GG News Bureau
New Delhi,24th Oct. The chairperson of the Securities and Exchange Board of India (SEBI), Madhabi Puri Buch, skipped a crucial meeting of the Parliament’s Public Accounts Committee (PAC) on Thursday, leading to a postponement of the session. K.C. Venugopal, the committee’s head, expressed his displeasure over her absence, which he attributed to a communication Buch sent at 9:30 AM, stating that she and her team would not attend due to “exigencies.”
Venugopal indicated that Buch’s last-minute notification was particularly disheartening, as she had previously confirmed her attendance after an earlier request for exemption was denied. “Considering a woman’s request, we thought it better to postpone today’s meeting for another day,” Venugopal remarked, before leaving the venue along with other Opposition members amid sharp exchanges between members of the ruling National Democratic Alliance (NDA) and the opposition INDIA bloc.
Opposition members accused Buch of showing contempt for the parliamentary panel by notifying them of her unavailability with less than two hours before the scheduled meeting. BJP members voiced their dissatisfaction with Venugopal’s handling of the meeting, alleging he restricted their ability to express their views and acted in a “suo motu” manner when summoning Buch and other regulatory bodies.
Ravi Shankar Prasad, a PAC member and BJP MP, criticized Venugopal’s approach, arguing that the PAC’s role is to review the performance of various bodies based on reports from the Comptroller and Auditor General (CAG). He emphasized that no mention of SEBI was included in the CAG reports, questioning the appropriateness of calling Buch before the committee.
The tensions escalated as NDA members registered their protest with Speaker Om Birla following the meeting’s adjournment. The PAC had previously agreed to review the performance of various regulatory bodies, but the decision to summon Buch specifically triggered backlash from the BJP, as she has been embroiled in a political controversy linked to allegations made by U.S. firm Hindenburg against SEBI concerning its investigation into the Adani Group.
Nishikant Dubey, another PAC member and BJP MP, submitted a complaint against Venugopal to Speaker Om Birla, claiming the Congress leader’s actions were politically motivated and aimed at defaming the government. Dubey contended that the allegations made by Hindenburg against Buch were part of a larger political campaign to undermine the government’s credibility.
The incident highlights ongoing tensions between the ruling and opposition parties, particularly regarding the accountability of regulatory bodies and their leadership. The PAC’s actions and Buch’s absence have raised questions about parliamentary conduct and the intersection of politics and regulatory oversight in India.
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