SEBI Chairperson Madhabi Buch skips PAC meeting, BJP and Congress face off in Parliament

The absence of SEBI Chairperson Madhabi Puri Buch from the Public Accounts Committee (PAC) meeting on Thursday has sparked significant political controversy in Parliament. Scheduled to address allegations of conflict of interest stemming from the Hindenburg report regarding the Adani Group, Buch's late notice, communicated at 9:30 AM on the day of the meeting, prompted PAC Chairman K.C. Venugopal to postpone the session. Buch cited "exigencies" for her absence, raising questions about the appropriateness of her communication.

PAC Chairman Venugopal expressed his disappointment, indicating that Buch had previously confirmed her attendance after an earlier exemption request was denied. He stated, "Considering a woman's request, we thought it better to postpone today's meeting for another day." However, this decision did not alleviate tensions, as members of the National Democratic Alliance (NDA) expressed dissatisfaction with the handling of the situation.

NDA leaders, led by former Union Law Minister Ravi Shankar Prasad, accused Venugopal of taking unilateral decisions and failing to facilitate a balanced discussion. They claimed his actions were politically motivated, aimed at undermining the governance of regulatory bodies such as SEBI. Prasad noted that the PAC’s primary function is to examine CAG reports, questioning the necessity of summoning Buch under the current circumstances.

The meeting's adjournment followed heated exchanges between NDA members and the Opposition. Many NDA members remained at the venue after the adjournment, indicating their desire to continue discussions, but were met with silence from the Opposition. This led to further frustrations, prompting NDA members to seek a meeting with Lok Sabha Speaker Om Birla to formally register their protest against Venugopal's conduct.

Tensions escalated as NDA members accused Venugopal of misusing his position to pursue a political agenda. BJP MP Nishikant Dubey previously expressed concerns regarding Venugopal’s actions in a letter to the Lok Sabha Speaker, claiming that the Chairman was attempting to use the PAC for partisan purposes. Dubey emphasized that the committee should focus on legitimate accounts and financial oversight rather than political maneuvering.

The controversy surrounding Buch is not new; she has faced scrutiny regarding her connections to businessman Gautam Adani, especially in light of the allegations made by Hindenburg. The Congress party has leveraged these allegations to challenge her position, further politicizing the discussion around her role at SEBI. Buch has consistently denied any wrongdoing and asserted that the allegations are unsubstantiated. The scrutiny of regulatory bodies like SEBI amidst accusations of political interference raises questions about the independence of such institutions in India.