New Delhi
In a significant development, officials from the Securities and Exchange Board of India (Sebi) have raised serious concerns about a "toxic" work culture prevailing under the leadership of Chairperson Madhabi Puri Buch. The allegations, which have been communicated to the finance ministry, paint a picture of a work environment marred by unprofessional conduct, mental health issues, and unrealistic expectations as detailed in a report by Economic Times.
Unprofessional leadership and mental health impact
The grievances, detailed in a letter titled 'Grievances of Sebi Officers-A Call for Respect,' highlight several disturbing aspects of the work culture at Sebi. According to the letter, which has been signed by approximately 500 officers of Grade A and above, the leadership steered by Buch has resorted to "shouting, scolding and public humiliation" as a norm in meetings. This behavior, coupled with the use of "harsh and unprofessional language," has created an oppressive atmosphere that has severely impacted the mental health of employees.
The officials have expressed that the constant fear of being reprimanded has led to a situation where many employees, including those in higher grades, are reluctant to voice their concerns due to the "vindictive nature of people at the highest level." This fear has become the primary driving force within Sebi over the past two to three years, leading to a growing mistrust among employees.
Unrealistic work targets and monitoring
The letter also criticizes the management for imposing "unrealistic work targets with changing goalposts," which has resulted in significant stress and anxiety among employees. The officials argue that these targets are akin to treating employees as "robots with a knob that one can turn and increase the output," which is both unrealistic and detrimental to their well-being.
Furthermore, the management has installed turnstile gates to monitor the intra-day attendance of employees, a move that has been met with resistance. The officials have demanded the removal of these gates, citing challenges for employees with visual impairments and the overall negative impact on work-life balance.
Response from Sebi and ongoing issues
In response to these allegations, Sebi has stated that the issues raised by the employees have been addressed. The regulator mentioned that changes have been made to the format of review meetings and that key result areas (KRAs) were drawn up after consultations with all departments. However, the officials remain skeptical, arguing that these measures do not adequately address the core grievances.
Parallel allegations of conflict of interest and corruption
These internal complaints come at a time when Buch is facing external allegations of conflict of interest and corruption. Zee group founder Subhash Chandra has accused Buch of being "corrupt" and has questioned her income, suggesting that it should be investigated by relevant agencies. Chandra's allegations include claims that Buch's income has significantly increased since she assumed her position at Sebi, which Buch and Sebi have vehemently denied.
The Congress party has also raised questions about Buch's compensation from her former employer, ICICI Bank, after she took over as the Whole Time Member of Sebi in 2017. However, ICICI Bank has clarified that Buch has not received any salary or Employee stock options plan (ESOPs) from the bank other than her retiral benefits.
The allegations of a toxic work culture at Sebi, coupled with external accusations against its chairperson, highlight a critical need for immediate attention and resolution. As the regulator continues to work on improving conditions for external stakeholders, it is imperative that it also addresses the growing mistrust and mental health concerns among its own employees. The situation demands a thorough investigation and meaningful reforms to restore a healthy and respectful work environment within Sebi.