Sebi employees protest outside HQ, seek boss Madhabi Puri Buch's resignation
Sebi employees on Thursday gathered around the headquarters of the markets regulator in Mumbai and staged a silent protest demanding the withdrawal of Wednesday's statement blaming «external forces» for the protest and also sought the resignation of their boss Madhabi Puri Buch.
After The Economic Times reported that Sebi officials made an unprecedented complaint to the finance ministry last month and accused the top leadership of fostering a toxic work culture, the regulator issued a press release on Wednesday evening saying that HRA (house rent allowance) issues of staff are being misguided by external elements to target credibility of Sebi and its leadership.
This angered the protesting employees further to take the rare step of staging a protest outside their office building and under media glare.
«This is very strange. Writing a letter is one thing and coming out to protest is another thing. The timing of their letter to the finance ministry and now this protest indicates that there could be someone instigating them,» Shriram Subramanian of proxy advisory firm InGovern Research told ETMarkets.
There are fears that if Sebi's management takes disciplinary action against the protesting employees, it could affect the regulator's ability to function efficiently and fulfill its regulatory responsibility.
IIM Ahmedabad alumnus Buch, who is the first Sebi chief to have come from a private corporate background, is suddenly finding herself being cornered with multiple allegations — Hindenburg on the Adani issue,
