The Appointments Committee of the Cabinet has approved the reappointment of Kamlesh Chandra Varshney as a Whole-Time Member of the Securities and Exchange Board of India beyond 19 September 2026. As per the Department of Personnel and Training order dated 15 September 2026, Kamlesh Varshney in SEBI will continue till 4 August 2029, when he turns 65, or until further orders. The decision gives continuity to the capital market regulator at a time when it is handling closer surveillance and a new closing auction framework.
Reappointment Details: Tenure Till August 2029
The Appointments Committee of the Cabinet (ACC) is the top body that approves senior appointments in the central government. It is chaired by the Prime Minister and includes the Union Home Minister. On the proposal of the Department of Economic Affairs in the Ministry of Finance, the ACC cleared the reappointment of Kamlesh Chandra Varshney as a Whole-Time Member (WTM). A WTM is a full time member of the SEBI board who handles the day to day regulatory work, unlike a part time member who attends board meetings in addition to another main post.
The Department of Personnel and Training (DoPT) issued the formal order on 15 September 2026, just four days before Varshney’s first term was set to end on 19 September 2026. The order says he will hold the post till he attains the age of 65 years on 4 August 2029, or until further orders, whichever is earlier. This follows the service rule that the Chairman and every Whole-Time Member can hold office for a period not exceeding five years at a time and cannot continue beyond 65 years, but they are eligible for reappointment.
The timing is important. In May 2026, the government had invited applications for two WTM posts as the three year terms of Varshney and fellow WTM Amarjeet Singh were coming to a close in September 2026. Both had first joined in September 2023 and were eligible for a fresh term as they were below 65. While Singh’s term ended earlier in September, Varshney has now been given continuity of nearly three more years.
Who Is Kamlesh Chandra Varshney?
Kamlesh Chandra Varshney is a 1990 batch officer of the Indian Revenue Service (Income Tax). The Indian Revenue Service is the central service that administers direct taxes through the Income Tax Department under the Department of Revenue in the Ministry of Finance. Before joining SEBI, Varshney served as Joint Secretary for Tax Policy and Legislation in the Department of Revenue. In that role, he dealt with direct tax law and policy design.
Varshney holds an MBA from the Indian Institute of Management (IIM) Lucknow, where he was part of the 1987 to 1989 batch, and he is also a law graduate. He trained in the Merchant Navy at T.S. Rajendra early in his career before entering the civil services. He later became the first Commissioner of the Advance Pricing Agreement (APA) programme in India and is credited with rolling out the programme successfully. An APA is a prior agreement between a taxpayer and the tax authority that fixes the pricing method for cross border transactions within a company group, so that future tax disputes are reduced.
His experience extends beyond India. Varshney worked for five years with the tax administration of Papua New Guinea, where he helped in investigation and capacity building. He is on the panel of tax experts of the United Nations Development Programme (UNDP). He has received the Finance Minister’s Award for his work on Indian tax policy and the Vivad Se Vishwas Scheme, which is a government scheme to settle pending direct tax disputes.
Varshney first took charge as SEBI Whole-Time Member on 20 September 2023. At SEBI, he has handled departments linked to corporate finance, corporation finance investigation, integrated surveillance, legal affairs, enquiry and adjudication, and quasi judicial work. These are the wings that examine company filings, detect market misconduct, conduct enquiries, and pass reasoned orders in violation cases.
What Is SEBI?
SEBI stands for the Securities and Exchange Board of India. It is India’s capital market regulator that protects investors, promotes the growth of the securities market, and regulates stock exchanges, brokers, mutual funds, listed companies and other market players.
The mandate of SEBI comes from the preamble of the SEBI Act, 1992. The preamble states the three core goals in one line, which are to protect the interests of investors in securities and to promote the development of, and to regulate, the securities market. In simple terms, SEBI sets the rules for how shares, bonds and similar instruments are issued and traded, it registers and supervises intermediaries such as brokers, merchant bankers, depositories and credit rating agencies, and it acts against fraud, insider trading and unfair trade practices. SEBI works under the administrative oversight of the Ministry of Finance.
SEBI combines three types of powers in one body. It frames regulations in its legislative role, it carries out inspections, investigations and enforcement in its executive role, and it passes orders and rulings in its quasi judicial role. A person affected by a SEBI order can appeal to the Securities Appellate Tribunal (SAT), and further to the Supreme Court on questions of law.
When Was SEBI Established and Is It a Statutory Body?
SEBI was first constituted as a non statutory body on 12 April 1988 through a resolution of the Government of India. It became a statutory body on 30 January 1992 when the provisions of the Securities and Exchange Board of India Act, 1992 came into force.
Yes, SEBI is a statutory body and also a government body in the regulatory sense. It was created by a law passed by Parliament and it functions under the Ministry of Finance, though it enjoys functional autonomy in regulation. SEBI was not created by any expert committee. It was set up by an executive resolution and later given legal backing by the SEBI Act. Before SEBI, the securities market was supervised by the Controller of Capital Issues, which drew powers from the Capital Issues (Control) Act, 1947. The shift to SEBI marked a move from direct government control over capital issues to an independent regulator for a modern market.
Where Is SEBI Headquarters?
