The parliamentary panel investigating Securities and Exchange Board of India (SEBI) Chairperson Madhabi Puri Buch has adjourned the Public Accounts Committee (PAC) questioning after Buch informed the committee she would not attend due to “personal exigencies.”
Background
The questioning of SEBI officials is part of an investigation into the performance of the stock regulator, especially in light of serious allegations made by US-based Hindenburg Research. The PAC was set to scrutinize Buch and a team of 3-4 senior officials about SEBI’s actions and decisions.
Denial of Exemption
The committee, comprising both ruling and opposition members, had insisted on Buch’s presence despite her request for exemption. This insistence highlights the seriousness of the inquiry and the committee’s desire to hold Buch accountable for SEBI’s performance amid the ongoing scrutiny.
Agenda of the PAC Meeting
The agenda for the meeting included:
- Reviewing oral evidence from representatives of the Finance Ministry and SEBI as part of the committee’s performance review of regulatory bodies established by Act of Parliament.
- Hearing from representatives of the Ministry of Communications, the Department of Telecommunications, and the Telecom Regulatory Authority of India on the same subject.
Allegations Against Buch
Madhabi Puri Buch has faced multiple allegations in recent months, including accusations from Hindenburg regarding her investments in offshore funds linked to the Adani Group and potential violations of the code of conduct. In a joint statement issued in September, both Buch and her husband, Dhaval Buch, labeled the allegations against them as “false, incorrect, malicious, and motivated.”
The ongoing inquiry reflects broader concerns about regulatory oversight and accountability in India’s financial markets, particularly in light of significant market events and scrutiny. The PAC’s efforts to investigate these issues further emphasize the importance of transparency and regulatory integrity in financial governance.
