SEBI Chief Madhabi Puri Buch to Appear Before PAC, May Face Questions on Hindenburg Allegations.

Madhabi Puri Buch, the chief of SEBI (Securities and Exchange Board of India), is facing serious allegations. In light of these accusations, the Parliamentary Public Accounts Committee (PAC) has summoned her to appear on October 24. Along with Buch, some other SEBI officials have also been called. The PAC aims to review SEBI’s functioning, with a special focus on the financial accounts of FY 2022-23 and FY 2023-24. This committee, led by senior Congress leader KC Venugopal, is reviewing SEBI’s operations and decisions. As part of this, SEBI’s chief has been summoned. The PAC may also question Buch regarding the allegations made by Hindenburg. Hindenburg had accused Buch and her husband of holding stakes in Adani Group’s foreign funds, which raised concerns about the impartiality of the investigation.

Key questions before the PAC will revolve around how SEBI conducted its investigation into the allegations against the Adani Group. The American research firm Hindenburg had made serious accusations against Adani, claiming that the group used unethical methods to inflate its stock prices. SEBI had launched an investigation into the matter, but its impartiality is being questioned. Following the Hindenburg report, Congress also leveled several accusations against SEBI chief Madhabi Puri Buch. Congress claims that Buch and her husband have close ties with Adani, which could influence SEBI’s investigation. Additionally, Congress has alleged that a consultancy company promoted by Buch, Agora Advisory Private Limited, was paid approximately Rs 3 crore by SEBI, which represents a conflict of interest. However, Buch has dismissed all these allegations, calling them false.

The Parliamentary Public Accounts Committee is conducting a financial performance review of SEBI, an unusual occurrence. The PAC is scrutinizing SEBI’s accounts in detail, marking the first time the committee has focused so seriously on SEBI’s functioning. In a PAC meeting on August 29, the decision was made to inspect SEBI’s accounts, leading to the summoning of Buch and other officials.