Ajay Seth, former Finance Secretary and Secretary of the Department of Economic Affairs (DEA), has been appointed Chairman of the Insurance Regulatory and Development Authority of India (IRDAI) for a three-year term or until he reaches the age of 65, whichever comes earlier. The appointment, confirmed by the Appointments Committee of the Cabinet, ends a nearly four-month leadership vacancy at the insurance regulator.
A 1987-batch Indian Administrative Service officer of the Karnataka cadre, Mr Seth retired in June 2025 following a four-year tenure as DEA Secretary. In early 2025, he briefly took on additional responsibilities as Revenue Secretary, and in March the same year was elevated to the role of Finance Secretary, succeeding Tuhin Kanta Pandey. Over a career spanning more than three decades, he has worked across a range of areas including public finance, taxation, social policy, urban transport, infrastructure, and multilateral engagement, notably with the Asian Development Bank.
Educated as a mechanical engineer at IIT Roorkee, Mr Seth later earned an MBA from Ateneo de Manila University. In 2013, he received the Prime Minister’s Award for Excellence in Public Administration for his leadership in modernising Karnataka’s commercial tax administration.
During his time at DEA, he played a key role in guiding India’s macroeconomic response and recovery efforts. He oversaw the country’s first sovereign green bond issuance, helped establish the Infrastructure Finance Secretariat for long-term capital planning, and managed fiscal strategy during India’s presidency of the G20.
Mr Seth takes charge of IRDAI at a pivotal time. With his appointment, all three of India’s apex financial regulators—RBI, SEBI and IRDAI—are now headed by officials with deep roots in the finance ministry. The insurance sector faces a challenging landscape, marked by concerns over mis-selling, rising cyber risks, and the phased rollout of key initiatives such as Bima Sugam, Bima Vistaar and Bima Vahak. His prior experience with digital infrastructure and financial governance is expected to serve the regulator well.
Observers anticipate his leadership will push forward a number of long-pending reforms, including composite licensing, simpler foreign investment norms, and alignment with international accounting standards. His tenure is also expected to bring renewed focus on consumer protection and insurance inclusion, echoing the government’s broader goal of “insurance for all”.
Ajay Seth’s appointment brings a blend of strategic insight, administrative rigour and financial acumen to the helm of IRDAI. His stewardship is likely to enhance the institution’s regulatory capacity while advancing sectoral goals of transparency, reach and resilience.
