PAC to hold performance review of regulatory bodies like Sebi

New Delhi: Performance review of regulatory bodies like SEBI, which is in the eye of a storm over recent allegations against its chief Madhabi Buch, is among 161 subjects chosen by the Parliament's Public Accounts Committee (PAC) for examination.

The crucial multi-party panel headed by senior Congress MP KC Venugopal will also look into levies and regulations of fees, tariffs and user charges on public infrastructure and other public utilities like airports, including those privatised.

The subjects were chosen at the first meeting of the reconstituted PAC on August 29. While 156 subjects chosen were part of various CAG reports, the panel also selected five subjects "suo motu".

The PAC is one of the prominent panels in Parliament and its main job is to ascertain that money granted by Parliament has been spent by the government “within the scope of the demand”.

The second meeting of the PAC will be held on September 10 when the committee will be briefed by the Audit followed by oral evidence of the representatives of Ministry of Jal Shakti on 'Performance Audit on National Rural Drinking Water Programme (Jal Jeevan Mission)' based on a CAG report.

The suo motu subjects included 'Performance review of regulatory bodies established by Act of Parliament' as one of the subjects and it would allow it to examine the functioning of bodies like Securities and Exchange Board of India (SEBI), RBI, Insurance Regulatory, and Development Authority (IRDA) and Pension Fund Regulatory and Development Authority (PFRDA).

The choosing of the subject comes at a time SEBI has come under the scanner following allegations against its chief Madhabi Buch. Earlier this week, Congress levelled fresh allegations of conflict of interest against Buch, claiming that she continued to hold an office of profit at the ICICI Bank even after taking over as a member of the regulatory body seven years ago.

The other subjects chosen suo motu were '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 etc. on public infrastructure and other public utilities'.

The subjects chosen for examination also include performance audit on construction of Indo-China border roads by Border Roads Organisation (BRO), accidents of ships and submarines in Indian Navy, risky exploitation of Sindhughosh-class submarines due to delay in installation of periscopes and national projects among other things based on CAG reports.