Can Madhabi Puri Buch be summoned? BJP vs Opposition over PAC's power to review Sebi chief's conduct

Sebi Chair Madhabi Puri Buch. (PTI file photo)

Can the Parliament’s Public Accounts Committee summon Sebi Chair Madhabi Puri Buch for a performance review? This question sparked a war of words between lawmakers of the ruling BJP and Congress during a meeting of the PAC on Tuesday, reports News18.

According to the report, BJP MP Nishikant Dubey led the argument saying the PAC doesn’t have the power to summon the regulator and in case it wants to summon Sebi’s office bearer, the committee would need an approval from the Centre.

The Tuesday showdown came after PAC’s last meeting on August 29 added the performance review of regulators such as Trai, CAG and Sebi as suo motu subject in its agenda.

Also Read: Congress questions SEBI on delay in FPI disclosures post Adani revelations

The News18 report also added that Trinamool Congress lawmaker Professor Saugata Roy had written to PAC chairman KC Venugopal and sought Madhabi Puri Buch be summoned. Roy had urged PAC to summon Buch on Tuesday. The Trinamool leader had said that Sebi chair’s recent conduct were of ‘urgent’ public importance.

However, Dubey flagged PAC’s lack of power and said that committee can’t review the market regulator’s performance. In his argument, Dubey reportedly said that the Public Accounts Committee can only scrutinise the finances of the Government of India with respect to other ministries. But it is not allowed to examine regulatory board’s functioning and its employees.

Dubey cited Rule 308(1) of the Rules of Procedure and Conduct of Business in Lok Sabha, which said, “The functions of the Committee include examination of accounts showing the appropriation of sums granted by Parliament for the expenditure of the Government of India, the annual finance accounts of the Government and such other accounts laid before the House as the Committee may think fit.”

The News18 report also added that Comptroller and Auditor General of India (CAG) GC Murmu, who was present in the Tuesday meeting, also agreed with Dubey’s arguments.

Also Read: Madhabi Puri Buch's IIM-Ahmedabad batchmates call allegations against her 'false'

During the meeting, PAC chair Venugopal said that the decision of the committee will be final.

The 22-member PAC has seven from the Rajya Sabha and 15 MPs from Lok Sabha. Other than Venugopal, it has senior BJP leaders Ravi Shankar Prasad, K Laxman, Anurag Thakur, Sudhanshu Trivedi, Nishikant Dubey, and Jagadambika Pal as its members.

T Shiva, ex-Union Minister TR Baalu (both from DMK), Amar Singh, Shaktisinh Gohil and Jai Parkash (from Congress), CM Ramesh, Aparajita Sarangi, Tejasvi Surya, Ashok Chavan (BJP), Dharmendra Yadav (SP), TMC leaders Sukhendu Shekhar Ray, Sougata Roy, Magunta Sreenivasalu Reddy (TDP), V Balashowry (JanaSena) Praful Patel (NCP) are also its members.

Madhabi Puri Buch is facing charges of conflict of interest. Last month, a Hindenburg report accused Buch and her husband Dhaval of having "stake in obscure offshore entities used in Adani money siphoning scandal”. The Buchs had rebutted the allegations in a joint statement.