SEBI officials flag 'toxic, humiliating' work culture to Modi government
Officials from the Securities and Exchange Board of India (SEBI) have lodged a complaint with the Finance Ministry, alleging a toxic work environment within the organization. The complaint, submitted on August 6, accuses SEBI's leadership of promoting a culture where "shouting, scolding and public humiliation have become a norm in meetings." This revelation comes amid ongoing accusations against SEBI Chairperson Madhabi Puri Buch, regarding a potential conflict of interest in an Adani inquiry.
Complaint details harsh treatment and unrealistic expectations
The complaint, titled 'Grievances of SEBI Officers-A Call for Respect,' alleges that Buch's leadership frequently uses "harsh and unprofessional language" toward team members. It also accuses the leadership of closely monitoring employees' activities, and setting unrealistic work targets with shifting goalposts. The officials claim that these practices have negatively impacted their mental health and disrupted their work-life balance.
Officials claim management ignored their concerns
The SEBI officials stated that they approached the finance ministry, after their grievances were not addressed by the organization's management. The complaint letter criticizes the leadership for implementing regressive policies in an attempt to boost efficiency. It also highlights a culture of fear and mistrust among employees, stating that "fear has become the primary driving force in SEBI over the last 2-3 years."
SEBI responds to allegations of toxic work culture
In response to the allegations, SEBI stated that the issues raised by employees have been addressed. The regulator also mentioned that engagement with workers for resolution of their issues is a continuous process. Regarding the complaint about turnstile gates installed to monitor employee attendance, SEBI said it was decided to review this requirement after six months based on employee feedback.
SEBI addresses concerns over increased work targets
The complaint also mentioned a significant increase in key result area (KRA) targets for this year, which has reportedly led to employee stress and anxiety. In response, SEBI stated that KRAs were established after consultations and thoroughly reviewed with all departments after employees raised the issue. The regulator claimed that all KRAs have been reaffirmed by multiple levels of management in each department as being reasonable, with minor adjustments made in some departments.
