PAC chairperson says panel to decide on summoning SEBI's Madhabi Buch for performance review

Congress leader Venugopal confined himself to highlighting the committee's decision to review the performance of regulatory bodies established by Acts of Parliament, including regulators such as SEBI and TRAI.

New Delhi: Public Accounts Committee (PAC) Chairman K C Venugopal said Friday it is for the panel to take a call on whether to ask SEBI chairperson Madhabi Buch, who is facing allegations of conflict of interest, to appear before it or not.

Nishikant Dubey, a seasoned BJP lawmaker and member of the committee, appeared to question the suggestion that Buch may be scrutinised over the allegations as he told PTI that the PAC can take up a matter for scrutiny only based on "factual reports prepared by authoritative bodies".

Speaking to reporters on the raging row amid reports that the parliamentary panel may ask Buch to appear before it, the Congress leader confined himself to highlighting the committee's decision to review the performance of regulatory bodies established by Acts of Parliament.

He said the committee decided to include the performance review of regulators such as SEBI and TRAI on the suggestions of its members.

"Rest of the things, the committee has to take a decision," Venugopal said to questions on summoning the SEBI chairperson before the PAC.

Hindenburg Research, a US-based short-shelling firm, had first levelled the allegation of conflict of interest against Buch, a charge which ignited a political controversy as the Congress seized on the report to target her and levelled fresh charges against her.

She has categorically denied the allegations.

Dubey suggested that a private firm report cannot be a ground for the PAC to investigate anyone. "PAC can only take up matters mentioned in factual reports, which must be prepared by authoritative bodies," he added.

Two other PAC members said on the condition of anonymity that the committee could always look into SEBI's work, and it does not necessarily mean that the allegations against Buch will be on the agenda.

Among the suo-moto subjects selected by the committee are the performance review of regulatory bodies established by Acts of Parliament, reforms in the banking and insurance sector, review of the implementation of centrally sponsored welfare schemes, policy measures underway for transition in the energy sector and levy and regulation of fees, tariffs, user charges on public infrastructure and other public utilities.

The PAC has selected 161 subjects for examination during its tenure, in addition to the pending matters before the committee from the previous year.

Buch is facing allegations of conflict of interest over the Securities and Exchange Board of India (SEBI) investigation into Hindenburg Research's claims against the Adani Group.

The Congress has questioned payments made to Buch by ICICI Bank, her former employer, after she became a whole-time member of SEBI, and sought an independent probe into the matter.

The PAC will hold its next meeting on September 10 when representatives of the Jal Shakti ministry will brief the panel on the 'Performance Audit on National Rural Drinking Water Programme (Jal Jeevan Mission)' based on a CAG report.

The PAC will also audit "fees, tariffs, user charges and so on" levied at public infrastructure such as airports. Currently, seven Indian airports are managed by the Adani Group.

The PAC is responsible for auditing the revenue and expenditure of the government.

The other subjects include the review of the performance audit on the construction of border roads along the India-China border by the Border Roads Organisation, cross-subsidisation of passengers and other coaching services by the Railways, performance audit of preservation and conservation of monuments and antiquities and performance audit on exemptions to charitable trusts and institutions.