PAC Denies Exemption from Appearance to SEBI Chief Madhabi Buch, Postpones Meeting
Moneylife Digital Team 25 October 2024
Madhabi Puri Buch, the chairperson of Securities and Exchange Board of India (SEBI), has sought exemption from appearing before the public accounts committee (PAC) of Parliament on 24 October 2024, citing personal reasons. While denying her the exemption, the multi-party PAC, headed by Congress leader KC Venugopal, decided to postpone the meeting after Ms Buch informed about her inability to travel to Delhi. 
 
Quoting Mr Venugopal, a report from PTI says that Ms Buch sought an exemption from appearing before the PAC, which was denied. "SEBI chairperson sought an exemption from appearing before the committee, which we denied. After that, she confirmed she and her team would be present on this committee... This morning, SEBI chairperson Ms Buch informed me that she is not in a position to travel to Delhi. Considering a woman's request we thought that it is better to postpone today's meeting for another day," Mr Venugopal says.
 
At its first meeting, the PAC decided to have a suo moto subject for review of our regulatory bodies. "That is why we called SEBI, this morning for a review of SEBI," the PAC chief says.
 
As part of the committee's decision to go for the 'performance review of regulatory bodies established by Act of Parliament', the agenda for Thursday's PAC meeting included oral evidence of representatives of the finance ministry and SEBI.
 
Under a cloud over allegations of conflict of interest levelled by US-based short-seller Hindenburg, the SEBI chairperson was asked to appear before the PAC which is reviewing the performance of the market regulator.
 
On 10 August 2024, US-based short-seller Hindenburg Research alleged that the SEBI chairperson had a stake in obscure offshore entities used in the Adani money siphoning scandal. 
 
Quoting whistle-blower documents, Hindenburg says, "We had previously noted Adani's total confidence in continuing to operate without the risk of serious regulatory intervention, suggesting that this may be explained through Adani's relationship with SEBI chairperson, Madhabi Buch. Whistle-blower documents show that Ms Buch, the current chairperson of SEBI, and her husband had stakes in both obscure offshore funds used in the Adani money siphoning scandal."
 
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Comments
iaminprabhu
3 months ago
Worst oart is there are people who rather believe & start jumping at allegations by FOREIGN SHORT SELLERS & SORIS gang known for its destabilizing agendas across the world!
Meenal Mamdani
Replied to iaminprabhu comment 3 months ago
Spelling please!
Not SORIS but SOROS.
If you are going to believe in "foreign hand", at least spell correctly!!
iaminprabhu
Replied to Meenal Mamdani comment 3 months ago
People understand the spell who SOROS is, which is more important including Hindenberg or Hidden bug!
Meenal Mamdani
3 months ago
This would not have been possible if Modi/BJP had won majority in the parliament.

All political parties try to game the system to favor their own. Modi/BJP is just more brazen and more greedy than the others.

Perhaps it is better to have a coalition at the Center rather than a single party majority.

That seems to put a check on such shenanigans.
angelo.extross
3 months ago
Well handled by the Chairman of the PAC. Let the truth prevail.
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