On 5 September, the headquarters of the Securities and Exchange Board of India (SEBI) in Mumbai’s Bandra-Kurla Complex became the site of intense protests. Nearly 500 employees gathered outside the building, alleging a toxic work environment and failures in leadership.
The day-long demonstration drew significant attention to internal conflicts at India’s key financial regulatory authority.
These protests come in the wake of a leaked letter addressed to the Finance Ministry, dated a month earlier. In their complain, the staff members allege that 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.
The letter further described instances of alleged harassment, mismanagement, and a lack of accountability among senior officials. This sparked further debate about the internal functioning of the regulatory body.
