AMID a political storm over allegations of conflict of interest against SEBI chairperson Madhabi Buch, the Parliament’s Public Accounts Committee has decided to review the performance of regulatory bodies established by Acts of Parliament. The Public Accounts Committee (PAC) Chairman K C Venugopal said the Committee will take a decision on summoning Buch for examination of allegations against her. “Rest of the things, the Committee has to take a decision,” Venugopal said to questions on summoning the SEBI chairperson before the PAC.

 

He said members suggested various subjects, including the performance review of regulators established by the Acts of Parliament. “Members suggested these things and we included that (in the agenda),” Venugopal said. Among the suo-moto subjects selected by the Committee are performance review of regulatory bodies established by Acts of Parliament, reforms in banking and insurance sector, review of implementation of centrally sponsored welfare schemes, policy measures underway for transition in the energy sector and levy and regulation of fees, tariffs, user charges on public infrastructure and other public utilities. The PAC has selected 161 subjects for examination during its tenure, in addition to the pending matters before the Committee from previous year. Buch is facing allegations of conflict of interest over the Securities and Exchange Board of India (SEBI) investigation into the Hindenburg Research claims against the Adani Group.

 

The Congress has questioned payments made to Buch made by the ICICI Bank, her former employer, after she became a whole time member of SEBI, and sought an independent probe into the matter. The PAC will hold its next meeting on September 10 when representatives of the Jal Shakti ministry will brief the panel on the ‘Performance Audit on National Rural Drinking Water Programme (Jal Jeevan Mission)’ based on a CAG report. The PAC will also audit “fees, tariffs, user charges and so on” levied at public infrastructure such as airports. Currently, seven Indian airports are managed by the Adani Group. The PAC is responsible for auditing the revenue and expenditure of the Government. The other subjects include review of the performance audit on construction of border roads along the India-China border by the Border Roads Organisation (BRO), cross-subsidisation of passengers and other coaching services by the Railways, performance audit of preservation and conservation of monuments and antiquities and performance audit on exem