SEBI Employees Accuse Madhabi Buch Of Toxic Work Culture & Hostility

Since Madhabi Puri Buch, the chief of SEBI was already in financial shockwaves after the revelation of Hindenburg, the Securities and Exchange Board of India (SEBI) officials have now raised a complaint drafted to the finance ministry about the toxic work culture under Madhabi Buch‘s supervision. The workers accused Buch of using harsh language and being hostile to the regulatory body staff in a letter sent to the ministry to seek aid in this matter.

The letter reveals instances of the rude behaviour of the chief and further slams her for setting unrealistic targets. The letter was sent to the ministry last month but was reported by ET on Wednesday citing the complaints of the SEBI officials titled ‘Grievances of Sebi Officers-A Call for Respect.’

The letter further extended the plight of the employees working under Madhabi Buch that shouting, scolding and humiliating workers have been an operandi during meetings. They accused Buch of using unprofessional language and monitoring their minute-by-minute movements in the office. The letter raises concerns that this huge pressure has drastically affected the health of the employees and has made them lose interest in work.

Also, read| Congress Demands Answers From ICICI, Madhabi Buch On “Retiral Payouts”

The employees stated in the letter that they are not robots with a knob to expect unrealistic targets and easy outputs. The management has rounded off the regulatory body with its policies rather than what is necessary for the regulatory body. According to the grievance letter, the management overhauled the entire system as the regressive work culture using unprofessional words has drained employees’ vigour.

The letter also stated that the senior management deliberately forgets to adapt measures to motivate its employees. The letter seeks strict action that the workers hope for relief from the unprofessional work culture and hostility in the SEBI regulatory body.

On Monday, a controversy erupted after Congress alleged that Buch had received Rs 16.80 crore from ICICI Bank between 2017 and 2024, five times her SEBI salary. Congress spokesperson Pawan Khera raised concerns regarding the non-uniformity in terms of amount and frequency of the payments. According to Khera, Buch’s actions violated Section 5 of SEBI’s Code on Conflict of Interests (2008), which prohibits employees from benefiting from external organisations. Madhabi Buch has been going through a similar kerfuffle linked to her financial status after Hindengurg released a report on her assets investing in Adani’s offshore funds.

Also, read| SEBI Board Member’s Revelation Raises Cloud Over Adani-Regulator Chief Link: Report