Concerns over a toxic work environment at the Securities and Exchange Board of India (SEBI) have added to the challenges faced by SEBI Chairperson Madhabi Puri Buch. A letter signed by over 500 of SEBI’s approximately 1,000 Grade A and above employees has been sent to the government, titled "Grievances of SEBI Officers: A Call for Respect." The letter accuses the leadership under Buch of using "harsh and unprofessional language" toward staff. It also claims that unrealistic targets imposed by the top management have not only degraded work quality but also caused stress and anxiety, leading to "panic addition" rather than "value addition" in SEBI's operations.
SEBI's management has rejected these claims of a "toxic" work culture, which were raised in the employees' complaint letters to the Union Finance Ministry. They assert that concerns about unrealistic work targets have been addressed and that the format of review meetings has been revised to resolve related issues. SEBI's statement further noted that the two associations representing SEBI employees have acknowledged these changes.
Leaders of SEBI’s employee unions have supported the management, dismissing the reports of toxic leadership as "misinformation" spread by a few dissatisfied officials. A senior union representative stated that both SEBI unions have condemned the internal unrest reports as "misinformation" and labeled the allegations against the leadership as "misplaced."
The letters sent to the Finance Ministry, however, cite "mistrust and lack of respect at the highest level" as the root cause of the tension between executives and staff. Over the past two to three years, a climate of fear has developed within SEBI, leading to multiple protest letters being sent to management and government officials.
One particularly striking element of the letter includes a poem expressing employees' frustrations: "It’s not about desires, it’s about honor. The issue is not about work, it’s about the way we work. We didn’t want it to come to this point, but now our SEBI is being taken from us." This has further intensified the scrutiny on Buch, who is also facing pressure from Congress leaders to step down.
In addition to these internal grievances, Buch is also dealing with serious allegations of a conflict of interest regarding SEBI's investigation into the Adani Group. The opposition has raised questions about the compensation she received from her former employer, ICICI Bank, and Subhash Chandra, founder of Zee Group, has publicly accused her of corruption.
The letter also alleges that shouting, scolding, and public humiliation of employees were common in meetings, causing even senior officers to fear attending due to the toxic behavior and verbal abuse from leadership. The complaints describe the work environment as "oppressive," highlighting that while SEBI has made significant strides in adopting advanced technology to boost efficiency, it has fallen short in fostering strong leadership that motivates and supports its employees.
