Dr. M. S. Sahoo is a leading authority on markets and regulations. He holds a PhD in Economics, with advanced degrees in economics, law, and management, and Company Secretaryship.

With a distinguished career, Dr. Sahoo has played high-impact roles, including Distinguished Professor, at the National Law University Delhi, Chairperson of the Insolvency and Bankruptcy Board of India (IBBI), Member of the Competition Commission of India, Secretary of the Institute of Company Secretaries of India, Whole-time Member of the Securities and Exchange Board of India, and Economic Adviser, National Stock Exchange of India Limited. As part of the Indian Economic Service, he served key Ministries. He held board positions with the Oriental Bank of Commerce, Management Development Institute, and National Securities Depository Limited.

Dr. Sahoo’s work has profoundly influenced India’s financial and regulatory landscape:

Insolvency and Bankruptcy Reforms: 
Dr. Sahoo spearheaded insolvency reforms in India, founding IBBI, the world’s first regulator of its kind, and establishing the Insolvency and Valuation professions. These elevated India’s Ease of Doing Business rankings from 136 to 52 in insolvency resolution in three years. In 2018, India was recognised as the ‘most improved jurisdiction’ by the Global Restructuring Review.

Securities Market Innovations:
Dr. Sahoo architected the Depositories Ordinance, 1995, which enabled the dematerialisation of securities in the country, way ahead of its peers, and laid the foundation for significant reforms, such as rolling settlement. He also contributed to the legal frameworks for equity derivatives and collective investment schemes, enhancing risk management and investor protection. At SEBI, he introduced the SEBI Complaints Redress System (SCORES), enforced disgorgement of unlawful gains, and promoted consent settlement for enforcement actions.

Institution Building:
Dr. Sahoo played a key role in creating and strengthening market and regulatory institutions in India. These included the design of regulatory architecture and building regulatory institutions like SEBI and IBBI. He also contributed to several institutions of market economy, such as institutional frameworks for professions, corporatisation and demutualisation of stock exchanges, enforcement mechanisms in regulated markets, trading of derivatives, all of which have set global benchmarks.

Human Resource Development:
Dr. Sahoo pioneered human resource development by introducing India’s first online certification system (NCFM) in 2000, expanding it to certifications for Company Secretaries, Insolvency Professionals, and Valuers. He promoted the establishment of the National Institute of Securities Markets (NISM) in 2004 to build human resources for securities markets and the Graduate Insolvency Programme in 2019 to produce the next generation of insolvency professionals. He conceptualised the Resource Person Scheme in 2010 to promote investor education and awareness.

Thought Leadership:
Dr. Sahoo chaired several high-level committees at the frontier of reforms such as domestic and overseas capital markets, external commercial borrowing, valuation, variable capital companies, international arbitration, insolvency, and competition, all of which influenced India’s regulatory and economic landscape. Dr. Sahoo authored several publications like Indian Securities Market – A Review, shaping the intellectual foundation of India’s financial landscape. With over 500 published articles, along with interviews, and speeches, he continues to shape policy discourse and inspire reforms.