In an unprecedented move, officials from the Securities and Exchange Board of India (SEBI) have filed a complaint with the Finance Ministry, accusing SEBI's leadership of creating a toxic work environment, The Economic Times reported. A letter, dated August 6, alleges that shouting, scolding, and public humiliation have become common during meetings. Nearly 500 SEBI officials signed the letter, expressing concerns about workplace practices affecting mental health and work-life balance.
This complaint comes amid controversy surrounding SEBI Chairperson Madhabi Puri Buch, including accusations of conflict of interest in the Adani investigation.
The officials claim that their concerns were ignored by management, leading them to seek intervention from the finance ministry.
The letter titled “Grievances of Sebi Officers - A Call for Respect” highlights concerns about the leadership under Buch, alleging the use of "harsh and unprofessional language" towards team members, constant monitoring of their "minute-by-minute movement," and the imposition of "unrealistic work targets with shifting goalposts." According to the letter, this has negatively affected employees' mental health and disrupted their work-life balance.
SEBI, the market regulator, has about 1,000 officers at grade A and above (assistant managers and higher), and approximately half of them—around 500—have signed the letter, as per the report.
The core issue expressed in the letter is the leadership's tendency to "call names" and "shout" at employees. Officials cited in the report said that "unprofessional language is casually used by those at the highest levels," creating an oppressive work environment. They also noted that many employees, including those in senior positions, have refrained from voicing their concerns due to fear of retaliation from the top leadership.
In response to ET’s queries on September 1, SEBI said matters with employees were resolved. "The issues referred in your mail have already been addressed by Sebi. Engagement with employees for resolution of their issues is a continuous process," it said in an email.
The market regulator has since made changes to its review meeting format, which has been acknowledged by employee representatives.
