Adani-Hindenburg Case: SEBI Chief, Top Finance Ministry Officials Summoned by PAC for High-Stakes Review

The Public Accounts Committee (PAC) of Parliament has asked the heads of SEBI (Securities and Exchange Board of India) and TRAI (Telecom Regulatory Authority of India) to appear before them. This is part of a review of how these regulatory bodies are working. According to a PTI report, SEBI chairperson Madhabi Puri Buch and TRAI chairperson Anil Kumar Lahoti are expected to attend the meeting on 24th October 2024. Some top officials from the Finance Ministry have also been asked to attend.

The official agenda for the meeting includes discussions on the “Performance Review of Regulatory Bodies established by Act of Parliament,” focusing on SEBI and TRAI. It is a common practice that the heads of institutions must attend these parliamentary meetings when summoned.

This meeting comes after a controversy involving US-based research firm Hindenburg, which raised allegations against SEBI chief Madhabi Puri Buch and her husband, Dhaval Buch, about their connections to the Adani Group. The main opposition party, Congress, held protests in August accusing SEBI and its leadership of wrongdoing. They also demanded that Madhabi Puri Buch resign.

Hindenburg’s report claimed that the Buchs had stakes in offshore companies tied to financial irregularities involving the Adani Group. The report criticized SEBI for not taking strong action against Adani despite these accusations. Both the Adani Group and SEBI have denied the allegations.