A significant number of disgruntled employees from the Securities and Exchange Board of India (SEBI) are held a silent protest outside the market regulator's Mumbai headquarters on Thursday (September 5).
This protest was in response to the recent market watchdog's controversial statement which was issued on Wednesday (September 4), dismissing the employees' grievances as being influenced by "external forces" and accused them of trying to undermine the organisation's credibility, as per The Economic Times report.
Furthermore, the protesters are demanding the market regulator chief Madhabi Puri Buch's resignation, who in recent months has been facing increased scrutiny followed by the Hindenburg report.
As per reports, the letter, signed by a significant number of employees of SEBI, raised the issues of a “stressful and toxic work environment” allegedly fostered by the leadership.
The employees also have complained about intense pressure and a culture of unprofessionalism that they believe is detrimental to their well-being and productivity.
SEBI’s Response
However, the market regulator in a recent press release countered these claims adding that the unrest in the market regulator was fueled by external elements targeting the credibility of the watchdog.
Representative Image | Image Source: Wikipedia (Representative)
The press release labeled these complaints as misplaced and attributed the unrest to demands for increased house rent allowance (HRA) and attempts to cover up performance issues.
As per The Economic Times report, SEBI's Grade A officers, approximately 500 out of 1,000, signed a letter to the finance ministry on August 5.
Buch Challenges
Buch, the first SEBI chief with a corporate background, is being criticised for fostering a toxic work environment. Allegations against her include charges from prominent figures such as Subhash Chandra of Zee, who has labeled her "corrupt," and political figures questioning her past affiliations with ICICI Bank and ICICI Securities. Despite these accusations, Buch has denied all wrongdoing, added the Economic Times report.
