Mumbai13 minutes ago
- copy link
The Public Accounts Committee (PAC) of Parliament may issue summons for investigation into the allegations against Securities and Exchange Board of India (SEBI) chief Madhabi Puri Buch.
Business Standard has given this information quoting sources. According to the report, the investigation into the functioning of the regulatory body is due to Hindenburg’s allegations against the Adani Group and the involvement of the name of the SEBI chief in this case.
The PAC is preparing to question officials of the ministries of finance and corporate affairs in this case. Buch may be called to appear before the PAC by the end of September for investigation in this case.
The PAC, headed by Congress MP KC Venugopal, said that it will review the functioning of regulatory bodies and SEBI during the 2024-25 session. During this time Madhabi Buch may also be questioned.
Buch is surrounded by protests from SEBI employees and allegations from Hindenburg
Employees are demanding resignation of SEBI chief Earlier, hundreds of employees of the Securities and Exchange Board of India (SEBI) protested against the top management yesterday (September 5) morning. The employees allege that the top management exerts pressure on them regarding work. The employees are demanding the resignation of SEBI Chief Madhabi Puri Buch.
Last month, SEBI employees had written a letter to the Finance Ministry in this matter and expressed concern over the toxic work culture. Employees had accused the leadership of using harsh language, setting unrealistic targets and micromanagement.
ZEE founder had accused SEBI chief of being corrupt On Tuesday (September 3), ZEE founder Subhash Chandra accused SEBI chairperson Madhabi Puri Buch of bias, corruption and unethical behaviour.
He said, ‘I believe SEBI Chairperson is corrupt because before taking up the position in SEBI, the combined income of Buch and her husband was around Rs 1 crore per year which has now increased to Rs 40-50 crore per year.
Congress accused SEBI of taking salary from three places Earlier on Monday, the Congress party also accused SEBI of taking salary from 3 places including ICICI Bank while being associated with SEBI. Congress spokesperson Pawan Khera said, ‘Madhabi Puri Buch was a full-time member of SEBI from April 5, 2017 to October 4, 2021. Then on March 2, 2022, Madhabi Puri Buch became the chairperson of SEBI.
PM Modi and Amit Shah are part of the cabinet that appoints the chairperson of SEBI.’ On the other hand, ICICI denied the allegations and said, ‘After retiring from the bank, Madhavi was not given any salary or employee stock option. She only took retirement benefits.’