PAC asks Finance Ministry to submit SEBI’s accounts

Hoping to clear the air surrounding  the Securities and Exchanges Board of India (SEBI), the Parliamentary Accounts Committee (PAC) today reportedly asked the Finance Ministry to submit a detailed review and observation of the board in the financial years of 2022-23 and 2023-24.

The report, quoting sources privy to the development, adds that the PAC will most likely summon SEBI chief Madhabi Puri Buch, who has been at the centre of the turmoil, in its next meeting.

The records sought by the PAC from the finance ministry reportedly include the expenditures and receipts of the regulatory body in the given tenure, along with the Comptroller and Auditor General’s (CAG) report, and the board’s internal audit report’s observations.

The issue of a string of allegations against SEBI chief Buch was brought up by the committee members, spearheaded by Congress MP K C Venugopal, after they convened on August 29.

Their meeting agenda discreetly mentioned the reason to be a performance review of “regulatory bodies established by act of parliament”.

However, sources privy to the developments stated that this issue was included on a suo motu basis after many members took serious note of the allegations lodged against SEBI chief Buch and the capital market regulator itself.

Alongside SEBI, the PAC will also hold a performance review of the Telecom Regulatory Authority of India (TRAI).

Notably, a PAC is a watchdog body that scrutinises the financial accounts of the government.

It ensures transparency and accountability in public spending, identifying irregularities, and recommending corrective measures to the concerned authorities.

Currently, the PAC includes a total of 22 members, including those from the opposition coalition bloc INDIA, as well as the ruling NDA alliance.

Also read:

Parliamentary PAC to probe SEBI chief Madhabi Buch: Report