The parliamentary Public Accounts Committee (PAC) is set to review the allegations against markets regulator Securities and Exchange Board of India (Sebi) chief Madhabi Puri Buch and may summon her later this month, reported Economic Times.
Performance review of regulatory bodies like Sebi, which is at the center of controversy due to recent allegations against its chief Madhabi Puri Buch, is among 161 subjects chosen by the PAC, according to a Lok Sabha bulletin dated September 2. The subjects were decided at the first meeting of the PAC held on August 29. The 22-member committee has 12 members from the BJP-led National Democratic Alliance (NDA) and eight Opposition MPs, including four from the Congress.
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The multi-party panel headed by senior Congress MP KC Venugopal will also look into levies and regulations of fees, tariffs, and user charges on public utilities like airports, including those privatised.
The PAC is one of the crucial panels in Parliament and its primary role is to ascertain that money granted by Parliament has been spent by the government “within the scope of the demand”. It is responsible for auditing the revenue and the expenditure of the government.
However, the agenda item does not specifically mention Sebi or its chief. It is listed as a “Performance review of regulatory bodies established by the act of parliament.”
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The choosing of the subject comes amid the growing voices for a parliamentary investigation into Hindenburg Research’s allegations that Buch and her husband, Dhaval Buch, had stakes in obscure offshore funds used in the Adani money siphoning scandal. She has been accused of a conflict of interest over Sebi’s investigation into the Hindenburg Research allegations against the Adani Group.
Last week, Congress levelled fresh allegations against Buch, claiming that she continued to hold the office of profit at the ICICI Bank even after taking over as a member of the regulatory body seven years ago. Zee founder Subhash Chandra has accused her of corrupt practices.
Last month, around 500 Sebi employees sent a letter to the finance ministry, complaining about the toxic and unprofessional work culture under Buch’s leadership.
However, Buch has strongly denied all the allegations against her. Sebi refuted claims made by employees in the letter and said they were influenced by some “external elements”.
Around 200 Sebi employees staged a protest at Sebi’s headquarters in Mumbai against the regulators’ response and demanded Buch’s resignation.
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The other subjects selected suo motu by the panel include ‘Reforms in Banking and Insurance Sector’, ‘Review of implementation of centrally sponsored welfare schemes’, ‘Policy measures underway for Transition in the Energy Sector’ and ‘Levy and regulation of fees, tariffs, user charges etc. on public infrastructure and other public utilities.
