PAC to review performance of regulatory bodies, decide on summoning SEBI chairperson Buch

Amid a political storm over allegations of conflict of interest against SEBI chairperson Madhabi Buch, the Parliament's Public Accounts Committee has decided to review the performance of regulatory bodies established by Acts of Parliament.

Public Accounts Committee (PAC) Chairman KC Venugopal said the Committee will take a decision on summoning Buch for examination of allegations against her.

"Rest of the things, the Committee has to take a decision," Venugopal said to questions on summoning the SEBI chairperson before the PAC.

He said members suggested various subjects, including the performance review of regulators established by the Acts of Parliament.

"Members suggested these things and we included that (in the agenda)," Venugopal said.

Among the suo-motu subjects selected by the Committee are performance review of regulatory bodies established by Acts of Parliament, reforms in banking and insurance sector, review of implementation of centrally sponsored welfare schemes, policy measures under way for transition in the energy sector and levy and regulation of fees, tariffs, user charges on public infrastructure and other public utilities.

The PAC has selected 161 subjects for examination during its tenure, in addition to the pending matters before the Committee from previous year.

Buch is facing allegations of conflict of interest over the Securities and Exchange Board of India (SEBI) investigation into the Hindenburg Research claims against the Adani Group.

The Congress has questioned payments made to Buch by the ICICI Bank, her former employer, after she became a whole time member of SEBI, and sought an independent probe into the matter.