SEBI employees protest at Mumbai headquarters a day after the regulator dismisses claims of unprofessional work culture as ‘misplaced.’
On September 5, up to 200 SEBI employees protested at the regulator’s Mumbai headquarters. They were upset because SEBI labeled their previous complaint about an unprofessional work culture as “misguided by external elements” in a recent press release.
The protest lasted about two hours before they went back to work. On Wednesday, SEBI claimed that the allegations of an unprofessional work culture at its offices were ‘misplaced.’
The internal message from employees explained that they intended the protest to show dissent and unity against the top management’s press release, which they saw as an attempt to pressure them.
The message also demanded that SEBI withdraw the press release and that the SEBI chairperson resign for spreading false information about SEBI’s employees.
Last month, some SEBI employees wrote to the Finance Ministry, saying the work environment at SEBI was stressful and toxic due to “immense pressure.”
SEBI responded, claiming these issues were related to demands for higher rental allowances and problems with reporting targets and decision-making. They also suggested that some external influences were leading employees to expect lower performance standards.
SEBI Chairperson Madhabi Puri Buch faces allegations of conflict of interest from Hindenburg Research and opposition parties, who have called for her resignation. Hindenburg claims Buch and her husband had investments linked to the Adani Group. Buch has denied this.
Additionally, the Congress party alleged Buch still earns income from ICICI Bank, where she worked before joining SEBI, but ICICI Bank has denied this. Buch has not commented further.
SEBI Employees seek justice
SEBI has about 1,000 Grade A officers and above, and half of them signed a letter sent to the finance ministry in August. The letter claims that under Chairperson Madhabi Puri Buch, leadership uses “harsh and unprofessional language,” closely monitors employees’ movements, and imposes “unrealistic work targets with changing goals.”
The Economic Times reports that the letter said, “To supposedly improve efficiency, the management overhauled well-functioning systems with outdated policies. They set unrealistic targets and monitored employees’ every move.”
Employees reported that their leaders called them names and shouted at them, offering no support from higher-ups. The letter also described how top management uses unprofessional language, instilling fear in even senior officers about attending meetings.
SEBI Chief Madhabi Puri Buch is facing Multiple Accusations
Earlier this week, the Congress party questioned her compensation from ICICI Bank, where she worked before joining SEBI in 2017. They claimed she received ₹16.8 crore in benefits from the bank and its subsidiaries and suggested she had a conflict of interest. Congress leader Pawan Khera has called on Buch to clarify and address these charges.
Last month, Hindenburg Research, a US short-seller, accused Buch and her husband Dhaval Buch of holding stakes in offshore funds allegedly used to inflate Adani Group stocks, which SEBI is investigating for possible stock price manipulation. Buch and her husband have denied these accusations, calling them ‘baseless’ and an attempt at ‘character assassination.
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