SEBI is headquartered at SEBI Bhavan in the Bandra Kurla Complex in Mumbai, Maharashtra. Mumbai is the centre of India’s capital markets, home to the BSE and the NSE. SEBI also runs regional offices in New Delhi, Kolkata, Chennai and Ahmedabad to supervise market activity across zones. The official website of SEBI is sebi.gov.in, which hosts regulations, orders, filings and the SCORES portal for investor complaints. SCORES stands for SEBI Complaints Redress System, an online system where investors can lodge and track complaints against listed companies and market intermediaries.
SEBI Leadership and Board Composition: How Are Members Appointed?
The SEBI Board is led by the Chairperson. Tuhin Kanta Pandey, a 1987 batch IAS officer of the Odisha cadre and former Finance Secretary, took charge as the 11th Chairperson of SEBI on 1 March 2025 for a three year term. He succeeded Madhabi Puri Buch, whose term ended on 28 February 2025.
The SEBI Act provides for a board with a Chairperson, Whole-Time Members and Part-Time Members. In practice, SEBI functions with a Chairperson, up to four Whole-Time Members and part time members including nominees from the central government and the Reserve Bank of India. SEBI members are appointed by the Central Government. The process starts with the Financial Sector Regulatory Appointments Search Committee (FSRASC), which is chaired by the Cabinet Secretary and recommends names. The final approval is given by the Appointments Committee of the Cabinet.
| Post on SEBI Board | Legal Base | Current Position |
|---|---|---|
| Chairperson | Section 4(1)(a) of SEBI Act, 1992 | Tuhin Kanta Pandey |
| Whole-Time Members | Section 4(1)(d) of SEBI Act, 1992 | Kamlesh Chandra Varshney, Sandip Pradhan, K.V.R. Murty, with a vacancy after Amarjeet Singh’s term ended in September 2026 |
| Part-Time Members from Government and RBI | Section 4(1)(b) and 4(1)(c) of SEBI Act, 1992 | Secretary, Department of Economic Affairs, Secretary, Ministry of Corporate Affairs, Deputy Governor of RBI, and other nominees |
Whole-Time Members hold office for a term not exceeding five years and retire at 65. The rule allows reappointment, which is why Varshney could be continued after his first three year term from 2023 to 2026.
What Are the Functions and Powers of SEBI?
SEBI works to protect investors and keep the market fair, orderly and transparent. Section 11 of the SEBI Act lists its core duty and the measures it can take. In plain terms, SEBI regulates stock exchanges and other securities markets, registers and supervises brokers, merchant bankers, mutual funds, depositories, custodians, credit rating agencies and other intermediaries, and promotes self regulation among market bodies.
SEBI also prohibits fraudulent and unfair trade practices, bars insider trading, regulates takeovers and substantial acquisition of shares, promotes investor education and training of intermediaries, inspects books and records, conducts enquiries and audits, and levies fees for its regulatory work. It can issue directions, suspend or cancel registrations, order disgorgement, attach bank accounts in defined cases, and impose monetary penalties under the Act. These powers explain why the role of a Whole-Time Member matters so directly for market confidence.
| Area of Work | What SEBI Does |
|---|---|
| Market regulation | Supervises stock exchanges, clearing corporations and depositories, and frames listing and disclosure rules |
| Intermediary oversight | Registers brokers, mutual funds, investment advisers, research analysts, bankers to issues and other players, and inspects their working |
| Investor protection | Runs education programmes, operates SCORES for complaints, and orders refunds and compensation in cases like collective investment schemes |
| Enforcement | Investigates fraud, insider trading and price manipulation, conducts quasi judicial hearings, and passes orders that can be appealed to SAT |
| Development | Conducts research, promotes market growth, deepens corporate bond markets, and builds institutions such as the National Institute of Securities Markets |
Why This Reappointment Matters
The reappointment of Kamlesh Chandra Varshney ensures stability in SEBI’s top team under Chairperson Tuhin Kanta Pandey. Varshney brings a rare mix of direct tax policy and securities regulation, built over three decades in the Income Tax Department and the Finance Ministry and three years as a SEBI Whole-Time Member. His departments handle the sensitive link between company disclosures, market surveillance and legal enforcement. Continuity in this charge helps SEBI carry forward pending surveillance reforms, faster settlement systems, stricter disclosure norms for listed firms, and oversight of new products and trading mechanisms without a leadership gap.
Key Takeaways
- The Appointments Committee of the Cabinet approved the reappointment of Kamlesh Chandra Varshney as SEBI Whole-Time Member beyond 19 September 2026.
- Varshney will continue till 4 August 2029, when he attains 65 years of age, or until further orders, as per the DoPT order of 15 September 2026.
- Varshney is a 1990 batch IRS (Income Tax) officer who earlier served as Joint Secretary for Tax Policy and Legislation and first took charge at SEBI on 20 September 2023.
- SEBI stands for the Securities and Exchange Board of India, which was set up on 12 April 1988 and became a statutory body on 30 January 1992 under the SEBI Act, 1992.
- SEBI is headquartered at Bandra Kurla Complex in Mumbai and is led by Chairperson Tuhin Kanta Pandey, who took charge on 1 March 2025.
- SEBI Whole-Time Members are appointed under Section 4(1)(d) for up to five years till age 65 and are eligible for reappointment.
