In a significant administrative development, Ajay Seth, the Economic Affairs Secretary, has been assigned the additional charge of Secretary, Department of Revenue. This decision was announced by the Personnel Ministry on March 1, 2025. The appointment was necessitated following the transition of Tuhin Kanta Pandey, the former Revenue Secretary, to his new role as the Chairman of the Securities and Exchange Board of India (SEBI).
Background of the Change
The position of Revenue Secretary became vacant after Tuhin Kanta Pandey was appointed as the SEBI Chairman on February 27, 2025. Mr. Pandey formally assumed charge of the Mumbai-based capital markets regulator on March 1, 2025. In response to this vacancy, the government authorized Ajay Seth to take on the responsibilities of Revenue Secretary in addition to his existing role at the Department of Economic Affairs (DEA).
Who is Ajay Seth?
Ajay Seth is a senior bureaucrat known for his expertise in economic and financial policy-making. As the Secretary of the Department of Economic Affairs, he has played a crucial role in shaping India’s macroeconomic policies, fiscal strategies, and financial sector regulations. His appointment as the interim Revenue Secretary further highlights the government’s confidence in his capabilities to handle crucial economic portfolios simultaneously.
Role and Responsibilities of the Revenue Secretary
The Revenue Secretary plays a pivotal role in formulating and implementing tax policies, overseeing the functioning of tax authorities, and managing revenue collection mechanisms. The position involves:
- Supervising tax policies, including direct and indirect taxes.
- Monitoring the performance of key revenue-generating agencies, such as the Central Board of Direct Taxes (CBDT) and the Central Board of Indirect Taxes and Customs (CBIC).
- Coordinating with various departments to ensure the smooth functioning of India’s fiscal and taxation framework.
- Advising the government on policy decisions related to revenue generation and fiscal management.
Given his background, Ajay Seth is expected to seamlessly handle these responsibilities while continuing his work at the Department of Economic Affairs.
Tuhin Kanta Pandey’s Appointment as SEBI Chairman
Tuhin Kanta Pandey, who previously served as the Revenue Secretary, has now taken charge as the Chairman of SEBI, India’s capital markets regulator. His appointment comes at a crucial time when the financial markets require strong regulatory oversight and policy stability. SEBI’s responsibilities include:
- Regulating the securities and capital markets to protect investor interests.
- Implementing financial market reforms to enhance transparency and efficiency.
- Overseeing stock exchanges, mutual funds, and other financial institutions.
- Ensuring compliance with securities laws and corporate governance norms.
Government’s Decision and Future Course
The competent authority has approved Ajay Seth’s appointment as the interim Revenue Secretary until a permanent successor is appointed. This decision reflects the government’s strategy to ensure continuity in policymaking and efficient administration of the Revenue Department.
The Ministry is expected to announce a full-time Revenue Secretary in the coming months, following a detailed selection process. Until then, Ajay Seth’s dual charge is seen as a move to maintain stability and smooth governance within the Finance Ministry.
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