The Public Accounts Committee (PAC) is going to question SEBI Chief Madhabi Puri Buch on October 24. Serious allegations have been levelled against Buch regarding her working methods. PAC has called the Sebi chief for questioning to review these allegations.
Congress and Hindenburg have made several serious allegations against the Buch. The US research firm Hindenburg has accused Buch and her husband Dhawal Buch of having links with the Adani Group.
When these allegations were being made by Hindenburg, at that time Sebi was investigating the case of financial irregularities against the Adani Group on the instructions of the Supreme Court. Hindenburg alleged that the Buch family already has a relationship with the Adani Group and it is a direct case of conflict of interest. But Buch dismissed all the allegations as baseless.
The PAC has MPs from both the ruling party and the opposition. Congress leader KC Venugopal is the current chairman of the PAC. But what is the agenda of the PAC? The official agenda for the October 24 meeting of the PAC states:
"Following a briefing by Audit, oral evidence will be presented by representatives of the Ministry of Finance (Department of Economic Affairs) and the Securities and Exchange Board of India (SEBI) on the subject 'Performance review of regulatory bodies established by Act of Parliament'."
The purpose of the PAC is to evaluate how well these institutions are performing their functions. The next meeting of the PAC could have a major impact on the functioning of India's regulators
After appearing before the Public Accounts Committee, Sebi chief Madhabi Puri Buch will also have to appear before the Parliamentary Standing Committee on Finance. The decision to question the Sebi chief was taken in the first meeting of the Parliament's Finance Committee
The first meeting was chaired by BJP MP Bhartruhari Mahtab and 24 members of the panel attended it. The 31-member group also includes former Finance Minister P Chidambaram
Apart from the SEBI chief, heads of several other regulators will also appear before the committee. BJP MP Bhartruhari Mahtab, who chaired the first meeting, says, "We are calling all six regulators who are working in the financial sector, including SEBI."
