The capital market regulator Securities and Exchange Board of India (SEBI) chief Madhabi Buch is now fighting a rebellion on her own turf - inside SEBI HQ at BKC with employees protesting and demanding her resignation on Thursday against the statement released by the regulator the previous evening. The statement had alleged that ``external forces" were behind the protest.
The 400 -odd officers staged a silent protest around 11 am outside SEBI headquarters which lasted about 60-70 mins, demanding the withdrawal of a statement blaming 'external forces' for their grievances while seeking resignation of SEBI chairperson for allegedly fostering toxic work culture under her leadership.
.JPG)
Officers Stage silent protest outside SEBI | FPJ
However, senior SEBI officials said “Misguided and disgruntled junior officers are demanding a 55 per cent increase in HRA alongside many other benefits as a part of a strategy drafted by vested interests."
The market regulator denied the employees were underpaid and in reality an entry-level salary for its Grade A officers was Rs 34 lakh per annum and the new demands placed by the agitating employees would lead to additional burden of almost Rs 6 lakh per annum per employee.
The protesting employees had submitted a list of 16 demands to the SEBI management including an increase in HRA, automatic promotions at lower performance ratings without interviews and certain other monetary benefits.
SEBI in a statement had clarified that HRA issues of the protesting staff is misguided by external elements to target credibility of SEBI and its leadership which has irked the Grade A and above employees.
The market regulator and watchdog in a 5 page statement said, "We would not like to speculate on who those external elements may be or what their motives might be." It also stated its commitment to enhance the capacity of all its employees and allow them to actualize their full potential.”
The protesting employees had last month complained to the finance ministry accusing the regulator's leadership of fostering a toxic work culture.
"Shouting, scolding and public humiliation have become a norm at meetings," states the SEBI employees complaint letter to the government.
The "core of their grievance" is the leadership "calling names" and "shouting" at them which has been denied by SEBI.
An IIM Ahmedabad alumnus, Buch is first SEBI chief from a corporate background is now facing the biggest battle of her career with several allegation of irregularities, corruption and conflict of interest in cases investigated by the market regulator.
The explosive allegations includes 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. ”
Buch 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 while Zee Group founder Subhash Chandra hurled accusations of corruption against her.
