Adani-Hindenburg case: In a bid to review the functioning of the top Indian regulatory authorities, the Securities and Exchange Board of India (SEBI) and Telecom Regulatory Authority of India (TRAI), the Public Accounts Committee (PAC) of the Parliament has asked the respective chiefs of SEBI and TRAI to appear before the panel. As per the PTI report, after the directives of the critical parliamentary panel, SEBI chairperson Madhabi Puri Buch and TRAI chairperson Anil Kumar Lahoti are likely to present on 24th October 2024. The PTI report quoted its anonymous source as saying that the PAC has asked some top Finance Ministry officials to appear before the panel.

“Briefing by Audit followed by Oral evidence of the representatives of Ministry of Finance (Department of Economic Affairs) and Securities and Exchange Board of India (SEBI) on the subject, ‘Performance Review of Regulatory Bodies established by Act of Parliament’,” the official agenda for the October 24 meeting of the PAC said.

“Oral evidence of the representatives of the Ministry of Communications, Department of Telecommunications and Telecom Regulatory Authority of India on the subject, ‘Performance Review of Regulatory Bodies established by Act of Parliament’,” it added.

The unstated convention in parliamentary practice is that chiefs of institutions have to attend parliamentary panel briefings whenever summoned.

The meeting of the critical parliamentary panel comes amid a major row over allegations made by US research body Hindenburg against SEBI chairperson Madhabi Puri Much and her husband Dhaval Buch over her alleged links with the Adani Group.

The principal opposition party, Congress, had earlier in August staged a nationwide protest over Hindenburg’s allegations against SEBI chief Madhabi Puri Buch and her husband Dhaval Buch, who have denied any wrongdoing. The Leader of Opposition (LoP) Rahul Gandhi had also sought the resignation of SEBI chief Madhabi Puri Buch.

In one of its reports, Hindenburg alleged that the Buchs owned stakes in offshore entities linked to Adani Group’s alleged financial irregularities. Hindenburg also said that 18 months after its “damning” report on Adani “, SEBI has exhibited a lack of interest in charges against Adani”.

The Adani group and the SEBI chief have denied these Congress allegations.