October 5, 2024
New Delhi, India
SEBI
The Public Accounts Committee (PAC) of the Parliament has called upon the chiefs of the Securities and Exchange Board of India (SEBI) and the Telecom Regulatory Authority of India (TRAI) for a review of their regulatory performance. This meeting, set for October 24, comes amid intense scrutiny surrounding allegations against SEBI Chairperson Madhabi Puri Buch and her links to the Adani Group, as raised by US research firm Hindenburg.
PAC Summons and Agenda
- The PAC has summoned Madhabi Puri Buch and Anil Kumar Lahoti (Chairperson of TRAI) to appear before the panel.
- The agenda for the meeting includes the “Performance Review of Regulatory Bodies Established by Act of Parliament.”
- Key representatives from the Ministry of Finance and Department of Telecommunications are also expected to attend, with discussions on topics such as Goods and Services Tax (GST) collections and corporate notices, including those issued to Infosys.
Adani-Hindenburg Controversy in Focus
This PAC session holds particular significance as it comes amidst serious allegations from Hindenburg against SEBI’s chief. Hindenburg’s report suggested that Madhabi Puri Buch and her husband, Dhaval Buch, had links to the Adani Group, including stakes in offshore entities allegedly tied to financial misconduct. The research firm further criticized SEBI for its delayed response to these allegations, stating, “18 months after its damning report on Adani, SEBI has exhibited a lack of interest in charges against Adani.”
Opposition and Protests
The Congress Party has been vocal in its demand for the resignation of Madhabi Puri Buch, staging nationwide protests in August. Rahul Gandhi, the Leader of the Opposition, has also urged for Buch’s resignation amid the ongoing scandal. Both the Adani Group and the Buchs have denied any wrongdoing.
Key Political Implications
With the PAC led by Congress leader KC Venugopal and including members from both the ruling NDA and opposition INDIA bloc, the outcome of this meeting could play a pivotal role in shaping the future of regulatory oversight in India. As the session unfolds, the panel’s findings will be closely watched, particularly in light of the heightened political and financial tensions surrounding the Adani-Hindenburg case.
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