The Indian government has appointed Finance Secretary Tuhin Kanta Pandey as the new chairman of the Securities and Exchange Board of India (SEBI) for a three-year term. He replaces Madhabi Puri Buch, whose tenure ends this month, according to an official order issued on Thursday.

Buch, the first woman to lead SEBI, served for three years and introduced key regulatory changes aimed at strengthening India’s financial markets. Under her leadership, SEBI implemented stricter rules for derivative markets to safeguard retail investors, promoted safer small investment options, and enforced tougher corporate disclosure norms. She also played a crucial role in advancing same-day settlement in Indian markets.

Towards the end of her tenure, Buch faced scrutiny following allegations from Hindenburg Research, which claimed a conflict of interest in SEBI’s investigations into the Adani Group due to prior investments. Both Buch and the Adani Group denied the accusations. While SEBI has completed its investigation into the allegations, the final orders are yet to be released.

Pandey’s appointment marks a new chapter for SEBI as the regulatory body continues to oversee the evolving financial landscape in India.