SEBI Chairperson Buch Likely To Face Parliament's PAC Over Regulatory Issues

SEBI Scandal: PAC Chairman K.C. Venugopal announced that the committee will deliberate on whether to summon Buch for examination concerning the allegations

Madhabi Puri Buch is facing allegations linked to SEBI's handling of the Hindenburg Research report on Adani Group.

Source : PTI

In the wake of conflict-of-interest allegations against Securities and Exchange Board of India (SEBI) Chairperson Madhabi Buch, the Parliament’s Public Accounts Committee (PAC) has decided to initiate a performance review of regulatory bodies established by Acts of Parliament. PAC Chairman K.C. Venugopal announced that the committee will deliberate on whether to summon Buch for examination concerning the allegations. "The Committee will take a decision on the next steps, including summoning the SEBI chairperson," Venugopal said, when asked about the potential inquiry.

Members of the PAC have proposed various topics for review, including the performance of regulatory bodies formed under parliamentary Acts. "These suggestions have been added to the agenda," Venugopal confirmed.

As part of its agenda, the PAC has selected several subjects for examination, including reforms in the banking and insurance sectors, a review of centrally sponsored welfare schemes, policies supporting the energy transition, and the regulation of fees and tariffs on public infrastructure.

In total, the PAC will address 161 topics during its tenure, in addition to unresolved matters from the previous year. The committee will meet again on September 10 to review the performance audit of the National Rural Drinking Water Programme (Jal Jeevan Mission), based on a report by the Comptroller and Auditor General (CAG).

Madhabi Buch is facing allegations linked to SEBI's handling of the Hindenburg Research report on Adani Group. The Congress has raised concerns about payments made to Buch by ICICI Bank, her former employer, after she assumed her role at SEBI, and has called for an independent probe.

Additionally, the PAC will examine fees and charges levied on public infrastructure, including airports, many of which are now managed by the Adani Group. Other topics on the committee’s radar include audits of border road construction, railway cross-subsidization, and the preservation of national monuments and antiquities.

The PAC plays a crucial role in auditing government revenue and expenditure to ensure accountability in public administration.