The Parliament's Public Accounts Committee (PAC) has decided to review the performance of regulatory bodies established by Acts of Parliament. This comes amid a political storm over the allegations of conflict of interest against Securities and Exchange Board of India (SEBI) Chairperson Madhabi Puri Buch.
According to sources, PAC will review the performance of regulatory bodies, including SEBI. PAC might summon the SEBI Chairperson to review the performance of the regulatory body. The next PAC meeting is on September 10 but she is unlikely to be called then.
Meanwhile, the SEBI chief is facing allegations of conflict of interest over the regulatory body’s investigation into the Hindenburg Research report against the Adani Group. Separately, there have been other allegations, including from Congress that has questioned Buch over the payments that she received from ICICI Bank, her former employer, even after she became a wholetime member of the body.
On top of that SEBI employees have complained to the finance ministry accusing the regulator’s leadership of fostering a “toxic” work culture. They have accused the leadership of shouting, scolding and public humiliation in meetings. However, SEBI refuted the allegations and said that a group of employees have consciously designed a strategy to change the narrative to be relating to the work environment with an objective to gain more bargaining power and seek more benefits.
The PAC is chaired by Congress leader and Lok Sabha member KC Venugopal. It will include suo motu subjects including performance review of regulatory bodies established by Actos of Parliament, reforms in banking and insurance sector, review of implementation of centrally sponsored welfare schemes. The agenda includes 161 subjects.
The PAC, responsible for auditing revenue and expenditure of the government, will also audit "fees, tariffs, user charges and so on" levied at public infrastructure such as airports.
(With PTI inputs)