Ajay Seth, a seasoned bureaucrat and former Finance Secretary, has been appointed as the new Chairman of the Insurance Regulatory and Development Authority of India (IRDAI), bringing an end to a notable vacancy at the top insurance regulator.
New Leadership at IRDAI
The Insurance Regulatory and Development Authority of India (IRDAI) is set to welcome new leadership with the appointment of Ajay Seth as its Chairman. This crucial position had been vacant since March 2025, following the conclusion of Debasish Panda’s tenure. Seth’s appointment is a significant development for India’s bustling insurance sector.
IRDAI plays a pivotal role in regulating and promoting the growth of the insurance and re-insurance industries in India. Its responsibilities include protecting policyholder interests, ensuring the orderly growth of the sector, and laying down regulations for insurance companies. The Chairman’s role is key in steering these initiatives and maintaining stability in the market.
A Distinguished Career
Ajay Seth is a highly experienced Indian Administrative Service (IAS) officer from the 1987 batch, allocated to the Karnataka cadre. His career in public service spans decades, marked by significant contributions across various critical departments. He is known for his deep understanding of economic affairs and public policy.
Before this latest appointment, Seth served as the Secretary of the Department of Economic Affairs (DEA) since 2021. This role is central to India’s financial policy-making, involving decisions on macroeconomic policy, fiscal matters, and external aid. His tenure at DEA saw him navigate complex economic challenges and contribute to key government initiatives.
Earlier this year, he also briefly held additional charge as the Revenue Secretary. This temporary assignment came after Tuhin Kanta Pandey was appointed as the SEBI Chairperson. Such additional responsibilities highlight his versatility and the government’s trust in his capabilities.
Expertise and Impact
Beyond his administrative prowess, Seth brings a strong educational foundation to his new role. He holds a degree in mechanical engineering and an MBA, a combination that provides a unique blend of analytical and managerial skills. This diverse background has equipped him to handle intricate policy challenges with a practical approach.
Throughout his career, Seth has left a considerable mark on various aspects of governance and economic development. His expertise extends to critical areas such as fiscal policy, which involves managing government spending and revenue, and infrastructure development, a cornerstone of India’s economic growth. He has also been instrumental in shaping taxation policies and development financing strategies. His comprehensive experience will be invaluable in overseeing the rapidly evolving insurance landscape.
- Ajay Seth, former Finance Secretary, has been appointed as the new IRDAI Chairman.
- The position at the insurance regulator was vacant since March 2025.
- Seth is a 1987-batch IAS officer from the Karnataka cadre with extensive experience in economic policy.
- He previously served as the Secretary of the Department of Economic Affairs (DEA) since 2021.
- His background includes mechanical engineering and an MBA, with expertise in fiscal policy, infrastructure, and taxation.
Seth’s appointment is expected to bring renewed focus and stability to the IRDAI, guiding India’s insurance sector through its next phase of growth and regulation.
