SEBI Employees Protest, Demand Madhabi Buch’s Resignation
Following the Securities and Exchange Board of India (SEBI) employees’ raising complaints against the “toxic work environment” at the regulator body, protests have erupted outside the Mumbai headquarters, calling for chairperson Madhabi Puri Buch’s resignation.
In a letter to the finance ministry titled “Grievances of SEBI Officers: A Call for Respect,” the SEBI employees complained of the unprofessional behaviour of the top management. The letter highlighted that the regulator set “unrealistic KRA targets” and the subsequent overtime they had to undertake to meet them.
Read Also: Congress Demands Independent Probe Into Allegations Against SEBI Chief Madhabi Buch
“Despite struggling and toiling hard to achieve KRA targets for last year, KRA targets for this year were increased anywhere around 20%–50% for some departments and divisions,” the letter stated. They also alleged that there was a “serious mistrust and lack of respect shown at the highest level towards employees.”
After the letter was sent to the Finance Ministry, the SEBI released a statement claiming that the letter was “misguided by external elements.” Seeking an immediate withdrawal of the press release, the protesting employees sought the resignation of Buch for “spreading lies” against its employees, stated Moneycontrol.
Read Also: SEBI Employees Accuse Madhabi Buch Of Toxic Work Culture & Hostility
The protests come amid a series of controversies involving Buch. Congress alleged that Buch has been receiving salary from the government but also from ICICI Bank and ICICI Prudential—both private banks. The party called for an independent inquiry, stating it is in the national interest. The opposition expressed concerns that foreign investors are increasingly worried and that trust in India’s stock markets is being undermined.
The accusations come amidst a broader set of claims against Buch, including her alleged involvement in offshore investments tied to the Adani Group scandal. Despite calls for her resignation, Buch has denied all wrongdoing.
