The Public Accounts Committee (PAC) of parliament had earlier resolved to look into the processes and systems of the top echelon of the regulatory frameworks in the country, hence convening the heads of SEBI and TRAI on October 24 for deposition.
Even high profile officials from the Ministry of Finance, (Department of Economic Affairs) and ministry of communications have been called in front of the important parliamentary committee, with her representatives of Securities and Exchange Board of India : chairperson Madhabi Puri Buch and Telecom Regulatory Authority of India: chairperson Anil Kumar Lahoti expected to be present as well.
As reported, the informal rule which exists in the functioning of parliaments does provide that heads of institutions should be present during hearings of any parliamentary committee which is called upon for any reasons.
The sitting of the crucial parliamentary committee comes at the backdrop of a huge controversy concerning web-based research company Hindenburg allegations against the chairwoman of the council of the securities and exchange Board of India Madhabi Puri Buch and her spouse Dhaval Buch in the interference with affairs of the allegated Adani group.
Presented later was understanding and documentation to the people from Audit then – rather than No submissions were entertained, oral hearings included representatives of the Ministry of Finance (Department of Economic Affairs) and Securities and Exchange Board of India (SEBI) on the subject ‘Performance Review of Regulatory Authorities Created Under an Act of Parliament’ that the official statement for October 24 regarding the PAC meeting readp.
“ Oral evidence of the representatives of the Ministry of Communications, Department of Telecommunication, Telecommunication Regulatory Authority of India on the subject, ‘Performance Review of Regulatory Agencies set up by Parliamentary statute’, ‘Performance Review of Supervisory Bodies established by the Act of the Parliament’, it also said.
In August, the Congress had itself organized a countrywide campaign over charges od made to the SEBI chairman Madhabi Puri Buch and her husband and international investor Dhaval Buch by Hindenburg, a report they do not contest doing anything improper.
The Congress alsointernally demanded her ouster as chairperson of the SEBI.
One of the reporters of Hindenburg mentioned that the Buchs held shares in offshore companies associated with any irregularities launched by the Adani Group. Hindenburg also stated that 18 months after its ‘damning report’ on Adani ‘SEBI has shown disinterest in pursuing any charges against Adani’.
Both the Adani Group and the Buch terrace flat are together in unequivocally denying the charges.
