The flagging of a toxic work culture at the capital market regulator Securities and Exchange Board of India (SEBI) has added to the worries of SEBI chief Madhabi Puri Buch.
A complaint letter signed by over 500 employees out of approximately 1,000 Grade A and above officials has been sent to the government. Entitled 'Grievances of SEBI Officers A Call for Respect,' the letter alleges that the leadership under Buch has used "harsh and unprofessional language" toward team members. The letter claims that unrealistic targets set by top management have not only harmed the quality of work but also created stress and anxiety among employees, leading to “panic addition” rather than “value addition” to SEBI's work.
SEBI management has denied the claims of a “toxic” work culture alleged by employees in their complaint letters to the Union Finance Ministry. They assert that unrealistic work targets have been addressed.
"In respect of the work environment, the format of review meetings has been changed. Hence, issues related to meetings have been addressed," reads SEBI’s statement, adding that the two associations representing SEBI employees have acknowledged the changes.
SEBI employees' union leaders have backed the management, claiming that the reports of ‘toxic’ leadership are ‘misinformation’ spread by a few disgruntled officials. “Both the SEBI employee unions have strongly condemned reports of internal discontent as ‘misinformation’ and the claims against the hierarchy as ‘misplaced’ by a few disgruntled persons,” asserted a senior union member.
According to letters sent to the Finance Ministry, the root cause of the friction between top executives and employees is “mistrust and lack of respect shown at the highest level towards employees.” Over the last two to three years, fear has become the primary driving force in SEBI, leading to several protest letters to management and finance ministry officials.
The explosive allegations include a poetry: “Baat hasraton ki nahi, baat izzat ki hai, Baat kaam ki nahi, par karane ke tareeqe ki hai, Humne nahi chahaa tha ke baat iss mod pe aaye, Par ab baat humse hamara SEBI cheen lene ki hai” (It’s not about desires, it is about honour. The issue is not about work, it is about the way we work. We did not want the situation to come to this pass, but now our SEBI is being snatched from us) has further added to the woes of market regulator chief Madhabi Puri Buch, who is facing heat from Congress leaders to step down.
She is facing serious allegations of conflict of interest over the regulator's Adani inquiry, and the Opposition has raised questions over compensation paid to her by former employer ICICI Bank. Zee Group founder Subhash Chandra hurled accusations of corruption against her.
The letter sent last month to the government alleges that shouting, scolding, and public humiliation of employees were common in meetings, with even officers in the highest grades afraid to attend meetings due to toxic behavior and abuses at the highest level.
The complaints raised in the letters describe the work atmosphere as “oppressive,” noting that while SEBI has quickly adopted best-in-class technology to improve work efficiency, it has failed to adopt similar high standards of leadership to motivate employees.
