SEBI leases a 5 BHK apartment for its chairman at ₹7 lakh per month in Mumbai’s Prabhadevi

SEBI has leased an apartment for its chairman for three years at a total rent of ₹2.65 crore, according to property registration documents

The Securities and Exchange Board of India (SEBI) has leased a 5 BHK luxury apartment in Mumbai’s upscale Prabhadevi for its chairman, Tuhin Kanta Pandey, at a starting monthly rent of ₹7 lakh. The lease spans three years, with a total rent of ₹2.65 crore, according to property registration documents accessed by Zapkey.

The Securities and Exchange Board of India (SEBI) has leased a 5 BHK luxury apartment in Mumbai’s upscale Prabhadevi neighbourhood for its chairman at a starting monthly rent of ₹7 lakh. (Picture for representational purposes only) (Pexels)

Pandey assumed charge as SEBI Chairman on March 1, 2025, succeeding Madhabi Puri Buch, whose term ended on February 28, 2025.

According to the registration documents, the apartment is located in the project Rustomjee Crown Tower and has four parking spaces. The SEBI office is situated about 30 minutes from the housing project.

According to the property registration documents, the apartment's starting monthly rent is ₹7 lakh for the first 12 months, followed by ₹7.35 lakh for the second year and ₹7.71 lakh for the third year.

The lock-in period for the transaction is 12 months, and the security deposit is ₹42 lakh.

The transaction registered on September 3, 2025, was subject to a stamp duty of ₹69,500 and a registration fee of ₹1,000.

The apartment has been leased from an individual named Vijay Shrishrimal.

“SEBI has a Board approved policy for providing leased accommodation to its Chairman, Whole Time Members, Executive Directors and all other officers of SEBI. The lease amount varies according to the rank / designation of the officers of the Board,” SEBI said in a statement.

“The current leased accommodation for Chairman is in accordance with the said Board approved policy. Further, it may be informed that the size of the premise and the lease amount in this particular instance is within the approved limit. Additionally, the lease amount was determined in line with a valuation report of a leading property valuer,” the SEBI statement said.

Vijay Shrishrimal could not be reached for comment.

Rental transactions within the Mumbai real estate sector

According to Maharashtra IGR data, more than 3 lakh rental agreements or leave and license agreements are signed in the Mumbai real estate market annually. These include agreements registered across all segments - residential, commercial, and retail.

In the first six months of 2024, 1.90 lakh rental agreements, also known as leave and license agreements, were registered in Mumbai’s real estate market, a 13% increase from the 1.67 lakh rental agreements registered during the same period in 2023.

Overall, in 2022, as many as 3.06 lakh rental agreements were registered in Mumbai, which went up to 3.33 lakh in 2023. In 2024, around 2.09 lakh rental agreements were registered from January 1 to July 18.