Latest news with #Seth
Time of India
6 hours ago
- Business
- Time of India
Ajay Seth appointed as IRDAI chairman
Mumbai: Ajay Seth , former secretary of the Department of Economic Affairs, has been appointed chairman of the Insurance Regulatory and Development Authority of India (IRDAI) for a three-year term, the government announced Thursday. The position had been lying vacant since March 13 after Debasish Panda completed his tenure. In a announcement, the government approved the appointment for a period of three years or till the incumbent attains the age of 65 years or until further notice, whichever is earlier Explore courses from Top Institutes in Please select course: Select a Course Category Public Policy Digital Marketing Data Analytics Finance MCA Data Science Management Project Management Design Thinking Healthcare CXO Data Science Technology PGDM Product Management Others MBA Cybersecurity Degree healthcare Operations Management Artificial Intelligence others Leadership Skills you'll gain: Economics for Public Policy Making Quantitative Techniques Public & Project Finance Law, Health & Urban Development Policy Duration: 12 Months IIM Kozhikode Professional Certificate Programme in Public Policy Management Starts on Mar 3, 2024 Get Details Skills you'll gain: Duration: 12 Months IIM Calcutta Executive Programme in Public Policy and Management Starts on undefined Get Details A 1987-batch Indian Administrative Service officer from the Karnataka cadre , Seth has over three decades of public service experience in economic policymaking and regulatory reform. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Top 15 Most Beautiful Women in the World Undo Seth takes charge at a time when the insurance sector is grappling with challenges in raising penetration. While new business premiums in the life insurance segment grew 4.25% year-on-year in the April-June quarter, overall insurance penetration remains low at around 3.7% of GDP in FY24, down from over 4% in FY23. Among Seth's top priorities will be expanding insurance access and affordability. With over 60 insurers across life, non-life, and standalone health segments, India has one of the lowest ratios globally in terms of insurers per million population. The sector requires fresh capital and new players to meet growing demand and deepen penetration. Live Events
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Business Standard
7 hours ago
- Business
- Business Standard
Stabilising sector: Task cut out for new Irdai chairman Ajay Seth
With major reforms underway and growth tapering, Seth's key challenge will be to stabilise the insurance sector and steer regulatory transitions Aathira Varier Subrata Panda Mumbai Listen to This Article Nearly five months after Debasish Panda's tenure as chairman of the Insurance Regulatory and Development Authority of India (Irdai) ended, the central government on Wednesday appointed Ajay Seth, former Department of Economic Affairs secretary, his successor. Seth's will be a term of three years. Among his priorities would be stabilising the industry, which is going through regulatory changes, and as a result has seen a slowdown in growth, industry experts said, adding, Seth would be occupied with, among other things, framing regulations on amendments to the Insurance Act. 'We do not expect any major policy changes in the next few
Mint
10 hours ago
- Business
- Mint
Former finance secretary Ajay Seth appointed Irdai chairperson
New Delhi: The government on Thursday appointed former finance and economic affairs secretary Ajay Seth as chairperson of the Insurance Regulatory and Development Authority of India (Irdai). With Seth's appointment, the country's three apex financial sector regulators—the Reserve Bank of India (RBI), Securities and Exchange Board of India (Sebi), and Irdai—now have top finance ministry officials as their heads. The government in December had appointed the then revenue secretary Sanjay Malhotra as the governor of RBI and later in February announced finance and revenue secretary Tuhin Kanta Pandey as the new chairman of Sebi. 'The Appointments Committee of the Cabinet (ACC) has approved the appointment of Ajay Seth, IAS (KN: 1987) (Retd.), former Finance Secretary and Secretary, Department of Economic Affairs, to the post of Chairperson, Insurance Regulatory and Development Authority of India (IRDAI) for a period of three years or till the incumbent achieved the age of 65 years, or until further orders, whichever is the earliest,' a Department of Personnel and Training notification said. Seth, a 1987-batch IAS officer of the Karnataka cadre, retired as economic affairs secretary in June this year after a four-year stint. He served as DEA Secretary since 2021 and briefly held additional charge as revenue secretary earlier this year after Tuhin Kanta Pandey was appointed Sebi chairperson. He joins the insurance sector regulator after a gap of four months since the position was vacated by Debasish Panda, who completed his term in March this year. Like other financial sector regulator, Irdai chairperson is appointed by the ACC, which is headed by the Prime Minister and has home and finance ministers as other members. Irdai oversees orderly development of the insurance sector, protects the interest of policy holders, prevents mis-selling of insurance products, builds reliable management information systems and also provides long-term funds to infrastructure sectors that ensure accelerated growth of the economy. The regulator is also tasked to implement government's programme of insurance for all by 2047. A mechanical engineer with an MBA, Seth's appointment comes at a time when Irdai is engaged in addressing the issue of cyber threats to the financial markets and strengthening regulations to curb fraud and mis-selling. As DEA secretary Seth was instrumental in shaping policies related to economic growth, fiscal management, infrastructure financing, and digital payments. Seth has over 33 years of experience in public service. As secretary in the finance ministry, he was also made the officer-in-charge of the finance track during India's G20 presidency two years back. During his term at the finance ministry, Seth oversaw India's first sovereign green bond issue and set up the infrastructure finance secretariat, which plans long-term funding for key projects.
