Public Accounts Committee to look into allegations against Sebi Chief Madhabi Puri Buch
Public Accounts Committee (PAC) is set to look into allegations against Securities and Exchange Board of India (Sebi) chief Madhabi Puri Buch and may summon her later this month, said people with knowledge of the matter.
The matter was added to the PAC's agenda after several members demanded an inquiry into the functioning of Sebi and allegations against Buch at the panel's first meeting on August 29. The PAC is headed by Congress leader KC Venugopal and has members from both the ruling NDA and the opposition INDIA bloc.
The agenda item doesn't specify the regulator or name the chief. It's listed as «Performance review of regulatory bodies established by act of parliament.» However, officials said it stemmed from the recent allegations against the Sebi chief. «The matter was added on suo moto basis in the August 29 meeting as many members were concerned about the serious allegations against the capital market regulator and the Sebi chief,» said one of the persons. «The concerned ministry officials may be summoned this month.»
Buch has been accused of conflict of interest over Sebi's investigation into the Hindenburg Research allegations against the Adani Group. The opposition Congress party has questioned payments made to Buch made by ICICI Bank, her former employer. Zee founder Subhash Chandra has accused her of corrupt practices. And, employees made a written complaint to the finance ministry about a «toxic work culture» at the regulator.
The regulator's chairperson has denied wrongdoing, as has ICICI Bank.
