Hindenburg-Adani row: Parliamentary panel summons SEBI chief Madhabi Buch

The Public Accounts Committee (PAC) of Parliament on Friday (October 4) has issued summons to Madhabi Puri Buch, the Securities and Exchange Board of India (SEBI) chairperson, and officials from the department of economic affairs, according to reports.

The panel has also summoned Anil Kumar Lahoti, the chairperson of the Telecom Regulatory Authority of India (TRAI).

They have been asked to appear before the parliamentary panel on October 24.

Though there is an informal convention for the heads of institutions to appear personally before the panel, some PAC members indicated that senior officials may represent Buch and Lahoti.

Also Read: Congress makes fresh allegations against Madhabi Buch, asks if PM ‘is aware’

Official agenda

The official agenda of the PAC is “Performance Review of Regulatory Bodies established by Act of Parliament”. The panel’s objective is to assess the effectiveness of these regulatory bodies in carrying out their mandates in the respective domains.

The PAC meeting assumes special significance as the SEBI chief and her husband Dhaval Buch have been embroiled in a controversy about their alleged connections with the Adani Group.

Also Read: Never sought favours from SEBI, says Mahindra as Congress levels fresh allegations against Buch

Hindenburg Research had accused the Buch couple of holding stakes in offshore companies linked to alleged financial improprieties by the Adani group. Hindenburg also criticised SEBI for not properly investigating charges it had raised against the Adani companies 18 months ago.

The opposition parties, especially the Congress Party, protested across the country in August, demanding that Madhabi Puri Buch resign from her position as SEBI chief.

The Buch couple and the Adani group have denied all the allegations against them.

Also Read: Have corporates come together to dislodge SEBI's Madhabi Buch?

The Public Accounts Committee is chaired by Congress MP KC Venugopal and includes members from the ruling NDA and the opposition INDIA alliance. The outcome of the committee’s findings may have significant implications for the future of regulatory oversight in India.