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Business Standard
12 hours ago
- Business
- Business Standard
Former Finance Secretary Ajay Seth appointed as new Irdai chairman
The Union government on Thursday appointed former finance secretary Ajay Seth as the new chairman of the Insurance Regulatory and Development Authority of India (Irdai), nearly four months after the post fell vacant. Seth, who retired from the finance ministry in June, joins the list of former North Block mandarins now at the helm of regulatory bodies. Former revenue secretary Sanjay Malhotra was appointed as the Reserve Bank of India governor in December last year. Former finance, revenue, and Department of Investment & Public Asset Management (Dipam) secretary Tuhin Kanta Pandey was made the chairman of the Securities and Exchange Board of India (Sebi) in March this year. Last week, the government appointed former Central Board of Direct Taxes chairman Nitin Gupta as the chief of the National Financial Reporting Authority. An Indian Revenue Service officer, Nitin Gupta served as CBDT chief between June 27, 2022, and June 30, 2024. Seth, who also held the position of economic affairs secretary since April 2021, had been part of the Finance Minister's A-team for budget-making for four years. Pandey is credited with presenting five budgets since his stint as Dipam secretary, starting in October 2019, and Malhotra, former financial services and revenue secretary, presented three budgets. The IRDAI chairman post had fallen vacant after Debasish Panda completed his term in March 2025. The Appointments Committee of the Cabinet, chaired by Prime Minister Narendra Modi, has approved Seth's appointment for a period of three years or until he attains 65 years of age or until further orders, whichever is the earliest. A 1987-batch Indian Administrative Service (IAS) officer from the Karnataka cadre, Seth was the officer-in-charge of the finance track of the Group of 20 (G20) under India's presidency. He is credited with heading initiatives such as India's first sovereign green bond issuance and the creation of the infrastructure finance secretariat. Seth holds a Bachelor of Technology degree from the Indian Institute of Technology, Roorkee, and a Master of Business Administration degree from Ateneo de Manila University. His career spans over three decades, and he has significant expertise in public finance, taxation, and social sector administration. The bureaucrat gained recognition for his work in transforming Karnataka's commercial tax administration, for which he received the Prime Minister's Award for Excellence in Public Administration in 2013.
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Business Standard
16 hours ago
- Business
- Business Standard
Ajay Seth appointed Irdai chairman for three years, succeeds Panda
Ajay Seth, former finance secretary and G20 finance track lead, appointed as Irdai chairman for three years or until the age of 65, whichever is earlier New Delhi Former finance secretary and Department of Economic Affairs secretary Ajay Seth was on Thursday appointed as the new chairman of the Insurance Regulatory and Development Authority of India (Irdai). The appointment comes after the vacancy was created following Debasish Panda completing his term in March this year. 'The Appointments Committee of the Cabinet has approved the appointment of Shri Ajay Seth, IAS (KN:1987) (Retd), former finance secretary and secretary, Department of Economic Affairs, to the post of chairperson, Insurance Regulatory and Development Authority of India (IRDAI) for a period of three years or till the incumbent attains the age of 65 years or until further orders, whichever is the earliest,' the Ministry of Personnel, Public Grievances and Pensions said in a statement. A 1987-batch Indian Administrative Service officer from the Karnataka cadre, Seth was the officer-in-charge of the finance track of the Group of 20 (G20) under India's presidency. He is credited with heading initiatives such as India's first sovereign green bond issuance and the creation of the Infrastructure Finance Secretariat. Seth holds a Bachelor of Technology degree from the Indian Institute of Technology, Roorkee, and a Master of Business Administration degree from Ateneo de Manila University. His career spans over three decades and he has significant expertise in public finance, taxation and social sector administration. The bureaucrat gained recognition for his work in transforming Karnataka's commercial tax administration, for which he received the Prime Minister's Award for Excellence in Public Administration in 2013.
