Parl Panel summons SEBI chief Madhabi Puri Buch over Adani-Hindenburg row on October 24

SEBI chief summoned by parl panel

The Public Accounts Committee (PAC) of Parliament is set to review the functioning of India’s top regulatory bodies, summoning officials from SEBI (Securities and Exchange Board of India) and TRAI (Telecom Regulatory Authority of India) for depositions on October 24.

The meeting will also include representatives from the Ministry of Finance’s Department of Economic Affairs and the Ministry of Communications.

Members of the committee indicated that SEBI Chairperson Madhabi Puri Buch and TRAI Chairperson Anil Kumar Lahoti are expected to be represented by senior officials, despite an informal parliamentary convention that institutional heads should attend such briefings in person.

This meeting gains significance amid the ongoing controversy surrounding SEBI chief Buch.

US research body Hindenburg made serious allegations against her and her husband, Dhaval Buch, regarding their alleged connections with the Adani Group.

The couple has firmly denied these claims. In one of its reports, Hindenburg accused the Buchs of holding stakes in offshore entities linked to Adani Group's alleged financial misdoings. It also criticized SEBI's inaction on investigating Adani-related charges, stating that "18 months after its damning report on Adani, SEBI has exhibited a lack of interest in charges against Adani."

In August, the Congress party staged nationwide protests, demanding Buch’s resignation as SEBI chief over these allegations. Despite the denials from the Adani Group and the Buchs, the PAC’s upcoming review of regulatory bodies adds further scrutiny to the situation.

The official agenda for the PAC meeting includes a “Performance Review of Regulatory Bodies established by Act of Parliament,” with oral evidence to be taken from both SEBI and TRAI. The session aims to evaluate the effectiveness of these institutions in their respective domains.