PAC Meeting Postponed After SEBI Chairperson Madhabi Puri Buch's Absence

Citing the request from Madhabi Puri Buch, the committee, as a matter of consideration, decided to defer the meeting to a later date

The Public Accounts Committee (PAC) of Parliament postponed its meeting on Thursday after SEBI Chairperson Madhabi Puri Buch and other officials were unable to attend, PAC Chairperson K C Venugopal confirmed. Buch, who is currently under scrutiny following allegations of conflict of interest by US-based short-seller Hindenburg, was set to appear before the committee as part of an ongoing review of SEBI's performance as a market regulator.

"At 9:30 this morning, we received communication from the SEBI chairperson and other members stating that due to a personal exigency, she was unable to travel to Delhi," Venugopal said.

Citing the request from Buch, the committee, as a matter of consideration, decided to defer the meeting to a later date, he added.

However, the decision to postpone the PAC session did not sit well with some members. BJP MP and PAC member Ravi Shankar Prasad accused Venugopal of making unilateral decisions and claimed several committee members, including those from the BJP and its allies, were raising concerns with Lok Sabha Speaker Om Birla about Venugopal's handling of the situation.

The committee was also set to review issues related to the Department of Telecommunications, a session that will proceed as planned in the post-lunch slot.

The inclusion of regulatory body performance reviews on the PAC agenda had not previously sparked controversy. However, the decision to summon Buch, who is at the center of a political storm following the Hindenburg allegations, raised objections from BJP members. The allegations against Buch have fueled a political row, with the Congress demanding her resignation and using the case to attack the government.

BJP MP Nishikant Dubey further escalated tensions, writing to Speaker Om Birla accusing Venugopal of raising "non-existent" issues to undermine the government and destabilise India’s financial system. Dubey called Venugopal’s actions "unconstitutional and disdainful," alleging that political motivations stemming from Congress' electoral loss were driving the PAC chairperson's decisions.

Dubey also suggested that unsubstantiated accusations from foreign entities like Hindenburg were being weaponised as part of a larger political campaign.