On Thursday, Leader of Opposition in the Lok Sabha, Rahul Gandhi, sharply criticised SEBI Chairperson Madhabi Puri Buch for her reluctance to appear before the Public Accounts Committee (PAC) of Parliament. His comments came after Buch, citing “pressing reasons,” skipped the PAC meeting that was scheduled to review SEBI’s functioning following allegations of conflict of interest raised by the US-based short-seller Hindenburg Research.
The PAC had summoned Buch in the wake of these allegations, which accused the Adani Group of stock price manipulationāa claim strongly denied by SEBI under Buch’s leadership. SEBI has been facing mounting pressure from the Congress and other opposition parties to provide clarity on its investigations into the Adani Group.
Rahul Gandhi took to social media platform X (formerly Twitter) to express his discontent, raising pointed questions about Buch’s absence. “Why is Madhabi Buch reluctant to answer questions before the Public Accounts Committee (PAC) of Parliament? Who is behind the plan to protect her from being answerable to the PAC?” the Congress leader asked.
The situation escalated when PAC Chairman and senior Congress leader KC Venugopal postponed the sitting after Buch’s absence, leading to a political confrontation. Members of the ruling NDA accused Venugopal of making unilateral decisions and subsequently lodged a formal protest with Lok Sabha Speaker Om Birla.
This latest development underscores the growing tensions between the opposition and SEBI over the handling of the Hindenburg report’s allegations. The Congress has repeatedly accused the government and regulatory bodies of shielding powerful corporate entities, further intensifying the political discourse around corporate accountability and transparency in India.
Buchās decision to skip the PAC meeting raises questions about SEBI’s accountability and transparency in the Adani investigation, making it a focal point in the ongoing political debate.