New Delhi: A heated session is expected today as Madhabi Puri Buch, chairperson of the Securities and Exchange Board of India (SEBI), prepares to appear before the Public Accounts Committee (PAC). This meeting comes amid serious allegations made against Buch by the US-based firm Hindenburg Research, raising questions about the regulatory body’s performance and transparency.

Buch, along with three to four senior SEBI officials, will face scrutiny from both ruling and opposition members of Parliament. The PAC has insisted on Buch’s presence, despite SEBI’s prior inquiry about the necessity of her attendance. This underscores the importance of the session, as it aims to review the regulatory board’s effectiveness in light of recent controversies.

The opposition MPs plan to question Buch about her alleged conflict of interest and her role in investigations involving the Adani Group, particularly regarding allegations that she recused herself from critical inquiries. Hindenburg Research has claimed that Buch and her husband, Dhaval Buch, have connections to obscure offshore entities involved in alleged financial misconduct linked to the Adani Group.

Questions are also expected regarding the status of investigations into these offshore entities, raising concerns about regulatory oversight in high-stakes financial matters. Ruling BJP members have expressed their own inquiries about ongoing investigations, indicating a bipartisan interest in the outcomes of today’s discussions.

Adding to the tension, BJP MPs have sought intervention from Speaker Om Birla, arguing that the PAC’s inquiry into SEBI’s operations may violate parliamentary rules. Senior BJP MP Nishikant Dubey emphasized that the PAC’s primary function is to scrutinize government accounts and the reports from the Comptroller and Auditor General (CAG), which complicates the current focus on SEBI’s regulatory practices.

The outcome of today’s session could have significant implications for SEBI’s credibility and regulatory framework, as well as for the ongoing investigation into the Adani Group. As the session unfolds, all eyes will be on Buch and her responses to the mounting pressure from Parliament, reflecting broader concerns about accountability in India’s financial regulatory environment.