The Public Accounts Committee (PAC), which oversees government spending, has summoned Madhabi Puri Buch, Chairperson of the Securities and Exchange Board of India (SEBI), along with other officials, to appear on October 24.

The PAC aims to record evidence regarding the overall performance of SEBI but will also address allegations made against Buch by the US-based Hindenburg Research. Committee members are expected to inquire about SEBI’s impartiality in investigating claims related to the Adani Group of Companies.

There has been considerable pressure from the Opposition for a parliamentary investigation into Hindenburg Research’s assertion that Buch and her husband, Dhaval Buch, have ties to obscure offshore entities allegedly involved in the Adani money siphoning scandal.

In response to these allegations, both Buchs issued a joint statement asserting that their investment in the fund referenced in the Hindenburg report was made in 2015, two years before Madhabi joined SEBI as a Whole Time Member in 2017 and later became Chairperson in March 2022. They emphasized that SEBI adheres to strict disclosure and recusal norms as per its code of conduct.

The Adani Group has also refuted the allegations, labeling them as “malicious, mischievous, and manipulative.”

The PAC, led by senior Congress leader K.C. Venugopal, has outlined the agenda for its October 24 meeting, which includes a performance review of regulatory bodies established by Acts of Parliament. This will involve representatives from the Ministry of Finance and the Ministry of Communications, among others.

While Opposition members of the PAC called for Buch’s summoning, BJP members raised objections, arguing that the PAC can only review SEBI’s performance if there is evidence of misuse of funds granted by Parliament, emphasizing that the allegations were directed at an individual rather than SEBI as a whole.