Sebi officials flag ‘toxic’ work culture to government
Securities and Exchange Board of India (Sebi) officials made an unprecedented complaint to the finance ministry last month, accusing the capital and commodities market regulator's leadership of fostering a toxic work culture.
«Shouting, scolding and public humiliation have become a norm in meetings,» said the August 6 letter, which ET has reviewed. The communication has come to light at a time when Sebi chairperson Madhabi Puri Buch is facing accusations of conflict of interest over the regulator's Adani inquiry and the Opposition has raised questions over compensation paid to her by former employer ICICI Bank. Zee Group founder Subhash Chandra accused her of corruption on Tuesday. Buch has denied any wrongdoing as has ICICI Bank. Sebi said matters with employees have been resolved. «The issues referred in your mail have already been addressed by Sebi,» the regulator said in an email.
'Impact on Mental Health'
«Engagement with employees for resolution of their issues is a continuous process,» it said. ET had sent the queries to Sebi on September 1.
The regulator has a strength of around 1,000 officers of Grade A and above (assistant manager and above) and half of them, about 500, have signed the letter. The finance ministry didn't respond to ET's queries.
The letter entitled 'Grievances of Sebi Officers-A Call for Respect' says the leadership steered by Buch uses «harsh and unprofessional language» toward team members, monitors their «minute-by-minute movement» and has imposed «unrealistic work targets with
