Securities and Exchange Board of India (Sebi) officials have complained to the finance ministry about the toxic work culture at the capital markets regulator under chief Madhabi Puri Buch. The letter has accused the leadership of using harsh language, setting unrealistic targets and micromanaging. The unprecedented complaint to the finance ministry was made last month, The Economic Times reported on Wednesday, citing an August 6 letter written by Sebi officials.
The latest development comes amid accusations against Buch of conflict of interest over the regulator’s Adani inquiry.
The officials complained in the letter – titled ‘Grievances of Sebi Officers-A Call for Respect’ – that “shouting, scolding and public humiliation have become a norm in meetings”.
The leadership uses “harsh and unprofessional language” toward team members, monitors their “minute-by-minute movement” and imposes “unrealistic work targets with changing goalposts”, the letter says. This has impacted mental health and thrown work-life balance out of gear, the officials said in the letter to the finance ministry.
Sebi has responded to the report saying, “In respect of the work environment, format of review meetings has been changed. Hence, issues (with regard to) meetings stand addressed.”
“Employees are not robots with a knob that one can turn and increase the output,” as per the letter. The management has overhauled systems and put in place regressive policies, as per the five-page letter and the “core of their grievance” is the leadership “calling names” and “shouting” at them. The officials said, “Unprofessional language is casually used by people at the highest level.” The situation has become such that there is “no defence from the senior management”, they said, adding that several people, including those in higher grades, “have chosen not to express their concerns vocally for fear of vindictive nature of people at the highest level”.
There is “growing mistrust among its employees and ”fear has become the primary driving force in Sebi over the last 2-3 years”, the letter noted.
It added, “Time and time again it has been spoken that Sebi is adopting best-in-class technology to improve efficiency of work done. However, the senior management seems to conveniently forget to also adopt best-in-class man management, leadership, and motivation methods towards its employees. This method of leadership wherein employees are browbeaten into submission with shouting, using harsh and unprofessional language has to stop.”