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News: SEBI Chairperson has skipped the summons issued by the Public Accounts Committee (PAC), citing a personal exigency.
1. Securities and Exchange Board of India: SEBI is a statutory body established in 1992 under the provisions of SEBI Act, 1992.
2. Its primary objective is to protect the interests of investors in securities and to promote the development of, and to regulate, the securities market.
3. Public Accounts Committee (PAC): It is one of the three financial committees of the Indian Parliament. The other two are: A) Estimates Committee, B) Committee on Public Undertakings.
4. PAC traces its historical origins to the 1921 Montague-Chelmsford Reforms.
5. It consists of not more than 22 members (15 members from the Lok Sabha and 7 members from the Rajya Sabha).
6. PAC is regarded as the parliamentary financial watchdog as it examines the reports of the Comptroller and Auditor General of India after it is laid in Parliament.
