The Collaborative International Dictionary of English v.0.48:

Pundit \Pun"dit\, n. [Hind. pandit, Skr. pandita a learned man.]
   A learned man; a teacher; esp., a Brahman versed in the
   Sanskrit language, and in the science, laws, and religion of
   the Hindoos; in Cashmere, any clerk or native official.
   [Written also pandit.] [India]
   [1913 Webster]

WordNet (r) 3.0 (2006):

pundit
    n 1: someone who has been admitted to membership in a scholarly
         field [syn: initiate, learned person, pundit,
         savant]