SEBI Chief Madhabi Case: The Public Accounts Committee (PAC) of Parliament may issue summons to investigate 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 functioning of the regulatory body is being investigated due to the allegations leveled by Hindenburg against the Adani Group and the involvement of the SEBI chief's name in the matter.
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 matter.
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.
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 puts pressure on them at work. The employees are demanding the resignation of SEBI chief Madhabi Puri Buch.
Last month, SEBI employees wrote a letter to the Finance Ministry in this matter and expressed concern over the toxic work culture. Employees accused the leadership of using harsh language, setting unrealistic goals and micromanagement.
On Tuesday (September 3), Zee founder Subhash Chandra accused SEBI chairperson Madhabi Puri Buch of bias, corruption and unethical behavior. He said, 'I believe SEBI chairperson is corrupt because before taking charge at 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.
