The parliamentary committee conducts PAC grilling of SEBI after its chairperson Madhabi Puri Buch declined to attend due to ‘personal exigencies’.
This question is even more pertinent now that US-based Hindenburg Research has made startling charges against SEBI’s regulatory abilities. The questioning was to be held in Delhi on Thursday at eleven in the morning but was to be called off after Buch’s announcement.
The panel, which was comprised of representatives from the ruling party and the opposition, wanted to pin down Buch along with a team of three to four senior commissioners of SEBI. These officials were expected to undergo severe scrutiny, particularly because the allegations against the regulatory body seemed to be serious, and the committee was adamant that Buch must attend.
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This committee was appointed especially to review SEBI’s functioning in consideration of such grave allegations. Apart from that, the opposition MPs have actively scrutinised the allegations against the Buch and cross: questioning the adequacy of SEBI’s regulatory framework…
Over the years, new complaints about SEBI and its ability to regulate different issues have risen, giving more power to lawmakers. Some people may even raise eyebrows when they realize that Buch was not present in this session, and this has a tendency to raise eyebrows over the transparency and accountabilities’ of SEBI. The committee should also seek to independently analyse SEBI activities and ensure that the regulatory board acts in the best interest of the public and shareholders.
Having the meeting come to a close, it still remains unknown when the members of the parliamentary panel will have another meeting to discuss these matters and if Buch will be summoned in to clarify her part in the situation and the actions taken in SEBI concerning the allegations held against it.
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