Protest against SEBI chief
Employees of market regulator SEBI (Securities and Exchange Board of India) on September 5 protested against their boss Madhabi Puri Buch in front of its headquarters in Mumbai and demanded Buch’s resignation. Not only this, they also expressed their deep displeasure over Butch’s behaviour. The employees say that the work environment at SEBI’s office has become stressful and unprofessional. A letter sent by the employees to the Finance Ministry alleges that SEBI shouts at employees in key meetings, scolds them and insults them in public.
Butch is accused of this.
More than half of SEBI employees, in a letter written to the Finance Ministry on August 6, said that the office environment at SEBI has become tense and employees are being treated unfairly. It said that during meetings under the leadership of Madhabi Puri Butch, abusive and unprofessional language is used. The employees say that this behaviour is having a negative impact on their mental health and affecting their work-life balance.
The letter also alleged that SEBI officials are given unrealistic tasks and their activities are monitored on a “minute-to-minute” basis. The employees said they are monitored round the clock through turnstile gates that track their movements. This has created further tension in their work environment.
SEBI rejected the allegations
SEBI rejected these allegations by the employees and said that the complaints about poor office environment and public humiliation are wrong. SEBI said in its statement that it discussed all the issues with the employees and took steps to resolve them. Moreover, SEBI spoke of misleading employees by external forces, due to which the resentment of the employees has increased further.
The SEBI spokesperson also said that the turnstiles installed recently at the office will be reviewed after six months when feedback from employees will be taken. For the time being, the turnstiles will not be removed from the SEBI office.
Butch is already surrounded in this matter.
The timing of this letter and the protests have special significance as SEBI chief Madhabi Puri Buch has recently been facing allegations of conflict of interest during the Adani Group probe. The opposition has also raised questions over compensation from Buch’s former company ICICI Bank. A few days ago, Hindenburg had also made serious allegations against SEBI chief Butch in connection with matters related to Adani. However, Butch termed it as an attempt to tarnish the image.
The protest is taking place for the first time in SEBI’s history
This is the first time in SEBI’s history that such protests have come to the fore. Out of around 1,000 officials, more than 500 signed the letter addressed to the Finance Ministry, which clearly shows that there is discontent among a large section of SEBI. The employees say that they wrote a letter to the government when the SEBI management did not pay heed to their grievances.
What is the demand of employees?
SEBI officials have demanded government intervention in this matter so that the professional environment at the SEBI office can be restored and the mental health of the employees can be protected. The employees titled their letter “Complaints against SEBI officials: A call for respect”, which shows that they expect better leadership and management.
