SEBI Employees Protest Against Toxic Work Culture Claims

On September 5, approximately 200 employees of the Securities and Exchange Board of India (SEBI) gathered at the organization’s headquarters in Mumbai to protest a recent press statement issued by the regulator.

The press statement referred to an earlier complaint made by the employees regarding a toxic and unprofessional work culture, claiming it was ‘misguided by external elements’. The employees expressed their dissent during the protest, which lasted for a couple of hours before they returned to their respective work areas.

An internal message shared among the employees indicated that the protest aimed to demonstrate unity against the perceived pressure exerted by SEBI’s top management. The immediate demands from the protesting employees included the withdrawal of the controversial press release and the resignation of SEBI chairperson Madhabi Puri Buch.

Earlier, on August 6, around 500 SEBI officials addressed a letter to the Finance Ministry, detailing grievances about the leadership and human resource practices that they claimed contributed to a toxic environment within the organization under Buch’s leadership. The letter, titled ‘Grievances of SEBI Officers – A Call for Respect’, highlighted issues such as the use of unprofessional language, unrealistic performance targets, and minute-by-minute monitoring of employees.

Significantly, the letter stated that shouting, scolding, and public humiliation had become routine in meetings, alongside criticisms of management’s focus on technology at the expense of effective leadership and motivation methods.

In response to the protest and the letter, SEBI issued a statement asserting that the claims of an unprofessional work culture were misplaced. The regulator accused a group of employees of attempting to manipulate the narrative around their grievances for the purpose of increasing bargaining power.

SEBI’s statement also mentioned that a second letter outlining 16 demands was submitted by the employees after the initial complaint, which included requests for increases in house rent allowances and automatic promotions without interviews. The regulator defended its performance standards and noted that it holds accountable those who do not meet expectations.

This situation comes at a time when SEBI chief Madhabi Puri Buch is facing scrutiny regarding various allegations, including those related to her previous roles at ICICI Bank and ICICI Securities. She has denied any wrongdoing.