SEBI Employees Stage Silent Protest Against Hostile Work Culture

Employees of the Securities and Exchange Board of India (SEBI) staged a silent protest at the regulator's Mumbai headquarters, voicing their dissatisfaction with the leadership of Chairperson Madhabi Puri Buch. The protest, which took place on September 5, 2024, followed weeks of rising tensions within the organization, with employees alleging a toxic work environment, unprofessional management practices, and unrealistic work expectations.

Protest Against Leadership and Work Culture

The silent demonstration saw approximately 200 SEBI employees gathered outside the main building within the SEBI headquarters campus. The protest was a reaction to SEBI management’s response to a letter sent to the Finance Ministry on August 6, signed by around 500 officers. In the letter, employees accused Chairperson Madhabi Puri Buch of fostering a hostile work environment characterized by public humiliation, harsh language, and intense scrutiny of employees' minute-by-minute movements.

The letter, titled "Grievances of SEBI Officers - A Call for Respect," detailed the mental health struggles and stress faced by employees due to unreasonably high work targets and constant changes in objectives. The protest aimed to show unity against what employees described as "arm-twisting" tactics by the management, particularly after a press release issued by SEBI dismissed the concerns raised in the letter.

SEBI's Response and Leadership Controversy

In response to the initial letter, SEBI management claimed that external elements had misled employees into believing that they were being held to unfair standards of accountability and performance. The regulator refuted the allegations, labeling the complaints as “mischief” and brushing off the letter as coming from an anonymous and unofficial source. This response triggered further dissent among the employees, who demanded a retraction of the press release and called for the resignation of Chairperson Madhabi Puri Buch.

Leadership Under Scrutiny Amid Broader Allegations

The controversy surrounding Buch’s leadership comes at a time when she is already facing external pressure. US-based activist short seller Hindenburg Research, which had previously targeted the Adani Group, raised concerns over potential conflicts of interest involving Buch and her husband, both of whom allegedly held investments in offshore funds connected to Adani. Additionally, media mogul Subhash Chandra and political figures from the Congress party have accused Buch of corruption, including claims that she continues to earn from her former employer, ICICI Bank.

A Call for Change

The SEBI protest highlights broader discontent within the organization, where employees feel pressured under what they describe as a toxic work environment. While SEBI management continues to refute the allegations, the growing unrest among staff signals the need for a deeper investigation into workplace conditions and leadership practices.

With tensions high and leadership under scrutiny, the future of SEBI’s internal culture remains uncertain as employees push for a resolution to their grievances.