The government has appointed Ajay Seth, former finance and economic affairs secretary, as the new chairperson of the Insurance Regulatory and Development Authority of India (IRDAI). His term will last three years, or until he turns 65, or until further orders—whichever comes first, according to a notification from the Department of Personnel and Training.
Seth, a retired 1987-batch IAS officer from the Karnataka cadre, brings over three decades of public service experience. He retired in June 2025 after a distinguished four-year tenure in the finance ministry, during which he served as Secretary of the Department of Economic Affairs (DEA) and briefly held additional charge as revenue secretary earlier this year.
With his appointment, all three of India’s top financial regulatory bodies are now headed by former senior finance ministry officials. In December, Sanjay Malhotra, then revenue secretary, was named Governor of the Reserve Bank of India (RBI). In February, Tuhin Kanta Pandey, finance and revenue secretary at the time, was appointed Chairperson of the Securities and Exchange Board of India (SEBI).
Seth steps into the role at IRDAI following a four-month vacancy after his predecessor, Debasish Panda, completed his term in March.
As head of IRDAI, Seth will oversee the orderly development of India’s insurance sector, safeguard policyholder interests, strengthen regulations to prevent fraud and mis-selling, and advance the government’s vision of “Insurance for All” by 2047. The authority also plays a vital role in mobilizing long-term funds for infrastructure, contributing to broader economic growth.
Seth’s engineering and MBA background, combined with his policy expertise, make him well-suited for the role. During his time at the DEA, he was instrumental in shaping key economic policies, managing fiscal strategies, and promoting infrastructure financing and digital payments. He also led the finance track during India’s G20 presidency and oversaw initiatives such as the country’s first sovereign green bond issuance and the creation of the Infrastructure Finance Secretariat to plan long-term funding for strategic projects.
His appointment by the Appointments Committee of the Cabinet (ACC)—chaired by the Prime Minister and including the Home and Finance Ministers—signals the government’s continued reliance on experienced bureaucrats to steer critical financial regulatory bodies.