Seth, a 1987-batch IAS officer, retired in June 2025 after serving four years as DEA Secretary and briefly as Revenue Secretary, succeeding Debasish Panda as Irdai chief after a four-month vacancy
The government has appointed Ajay Seth, former Finance Secretary and Economic Affairs Secretary, as the new chairperson of the Insurance Regulatory and Development Authority of India (Irdai). His appointment marks the completion of leadership roles in India’s three main financial regulatory bodies—the Reserve Bank of India (RBI), Securities and Exchange Board of India (Sebi), and Irdai—by senior finance ministry officials.
The Appointments Committee of the Cabinet (ACC), chaired by the Prime Minister and comprising the home and finance ministers, approved Seth’s appointment for a term of three years or until he reaches the age of 65, whichever occurs earlier, according to a notification from the Department of Personnel and Training.
Ajay Seth, a 1987-batch IAS officer from the Karnataka cadre, retired in June 2025 after a four-year tenure as the Secretary of the Department of Economic Affairs (DEA). Earlier this year, he briefly held the additional charge of Revenue Secretary before the appointment of Tuhin Kanta Pandey as Sebi chairman. Seth succeeds Debasish Panda, who completed his term as Irdai chief in March 2025, leaving the position vacant for four months.
Seth takes charge amid reforms
A mechanical engineer with an MBA, Seth brings more than three decades of experience in public administration and economic policymaking. During his time as DEA Secretary, he played a crucial role in shaping India’s fiscal management, infrastructure financing, economic growth strategies, and the digital payments ecosystem. Among his notable achievements was overseeing India’s first sovereign green bond issue and establishing the infrastructure finance secretariat to channel long-term funding into critical projects. Seth also led the finance track during India’s G20 presidency.
Irdai regulates the insurance sector to ensure orderly development, protect policyholders’ interests, prevent mis-selling of insurance products, and build reliable management information systems. It also supports the government’s vision of achieving universal insurance coverage by 2047 and promotes long-term funding for infrastructure growth.
Seth takes charge at a time when Irdai is strengthening regulatory frameworks to combat cyber threats and financial fraud, aiming to safeguard both the industry and consumers amid rapid technological changes.
