SEBI chief summoned by Parliamentary panel amid Adani controversy
What's the story
The Public Accounts Committee (PAC) of the Parliament has summoned the heads of the Securities and Exchange Board of India (SEBI) and Telecom Regulation Authority of India (TRAI), for a review meeting on October 24. This decision comes amid an ongoing dispute, involving allegations made by US research firm Hindenburg against SEBI chief Madhabi Puri Buch and her husband Dhaval Buch, regarding their purported ties with the Adani Group.
Meeting details
Finance and Communications Ministry officials to attend meeting
In addition to SEBI and TRAI chiefs, top officials from the Ministry of Finance (Department of Economic Affairs) and Ministry of Communications have also been asked to appear before the PAC. The official agenda for the October 24 meeting states that it will include a "briefing by Audit followed by oral evidence of representatives" from these ministries as well as SEBI, on their performance review.
Controversy context
PAC meeting coincides with ongoing Adani controversy
The PAC meeting coincides with a major row over allegations made by Hindenburg against the Buchs, regarding their alleged links with the Adani Group. The research firm had claimed that the Buchs owned stakes in offshore entities, linked to Adani Group's alleged financial irregularities. Both parties have denied these allegations.
Resignation demand
Congress demands SEBI chief's resignation
The controversy has also led to political repercussions, with the Congress party staging nationwide protests in August and demanding the resignation of the SEBI chief. Leader of Opposition Rahul Gandhi had also called for her resignation.