The Appointments Committee of the Cabinet (ACC) has approved the reappointment of Kamlesh Chandra Varshney as a whole-time member (WTM) of the Securities and Exchange Board of India (Sebi) beyond September 19, 2026. According to an order issued by the Department of Personnel and Training (DoPT) dated September 15, Varshney will continue as Sebi WTM until he attains the age of 65 on August 4, 2029, or until further orders, whichever is earlier. The market regulator currently has three whole-time members after the three-year tenure of Amarjeet Singh ended earlier this month. As reported by The Economic Times, the reappointment ensures continued presence of Varshney as a WTM following approval from the Appointments Committee of the Cabinet.
Varshney took charge as a WTM in September 2023 and prior to that, he was joint secretary (tax policy and legislation) in the Department of Revenue, Government of India. As reported by Business Standard, he is a 1990-batch Indian Revenue Service officer who has worked in various capacities in the Income-tax Department and the Finance Ministry. At present, he handles departments including corporate finance, corporation finance investigation, integrated surveillance and legal affairs, among others.
Varshney has been closely involved in Sebi's enforcement actions around the Closing Auction Session (CAS) implementation. In August, he passed an interim order against Copthall Mauritius Investment, a JPMorgan entity, and Mansi Share and Stock Broking over alleged manipulation during the closing auction session. According to The Hindu BusinessLine, this demonstrates his active role in market surveillance and enforcement activities related to the newly implemented closing auction session. The government had in June invited applications for two WTM positions at SEBI as the terms of Varshney and fellow WTM Amarjeet Singh approached completion.
Varshney's reappointment ensures continuity in Sebi's senior leadership as the capital markets regulator works on a range of regulatory and market-development initiatives. At Sebi, he handles key departments, including the Corporate Finance Department and the Surveillance Department. His extensive experience in tax policy and legislation, combined with his current responsibilities in corporate finance and surveillance, positions him well for continued leadership in India's capital markets regulatory framework. The reappointment comes at a critical time as Sebi navigates the implementation of new trading mechanisms and addresses market integrity concerns.
