SEBI chief adjourns PAC meeting: A key meeting of the Public Accounts Committee (PAC) scheduled for Thursday was adjourned after Madhabi Puri Buch, the chairperson of the Securities and Exchange Board of India (SEBI), informed the panel that she would not be able to attend due to a personal exigency. The announcement came just hours before the meeting, which was set to review the performance of regulatory bodies.Meeting postponed due to SEBI chiefs absencePAC Chairman K C Venugopal explained that the committee had postponed the meeting following SEBIs communication about Buchs inability to travel to Delhi. The SEBI chairperson had earlier sought an exemption from appearing before the committee, which was denied. However, she confirmed her presence, only to later communicate the exigency, Venugopal said outside the Parliament House Annexe.Venugopal added that, given Buchs status as a female officer and the nature of her request, the committee decided it would be better to reschedule the meeting.SEBI performance under scrutiny amid allegationsThe PAC had summoned Buch and several SEBI officials for a performance review of regulatory bodies, particularly in light of allegations brought forward by US-based Hindenburg Research. The allegations accuse Buch and her husband, Dhaval Buch, of holding stakes in obscure offshore entities connected to the Adani money siphoning scandal.Agenda for the PAC meetingThe committees agenda for Thursdays meeting included an evaluation of SEBIs performance and an examination of its handling of the regulatory framework. This included an oral briefing from SEBI and the Ministry of Finance (Department of Economic Affairs) regarding the performance review of regulatory bodies established by Parliament.Although SEBI had previously requested that its officials represent the body in place of Buch, the committee insisted on the chairpersons presence.Opposition MPs focus on conflict of interestOpposition MPs were reportedly planning to question Buch regarding allegations of conflict of interest, especially concerning her recusals from investigations into the Adani Group. The MPs were also expected to inquire about the status of ongoing investigations into offshore entities allegedly linked to the Adani Group.Ruling BJPs responseMembers of the ruling BJP were also preparing questions for SEBI, while some MPs had sought Speaker Om Birlas intervention to prevent PAC Chairman K C Venugopal from summoning Buch. BJP MP Nishikant Dubey argued that the PACs role is limited to scrutinizing government accounts and the CAG reports, questioning the legitimacy of the inquiry against SEBI.
