Tue Sep 10 18:51:33 UTC 2024: ## Political Tensions Flare at PAC Meeting over SEBI Chair’s Summoning
**New Delhi:** The second meeting of the parliamentary Public Accounts Committee (PAC) witnessed heated debate on Tuesday over a Trinamool Congress (TMC) lawmaker’s demand to summon Securities and Exchange Board of India (SEBI) chairperson Madhabi Puri Buch.
The TMC MP, Saugata Ray, argued that Buch should be called to review SEBI’s functioning amidst recent allegations against her. He wrote a letter to PAC chairman KC Venugopal, a Congress leader, advocating for her appearance.
However, BJP lawmaker Nishikant Dubey strongly opposed the move, raising procedural objections and emphasizing the PAC’s established rules and limitations. Dubey highlighted that the PAC is the oldest parliamentary committee and should only consider government reports on financial malpractice. He also pointed to Rule 308 (1) of the Lok Sabha, which governs the PAC’s operations.
The Comptroller and Auditor General (CAG) of India, Girish Chandra Murmu, was also present at the meeting. Murmu informed the panel that the CAG only conducted a performance review of the Pension Fund Regulatory and Development Authority (PFRDA), due to its initial establishment through a government resolution.
Despite the disagreements, the Venugopal-led PAC has finalized 161 subjects, including a “performance review of regulatory bodies established by Acts of Parliament,” for the next five years. This could lead to the summoning of SEBI officials and Buch.
The debate comes amid ongoing controversies surrounding SEBI’s handling of allegations against the Adani Group. Hindenburg Research, a US short-seller, accused SEBI of compromising its investigation into the Adani group’s alleged accounting fraud, citing Buch’s alleged stake in offshore entities used by the group.
The Congress further accused Buch of receiving ₹16.8 crore from the ICICI group, violating employee regulations and code of conduct.
Both Buch and the Adani group have denied the allegations.
The PAC’s decision on whether to summon Buch remains unclear, but the heated exchange highlights the deepening political divide surrounding the SEBI chief and the Adani controversy.
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