Par panel calls SEBI chief on Oct 24 amid Adani-Hindenburg row
New Delhi, Oct 5: The Public Accounts Committee (PAC) of Parliament has decided to review the functioning of top regulatory authorities in the country and has called heads of SEBI and TRAI for deposition on October 24.
Top officials of the Ministry of Finance, (Department of Economic Affairs) and Ministry of Communications have also been asked to appear before the key parliamentary panel, with sources saying representatives of the Securities and Exchange Board of India (SEBI) chairperson Madhabi Puri Buch and Telecom Regulatory Authority of India (TRAI) chairperson Anil Kumar Lahoti are likely to appear before the panel.
Sources said the unstated convention in parliamentary practice is that chiefs of institutions have to attend parliamentary panel briefings whenever summoned.
The meeting of the key parliamentary panel comes amid a major row over allegations made by US research body Hindenburg against SEBI chairperson Madhabi Puri Much and her husband Dhaval Buch over her alleged links with the Adani Group.
"Briefing by Audit followed by Oral evidence of the representatives of Ministry of Finance (Department of Economic Affairs) and Securities and Exchange Board of India (SEBI) on the subject, 'Performance Review of Regulatory Bodies established by Act of Parliament'," the official agenda for the October 24 meeting of the PAC said.
"Oral evidence of the representatives of the Ministry of Communications, Department of Telecommunications and Telecom Regulatory Authority of India on the subject, 'Performance Review of Regulatory Bodies established by Act of Parliament'," it also said.
The Congress had earlier in August staged a nation-wide protest over allegations by Hindenburg against SEBI chief Madhabi Puri Buch and her husband Dhaval Buch, who have denied any wrongdoing.
The Congress also sought her resignation as SEBI chief.
Hindenburg in one of its reports had alleged that the Buchs owned stakes in offshore entities linked to Adani Group's alleged financial irregularities. Hindenburg also said that 18 months after its "damning" report on Adani "SEBI has exhibited lack of interest in charges against Adani".
The Adani Group and the Buch duo have denied the allegations.
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Sujit Nair raises concerns over speculation of DMK-AIADMK understanding to block TVK
Chennai: Journalist and political commentator Sujit Nair has expressed concern over speculation that the Dravida Munnetra Kazhagam and the All India Anna Dravida Munnetra Kazhagam could explore a post-poll understanding to prevent Vijay-led Tamilaga Vettri Kazhagam from forming the government in Tamil Nadu.
In a social media post, Sujit Nair said the election verdict in Tamil Nadu reflected a clear public demand for political change and argued that the mandate should be respected irrespective of political preferences.
Referring to reports and political discussions surrounding a possible understanding between the DMK and AIADMK, he said he hoped such developments remained only speculative conversations and did not turn into reality.
Nair stated that if such an alliance were to take shape, it would raise serious questions about ideological politics in the country. He said TVK had emerged through a democratic electoral process and that the legitimacy to govern in a parliamentary democracy comes from the people’s verdict.
According to him, attempts to prevent an electoral winner from forming the government through unexpected political arrangements may be constitutionally valid, but many people could view them as politically opportunistic.
He further said that such a move could particularly affect the political image of the DMK, which has historically projected itself around ideology, social justice and opposition politics. Nair said that in ideological terms, the DMK appeared closer to TVK than to the AIADMK, and joining hands with its long-time political rival only to remain in power could weaken its broader political narrative.
He added that the same questions would apply to the AIADMK as well, as the party had spent decades positioning itself against the DMK and such an arrangement could create discomfort among its cadre and supporters.
Drawing a comparison with Maharashtra politics in 2019, Nair said he had expressed similar views when the Shiv Sena formed an alliance with the Indian National Congress and the Nationalist Congress Party after the Assembly elections.
He said post-poll alliances between long-standing political rivals often create a public perception that ideology and electoral mandates become secondary when political power equations come into play.
Nair also said such developments increase public cynicism towards politics and reinforce the belief among voters that ideology is often sidelined after elections.
He maintained that the Tamil Nadu verdict was emphatic and said respecting both the spirit and substance of the mandate was important for the credibility of democratic politics.
