Outlook Business Desk
Former Finance Secretary Ajay Seth took charge as the Chairman of the Insurance Regulatory and Development Authority of India (IRDAI) on September 1, 2025, marking the start of his tenure at the helm of India’s insurance regulatory body.
The government cleared his appointment as IRDAI chairman on 24 July 2025. The Appointments Committee of the Cabinet approved him for a three-year term or until he turns 65, subject to further government orders.
Seth’s appointment fills a nearly four-month-long vacancy created after former IRDAI chairman Debasish Panda completed his term in March 2025.
IRDAI’s responsibilities include safeguarding the interests of insurance policyholders, supporting steady growth of the insurance sector, overseeing annuity and superannuation payments, and mobilising long-term funds to boost economic growth for ordinary citizens.
The Financial Sector Regulatory Appointments Search Committee (FSRASC), led by the Cabinet Secretary, identifies and evaluates eligible candidates for key regulatory roles. It then recommends the selected name to the Appointments Committee of the Cabinet, chaired by Prime Minister Narendra Modi, for final approval.
Seth is a 1987-batch Indian Administrative Service officer from the Karnataka cadre. He retired as Secretary of the Department of Economic Affairs in June 2025, completing a four-year tenure overseeing India’s economic and financial policies.
Ajay holds a Bachelor of Technology degree from Indian Institute of Technology, Roorkee, and an MBA from Ateneo de Manila University. With over three decades of service, he transformed Karnataka’s commercial tax administration, earning the Prime Minister’s Award for Excellence in Public Administration in 2013.
Ajay Seth is also credited with leading major initiatives, including India’s first sovereign green bond issuance and the creation of the Infrastructure Finance Secretariat.