October 22, 2019, Mr Pandey led major disinvestment initiatives, including the sale of Air India and the public listing of Life Insurance Corporation of India (LIC).
In September 2024, Mr. Pandey was appointed as India’s Finance Secretary. In January 2025, he also took on the role of Revenue Secretary while continuing his duties as Finance Secretary.
With extensive experience in both state and central government, Mr. Pandey has played a crucial role in shaping India’s financial and economic policies.
IAS Ajay Seth
Ajay Seth, a 1987-batch Indian Administrative Service (IAS) officer of the Karnataka cadre, currently serves as the Secretary of the Department of Economic Affairs (DEA) in the Ministry of Finance, Government of India.
Educational Background
Bachelor of Technology (BTech) in Mechanical Engineering from the University of Roorkee (now Indian Institute of Technology Roorkee) and Master of Business Administration (MBA) from Ateneo de Manila University, Philippines.
Professional Experience
Continuing a career spanning over three decades, Mr Seth has held various key positions including in the Department of Public Finance and Taxation with nearly 18 years of experience in roles related to public finance and taxation. His tenure includes assignments with the Union Government, the Government of Karnataka, and the Asian Development Bank.
Notable Achievements
Prime Minister’s Award for Excellence in Public Administration (2013): Recognized as a member of the team responsible for the transformation of commercial tax administration in Karnataka.
Additional Responsibilities
In December 2024, Mr Seth was assigned the additional charge of Revenue Secretary. This dual role underscores the government’s confidence in his expertise to manage critical financial portfolios.
Mr Ajay Seth’s extensive experience and educational background have significantly contributed to shaping India’s economic policies and reforms.
