Parliamentary committee to look into charges against Buch: Reports
Parliamentary Accounts Committee will probe allegations against Buch and ask her and officials from Finance and Corporate Affairs ministries to appear before it, it's reported
The parliamentary Public Accounts Committee (PAC) is likely to look into allegations against Securities and Exchange Board of India (SEBI) chief Madhabi Puri Buch and may summon her later this month.
The PAC included the “performance review of regulatory bodies established by Act of Parliament” as one of the subjects it will examine during 2024-25. The committee will probe the allegations against Buch and ask her and other officials from the Finance and Coprorate Affairs ministries to appear before the PAC, said a Business Standard report quoting sources.
The matter was added to the PAC's agenda after several members demanded an inquiry at the panel's first meeting on August 29, as per a report in Economic Times. The PAC is headed by Congress leader KC Venugopal and has members from both NDA and Opposition's INDIA bloc.
Meeting agenda
However, the agenda item doesn't specify the regulator or name the chief and is listed as "Performance review of regulatory bodies established by act of parliament."
The next meeting of the PAC is slated for September 10. Its stated agenda is the “performance audit” of the Jal Jeevan Mission, though the PAC may hold a few more meetings later this month.
This has come at a time when Buch is in the eye of storm due to allegations regarding conflict of interest over SEBI's investigation into the Hindenburg Research allegations against Adani Group. In another blow, the Congress alleged that Buch continued to draw a salary from ICICI Bank, even while she was a member of SEBI. This represents a serious breach of ethics and accountability in public service, said the party.
Denied wrongdoing
Moreover, SEBI employees have also made a written complaint to the Finance Ministry about a “toxic work culture” at the regulator.
Zee founder Subhash Chandra has accused Buch of corrupt practices.
Buch denied wrongdoing and SEBI refuted claims made by the employees and said "external elements" were involved as the complaints of "public humiliation" at the workplace were "misplaced."