Why is centre relying on bureaucrats to head RBI and SEBI?

The Reserve Bank of India (RBI) and Security and Exchange Board of India (SEBI) are India’s two most powerful financial sector regulatory institutions that are impacting crores of retail businesses and investors. And now, apparently the union Government is relying on bureaucrats rather than the subject experts. After two thorough professionals, Raghuram Rajan and Urjit Patel, the NDA Government appointed an Indian Administrative Service (IAS) officer, Shaktikanta Das, as Reserve Bank of India (RBI) Governor in 2018. The Government gave him a three-year extension and, in December 2024, replaced him with another IAS officer, Sanjay Malhotra. The same is the story of SEBI. After experimenting for the first time with an ace market professional Madhabi Puri Buch as the SEBI Chief, for three years, the Government replaced her. She was even denied another normal extension. The centre has now appointed IAS officer Tuhin Kanta Pandey, on 28 February, last month as the Chief of the institution. A senior bureaucrat reacts, the centre has taken the step to improve the overall health of both the financial institutions.