The Public Accounts Committee (PAC) of Parliament is preparing to investigate allegations against Madhabi Puri Buch, the head of the Securities and Exchange Board of India (SEBI). The PAC will look into these claims as part of its review of regulatory bodies that are set up by Parliament. Buch, along with officials from the ministries of finance and corporate affairs, could be asked to appear before the committee later this month.
What’s Behind the Investigation?
The PAC, led by Congress leader K.C. Venugopal, added this investigation after several committee members called for a closer look at SEBI and its leadership. The topic was added on August 29, 2024, during the PAC’s first meeting of the year. It will examine SEBI’s overall performance and the specific accusations against Buch.
One of the main reasons for the investigation is the conflict of interest claims involving SEBI’s handling of an investigation into the Adani Group, which was accused by Hindenburg Research of financial misconduct. The opposition, especially the Congress party, has been pushing for a detailed investigation and has called for Buch’s resignation.
What Are the Allegations?
There are several allegations against Madhabi Puri Buch. The opposition claims that while she was leading SEBI, she continued to receive payments from her previous employer, ICICI Bank, which they say is a conflict of interest. They believe this could have influenced her actions as SEBI chief. In addition, Zee founder Subhash Chandra has accused her of corrupt practices.
Complaints From SEBI Employees
Apart from these political accusations, SEBI employees have also raised their own concerns. Some have filed complaints with the finance ministry about what they describe as a “toxic work culture” within SEBI. SEBI has dismissed these claims, suggesting that outside influences may be behind these complaints.
How Has Buch Responded?
Both Buch and her husband have denied all accusations. ICICI Bank has also rejected the allegations, saying they are not true. Despite these denials, the PAC is moving forward with its investigation.
What’s Next?
The PAC is a key committee in Parliament that oversees government finances and reviews the work of various public organizations. It is made up of 22 members from both the Lok Sabha and Rajya Sabha. These members, from multiple political parties, have the authority to call officials to testify before them.
The PAC’s next meeting is scheduled for September 10, 2024, where it will focus on the Jal Jeevan Mission. However, it is likely that more meetings will follow this month to discuss SEBI and the allegations against Buch.
Conclusion
The investigation into SEBI chief Madhabi Puri Buch is shaping up to be an important matter. With political parties and SEBI employees raising concerns, the PAC’s findings could have significant consequences for SEBI and its leadership.
Completely politicising by the Indian Opposition and ruining a Professional whose career has been stellar till date. Her integrity is beyond reproach and she isn’t a wilting flower to droop and drop out. She will fight to ensure that justice ultimately prevails. It then becomes the beholden duty of every Indian Citizen to call out such reprehensible behaviour once full justice is not only done but is seen to be done. These political worthies also get the SEBI staff to protest against their Boss who is a strict task master. How shameful! Why is it that we lack the required moral fibre to question such nonsensical behaviour and irresponsible talk 🤔🤔