The Finance Ministry has received a complaint from the employees of the Securities and Exchange Board of India (SEBI) about the work culture at the organisation being toxic. In their complain, the staff members allege that the those in the top ranks, with Madhabi Puri Buch, chairperson, SEBI, heading them all, are in the habit of behaving unprofessionally, setting unreasonable targets, speaking harshly and micromanaging. As per an ET report, this complaint was sent to the Ministry by SEBI officials early last month.
Calling SEBI policies “regressive’’, the SEBI officials have stated in the letter that they are closely monitored all the time and treated like robots; that the leaders frequently call them names, yell at them and use language that is far from professional. To top it all, the officials have come to realise that they lack any kind of support from the seniors within the organisation. As a result, the officials have come to believe that if they speak up, there will be retaliation. All this is adversely affecting their mental health and is depriving them of work-life balance, as they are miserable and living in fear, they say in the letter.
As per the complaint, for the past couple of years, the culture has become so toxic that the staff members are unable to trust the management and they are yearning for quality leaders who are capable of motivating the employees.
However, SEBI maintains that this discontentment among the staff members is due to their being misguided by people outside the organisation. The organisation claims that the junior officials who have complained to the Ministry have been led to believe that they are underpaid and have been instigated to unnecessarily create issues so that they can bargain for higher compensation and promotions in the process. A five-page statement was released by SEBI wherein the market regulator says these very officials had been demanding 55 per cent hike in house rent allowance in addition to the allowances that had been granted in 2023 along with other benefits.
It is SEBI’s belief that the employees did not welcome the organisation’s attempts to ensure more transparency and accountability via the new automated management information systems for key result areas or KRAs. This complaint, as per SEBI, is a strategy the employees are using to protest against the system using ‘work culture’ as just an excuse. A second letter was sent, according to SEBI, listing about 16 demands, including monetary benefits and promotions without interviews, against lower performance ratings.
In May this year, SEBI had implemented stringent measures to curb misconduct and corrupt practices among its employees. It had amended rules governing employee services, empowering a competent authority to demand recovery from an employee for any financial losses incurred by SEBI due to their actions. The recovery could be enforced through various legal means, including deducting the amount from the employee’s salary and other dues. The action, as per the revised rules, can be taken if an employee is suspected of acting improperly, engaging in corrupt practices, or misusing their authority for personal gain. The new framework extends to former employees who have resigned, retired, or completed their deputation tenure. These measures aim to bolster accountability within SEBI’s workforce.