Parliament panel puts off meeting as SEBI chief fails to appear before it

The meeting of the Parliament's Public Accounts Committee (PAC) on Thursday was postponed after the embattled SEBI chief, Madhabi Puri Buch, informed the panel at the eleventh hour about her inability to travel to the national capital to appear before it.

The Congress MP, KC Venugopal, who heads the panel, told reporters that he received a message from Buch at 9.30 am that she would not be able to travel to Delhi to appear before it, so it was decided to postpone the meeting.

"In the first meeting of the committee itself, we decided to have a suo motu subject for review of our regulatory bodies. That is why we called SEBI on Thursday morning for a review of the market regulator. The committee branch sends the notice to the people concerned. First of all, they sought an exemption, SEBI chairperson sought an exemption from appearing before the committee, which we denied. After that, she confirmed that she and her team would be present.... Today morning at 9.30 am, she informed me that she is not in a position to travel to Delhi. Considering a woman's request, we thought that it is better to postpone today's meeting for another day," Venugopal said.

The BJP MPs, who are members of the PAC, had earlier objected to the committee's decision to summon Buch, who is facing allegations of conflict, levelled against her by Hindenburg Research, a US-based short-shelling firm. She has categorically denied the allegations.

The PAC, which scrutinises audit reports of government regulatory bodies, has the power to summon an individual suo motu.

Even TMC MP Mahua Moitra has filed a complaint against the SEBI chief with the Lokpal, accusing her of improper conduct and engaging in quid-pro-quo arrangements that allegedly threaten India's interests.