SEBI Chairperson Skips PAC Meeting, Citing Pressing Reasons
The Public Accounts Committee (PAC), chaired by Congress leader KC Venugopal, had summoned SEBI chairperson Madhabi Puri Buch for a second time on Thursday to review the regulatory body's performance. However, Buch skipped the meeting due to "some pressing reasons."
Venugopal informed reporters that the PAC had decided to review the performance of regulatory bodies, including SEBI, as part of its mandate to oversee the government's accounts and public undertakings. He explained that Buch and her team had initially confirmed their presence but later informed the committee that she wouldn't be able to travel to Delhi due to unforeseen circumstances. Consequently, the PAC decided to postpone the meeting to a later date.
This review of SEBI's performance comes amidst several controversies surrounding Buch's leadership. US-based short seller Hindenburg Research has accused her of conflict of interest in the investigation into the Adani Group, which was previously accused of stock manipulation and other financial misdeeds. Additionally, Congress has questioned Buch's payments from her former employer, ICICI Bank, after she became a wholetime member of SEBI.
Both Buch and her husband, Dhaval Buch, have denied all allegations, stating that all necessary information was disclosed to the body before her appointment. However, SEBI employees have also complained to the finance ministry about a toxic work culture, accusing the leadership of fostering an environment of shouting, scolding, and public humiliation in meetings.