Context

• The Public Accounts Committee (PAC) of Parliament has deferred its meeting called to review the capital market regulator Securities and Exchange Board of India (SEBI).

Public Accounts Committee 

• The Public Accounts Committee is an important committee of the Parliament of India that works to ensure the efficient management of public money. This committee scrutinises the money spent by the government and ensures that the money has been used properly.
• The Public Accounts Committee is one of the three financial parliamentary committees (the other two being the Estimates Committee and the Committee on Public Undertakings).

Founded:

• The Public Accounts Committee was established in the year 1921 under the 'Government of India Act, 1919'. Its main objective was to keep an eye on the expenditure of the government and to expose any kind of irregularity.
• Constitution: It is done every year under Rule 308 of the 'Rules of Procedure and Conduct of Business of the Lok Sabha'.

Appointment:

• Members: The Public Accounts Committee has a total of 22 members. Of these, 15 members are elected from the Lok Sabha and 7 members from the Rajya Sabha.
• Chairman: The chairman of the committee is appointed by the Lok Sabha Speaker. Traditionally, the chairman is from the opposition party.

Objectives:

• Scrutiny of Government Expenditure: The committee examines the money spent by the government in detail.
• Detection of Irregularities: The committee uncovers any kind of irregularity, corruption or misuse taking place in the government.
• Bringing Transparency in Government Expenditure: The committee strives to bring transparency in government expenditure.
• Making Government Expenditure More Efficient: The committee gives suggestions to make government expenditure more efficient.

Functions:

• Scrutiny of Auditor's Reports: The Committee examines in detail the audit reports prepared by the Comptroller and Auditor General (CAG).
• Seeking Information from Government Departments: The Committee may seek information from various departments of the Government during its investigation.
• Summoning and Interrogating Members: The Committee may summon and interrogate Government officials and other concerned persons during its investigation.
• Preparing a Report: The Committee prepares a report based on its investigation and presents it to the Parliament.

Securities and Exchange Board of India (SEBI):

• Established: 1988 (as a non-statutory body)
• Statutory recognition: January 30, 1992 (under the Securities and Exchange Board of India Act, 1992)
• Chairman: Madhabi Puri Buch
• Headquarters: Mumbai, Maharashtra