DBT Bureau
Bengaluru, 6 September 2024
The Parliamentary Public Accounts Committee (PAC) is likely to look into allegations against Securities and Exchange Board of India (Sebi) chief Madhabi Puri Buch, a report by the Economic Times newspaper said.
According to the ET report, which cited unnamed sources, the apex Parliament committee is likely to summon the Sebi chief later this month.
The report said the matter figured in the PAC’s agenda after several members demanded an inquiry into the allegations against Buch. The panel will have its first meeting on August 29.
Currently, the PAC- which is one of the most important committees of the Parliament- is headed by Congress leader KC Venugopal. Traditionally, it has members from both the ruling and the opposition.
Buch has been facing a slew of accusations from opposition Congress party along with the US short seller, Hindenburg Research. The opposition Congress party has alleged that payments had been made to Buch made by ICICI Bank, her former employer, which was denied by the private sector lender. Also, Zee founder Subhash Chandra recently accused her of corrupt practices. Meanwhile, anonymous employees have complained to the finance ministry about a “toxic work culture” at the regulator. These allegations have been denied by Sebi’s current chief and the market regulator, indicating the role of vested interests at play.
