Allegations against SEBI chief Madhabi Puri Buch to be investigated: Report

PTC News Desk: The parliamentary Public Accounts Committee (PAC) is expected to investigate allegations against Securities and Exchange Board of India (SEBI) Chairperson Madhabi Puri Buch, with a possibility of summoning her later this month, according to a report by the Economic Times citing informed sources.

The issue was added to the PAC’s agenda after multiple members called for an inquiry during the committee’s first meeting on August 29. The PAC, chaired by Congress leader KC Venugopal, includes members from both the NDA and the opposition’s INDIA bloc. The agenda item, however, does not specifically mention SEBI or its chief, instead being listed as “Performance review of regulatory bodies established by act of parliament.”

Sources said the inquiry is linked to recent allegations against Buch. “The matter was added on a suo moto basis in the August 29 meeting as several members expressed concern about the serious allegations against the capital market regulator and its chief. Ministry officials could be summoned later this month,” they said.

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Madhabi Puri Buch has faced accusations of conflict of interest regarding SEBI’s investigation into the Hindenburg Research allegations against the Adani Group. In addition, SEBI employees lodged a written complaint with the finance ministry, alleging a “toxic work culture” within the regulatory body.

Buch has denied any wrongdoing, and SEBI dismissed the claims of a hostile work environment, stating that “external elements” were involved and that allegations of “public humiliation” were unfounded.

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