Parliamentary panel summons SEBI chief Madhabi Buch, top officials

The Public Accounts Committee (PAC) of Parliament has summoned Securities and Exchange Board of India (SEBI) chairperson Madhabi Puri Buch along with other officials from the department of economic affairs, Telecom Regulatory Authority of India (TRAI) and the department of revenue to appear before it on 24 October.

The key parliamentary panel has issued the summons over allegations made by U.S. investment research firm Hindenburg Research against Buch and her husband Dhaval Buch over her alleged links with the Adani Group.

The Adani Group and the Buch duo have denied the allegations.

"Briefing by Audit followed by Oral evidence of the representatives of Ministry of Finance (Department of Economic Affairs) and Securities and Exchange Board of India (SEBI) on the subject, 'Performance Review of Regulatory Bodies established by Act of Parliament'," the official agenda for the 24 October meeting of the PAC said.

"Oral evidence of the representatives of the Ministry of Communications, Department of Telecommunications and Telecom Regulatory Authority of India on the subject, 'Performance Review of Regulatory Bodies established by Act of Parliament'," it also said.

The Congress had in August staged a nationwide protest over allegations by Hindenburg against Buch and her husband. The Congress also sought her resignation as SEBI chief.

In its report, Hindenburg had alleged that the Buchs owned stakes in offshore entities linked to the Adani Group, which raised the question of a conflict of interest given Buch's status as SEBI chairperson. It also said that 18 months after its "damning" report on Adani, "SEBI has exhibited lack of interest in charges against Adani".