- SEBI Chair Tuhin Kanta Pandey described his first year as very difficult due to global trade shocks
- Global tariff actions caused uncertainty and affected multiple sectors of the Indian economy
- SEBI faced concerns over perceived over-regulation in parts of the market
The first year at the helm of India's markets regulator was anything but easy, SEBI Chair Tuhin Kanta Pandey said, describing the period as one marked by global trade shocks, market uncertainty and persistent debate over regulatory intensity.
Reflecting on his first year leading the Securities and Exchange Board of India (SEBI), Pandey told NDTV Profit the year had been “very difficult”, with global tariff actions creating ripple effects across multiple sectors of the Indian economy.
“This year was very difficult, beset with huge uncertainty, particularly from tariffs,” Pandey said, noting that the measures had affected a broad segment of Indian industry and capital markets activity.
Beyond global headwinds, Pandey acknowledged that SEBI also had to contend with concerns in parts of the market about over-regulation.
ALSO READ: SEBI's New Mutual Fund Classification: Categories Revamped, Life Cycle Funds Introduced, And More
“There was also a perception about over-regulation,” he said, adding that the regulator's objective was to strike the right balance rather than dilute oversight indiscriminately.
To address this, SEBI sought to craft what Pandey described as “optimum regulation”, anchored around its ‘4T' framework, Transparency, Trust, Technology and Teamwork.
The approach, he explained, is aimed at improving regulatory quality while safeguarding market integrity and enhancing ease of doing business.
Despite the challenging backdrop, Pandey pointed to a significant bright spot: India's primary markets in 2025. “We had the best primary market in the world in 2025,” he said, crediting sustained reforms focused on simplifying processes and strengthening the overall investment climate.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
