Kamlesh Chandra Varshney Granted Extension as SEBI Whole-Time Member Till August 2029

In a move aimed at ensuring leadership continuity at India's capital markets watchdog, the Central Government has granted an extension to Kamlesh Chandra Varshney as a Whole-Time Member (WTM) of the Securities and Exchange Board of India (SEBI) till August 2029.

Varshney, a 1990-batch Indian Revenue Service (IRS) officer, originally assumed charge as a Whole-Time Member on September 20, 2023, following an appointment order notified by the Ministry of Finance in August 2023. His initial three-year tenure was scheduled to conclude in September 2026. With the extension, Varshney will remain on the SEBI board for an additional three-year term, cementing regulatory oversight across core market infrastructure and compliance verticals.

Career Background and Regulatory Scope

Before transitioning to SEBI, Varshney served as Joint Secretary (Tax Policy and Legislation) in the Department of Revenue under the Ministry of Finance. He holds an MBA from the Indian Institute of Management (IIM) Lucknow as well as a degree in law. During his tenure in the civil service, he served as India’s first Commissioner of Advance Pricing Agreement (APA) and contributed significantly to direct tax policy reforms, including the Vivad Se Vishwas scheme.

At SEBI, Varshney presides over several of the regulator's most consequential and sensitive departments:

Key Portfolios Handled by Varshney:

• Integrated Surveillance Department (ISD)
• Corporation Finance and Corporation Finance Investigation
• Enforcement and Special Enforcement Cell
• Prosecution and Settlement
• Legal Affairs Department
• Market Intermediaries Regulation and Supervision Department (MIRSD)
• Information Technology and Recovery & Refund

Key Enforcement Actions and Policy Directives

During his initial tenure, Varshney played an active role in strengthening market integrity, overseeing crackdowns on unfair trading practices and pushing structural disclosure reforms.

In August, he issued an interim order against foreign and domestic entities—including Copthall Mauritius Investment and Mansi Share and Stock Broking—addressing alleged market manipulation during the closing auction session on BSE Sensex futures and options contracts.

Varshney has also been a vocal advocate for investor protection in the primary markets and the digital advisory space. He consistently flagged risks around inflated initial public offering (IPO) valuations and called on investment bankers and anchor investors to adopt realistic pricing to curb post-listing retail erosion. Furthermore, he spearheaded efforts to curb unregistered financial influencers and dubious tipsters across digital platforms through direct coordination with social media companies.

Market Implications of the Extension

The government's decision to extend Varshney’s tenure comes as SEBI continues to manage an unprecedented wave of retail participation, algorithmic trading expansions, and complex derivative volumes.

Whole-time members of SEBI are appointed by the central government for terms up to five years, subject to an upper age limit of 65 years. The decision ensures seasoned institutional continuity on the SEBI board alongside members Sandip Pradhan and K.V.R. Murty, providing stability for long-term enforcement and surveillance initiatives across the Indian securities landscape.

Tags: SEBI Ministry of Finance BSE NSE Capital Markets