The Public Accounts Committee (PAC) of Parliament is gearing up to investigate allegations against Securities and Exchange Board of India (SEBI) chief Madhabi Puri Buch, with a likely summons scheduled for later this month. The PAC, led by Congress leader K C Venugopal, has decided to review the “performance of regulatory bodies established by Act of Parliament” during the 2024-25 period. This review will include scrutinizing allegations against Buch and other officials from the ministries of finance and corporate affairs.

The PAC’s decision came after several committee members demanded an inquiry into SEBI's functioning and Buch's role during its initial meeting on August 29. This subject was added to the PAC’s agenda on a "suo motu" basis, as stated in the Lok Sabha bulletin on September 2. The committee, which is empowered to summon officials, will likely convene additional meetings this month to address this matter.

The upcoming PAC meeting on September 10 will focus on the “performance audit” of the Jal Jeevan Mission, but further meetings are expected to address the regulatory bodies' performance review and allegations against Buch. The PAC's examination of regulatory bodies is set against the backdrop of accusations involving Buch’s conflict of interest related to SEBI’s investigation into Hindenburg Research’s claims against the Adani group.

The Congress party and other INDIA bloc members have called for a joint parliamentary committee probe into the matter and have demanded Buch’s resignation or removal. Allegations also include payments made to Buch by ICICI Bank, her former employer, and accusations of corrupt practices from Zee founder Subhash Chandra. Additionally, SEBI employees have raised concerns about a “toxic work culture” at the regulator.

Buch and her husband have denied any wrongdoing, and ICICI Bank has rejected the Congress’ allegations. SEBI has dismissed employee claims, attributing the protests to “external elements.”

The 22-member PAC, consisting of 15 MPs from the Lok Sabha and seven from the Rajya Sabha, plays a crucial role in auditing the government’s revenue and expenditure. Its responsibilities include examining audit paragraphs from Comptroller and Auditor General (CAG) reports and addressing suo motu subjects throughout the year.

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