The Public Accounts Committee (PAC) of Parliament has called for an important meeting on October 24, summoning SEBI chairperson Madhabi Puri Buch and TRAI chairperson Anil Kumar Lahoti to review the performance of key regulatory bodies in India. Officials from the Ministry of Finance (Department of Economic Affairs) and the Ministry of Communications will also attend the session.
This meeting follows a major controversy surrounding allegations made by the US-based research firm Hindenburg against Madhabi Puri Buch and her husband, Dhaval Buch. The firm alleged that the Buchs had ties with the Adani Group, raising questions about potential conflicts of interest and financial misconduct. These allegations have stirred political tensions, with the Congress party staging protests in August, demanding Buch's resignation from SEBI.
The agenda for the October 24 meeting includes briefings and oral evidence from the Ministry of Finance, SEBI, and TRAI to assess the performance of regulatory bodies established by law. The meeting will also focus on issues raised by Hindenburg's report, which criticized SEBI for its perceived inaction on the Adani Group after the release of its earlier findings.
Both Madhabi Puri Buch and Dhaval Buch have denied any involvement in the alleged misconduct, maintaining their innocence amidst growing scrutiny. It is customary for heads of such regulatory institutions to appear before parliamentary panels when summoned, underscoring the significance of this meeting.
New Financial Reforms Take Effect: Changes for PPF, Mutual Funds, and Insurance Starting October 1