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Lok Sabha panel ticks off Sebi chief – Times of India

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NEW DELHI: The Lok Sabha’s committee on petitions on Tuesday pulled up Sebi chairman Ajay Tyagi for his failure to appear before the panel on two previous occasions.
Tyagi appeared before the committee on Tuesday after being summoned on the issue of returning over Rs 41,400 crore to the investors of PACL.
“The committee was upset over the officer’s failure to appear earlier and the message was conveyed to him in strong words that the committee is meant for the issues of special public interests and he will have to make himself available whenever summoned in future,” a source said.
An investor, Gaurav Soni, had petitioned the committee alleging that millions of people had invested in PACL, which was not returning investors’ money. As the Sebi has detailed information about the company, the committee had summoned Tyagi to understand the whole issue.
The panel, which is headed by BJP MP Virender Kumar, reminded the Sebi chairman that he had refused to appear before the committee on two previous occasions in 2019 on the Sahara India issue.
“If any officer fails to appear before the committee, it will be a breach of privilege of the committee leading to action against the person,” committee members are learnt to have told the Sebi chairman.

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