PAC to Review Top Regulatory Authorities Amid Adani Allegations

The Public Accounts Committee (PAC) of Parliament is set to review the operations of major regulatory authorities, including SEBI and TRAI. This comes amid allegations from Hindenburg against SEBI Chairperson Madhabi Puri Buch concerning ties to the Adani Group. The PAC meeting is scheduled for October 24.

The Public Accounts Committee (PAC) of Parliament has announced its intention to scrutinize the performance of major regulatory bodies, namely the Securities and Exchange Board of India (SEBI) and the Telecom Regulatory Authority of India (TRAI). Scheduled for October 24, the committee has summoned key figures, including SEBI Chairperson Madhabi Puri Buch and TRAI Chairperson Anil Kumar Lahoti, along with top Ministry of Finance and Communications officials.

This meeting arises amid ongoing controversy triggered by allegations from US research entity Hindenburg, accusing SEBI's Buch of improper connections with the Adani Group. These claims have been denied by both Buch and the Adani Group, but the issue has revitalized criticisms and protests from the Congress party, which has already demanded Buch's resignation.

The official agenda states a briefing by the Audit, succeeded by testimony from the Departments of Economic Affairs and Telecommunications, will focus on a 'Performance Review of Regulatory Bodies established by Act of Parliament'. Meanwhile, the controversy puts pressure on regulatory transparency and accountability.

(With inputs from agencies.)