Key PAC meeting postponed as SEBI Chief Madhabi Puri Buch skips citing ‘pressing reasons’

SEBI Chairperson Madhabi Puri Buch skipped a meeting called by the Public Accounts Committee (PAC) on Thursday (October 24) due to “some pressing reasons.” The meeting, chaired by Congress leader KC Venugopal, was scheduled as part of a review of SEBI’s operations. This was the second time Buch was asked to appear before the committee.

The meeting was postponed after Buch and other SEBI officials were unavailable, according to a report by PTI.

Venugopal speaking to reporters, said, “In the first committee meeting itself, we decided to have a review of our regulatory bodies. We called a meeting today for the review of SEBI. We sent a notice to the concerned people. They sought an exemption from the meeting, which we refused.”

He added, “After that, she confirmed that she and her team would be present in front of the committee. But at 9.30 am today, we got information from the Sebi chief and other members that she is not in a position to travel to Delhi due to some pressing reasons. So, considering her request, we decided to postpone today’s meeting for another date.”

Madhabi Puri Buch has been asked to appear before the PAC for a review of SEBI’s performance, amidst growing controversy. This follows accusations by US-based short-seller Hindenburg Research, which alleged conflicts of interest involving SEBI’s investigation into the Adani Group.

Hindenburg had previously accused the Adani Group of stock manipulation and other financial irregularities. Additionally, questions have been raised by Congress regarding payments Buch received from ICICI Bank, where she had worked before joining SEBI as a full-time member and later becoming its chairperson.

Both Buch and her husband, Dhaval Buch, have denied all allegations, asserting that full disclosures were made to SEBI before her appointment.

(With inputs from agencies)