Paliamentary committee to investigate allegations against SEBI chief Madhabi Buch
The Public Accounts Committee (PAC) of the Indian Parliament is preparing to investigate allegations leveled against Securities and Exchange Board of India (SEBI) chief, Madhabi Puri Buch, as per the Economic Times. The probe will focus on claims of conflict of interest and corrupt practices. The PAC, chaired by Congress leader KC Venugopal, plans to assess the performance of regulatory bodies including SEBI later this month.
PAC may summon Buch later this month
The decision to investigate allegations against Buch was added to the PAC's agenda following demands from several members for an inquiry into SEBI's operations and accusations against its chief. This decision was made during the panel's inaugural meeting on August 29. The PAC, which includes representatives from both the ruling NDA and opposition INDIA bloc, may summon Buch later this month for questioning.
Nature of allegations against Buch
Buch is facing accusations of conflict of interest related to SEBI's probe into allegations by Hindenburg Research against the Adani Group. The Congress party has raised questions about payments made to Buch by ICICI Bank, her previous employer. Additionally, Zee founder Subhash Chandra has accused her of corrupt practices while employees have complained to the finance ministry about a "toxic work culture" at SEBI.
Buch and ICICI Bank deny allegations
Buch and ICICI Bank have both denied any wrongdoing in response to the allegations. SEBI has also dismissed claims made by its employees, attributing their protests to "external elements." The market regulator stated that complaints of "public humiliation" at the workplace were "misplaced." The Congress party had alleged that Buch held an office of profit at ICICI Bank and received income despite drawing a salary from SEBI.
