“Shouting, berating and public humiliation in meetings have become common,” the letter, which has been reviewed by ET, said.
This disclosure has come at a time when SEBI Chairperson madhabi puri butch is facing allegations of conflict of interest in connection with the regulator’s investigation. adani group,
The opposition has also raised questions over the compensation she received from her previous employer ICICI Bank. On Tuesday, Zee Group founder Subhash Chandra accused Buch of corruption. Both Buch and her husband have levelled allegations of corruption. ICICI Bank has denied any wrongdoing.
What did SEBI employees say?
In response to the complaint, SEBI said that the issues related to the employees have been resolved. In an email, the regulator said, “The issues mentioned in your mail have already been resolved by SEBI.”
“Contacting employees to resolve their issues is an ongoing process,” Sebi added. ET had sent queries to Sebi on September 1.
The regulator has around 1,000 officers of grade A and above (assistant manager and above), and half of them, or about 500, have signed the letter. The finance ministry did not respond to financial daily’s queries on the matter.
In the letter titled ‘Sebi Officers’ Grievances – A Call for Respect’, the officers have alleged that the leadership under Buch’s guidance uses “rude and unprofessional language” while communicating with team members, closely monitors their “minute-by-minute activity”, and sets “unrealistic work targets with changing targets”.
This is perhaps the first case in SEBI’s history where employees have raised concerns about unfriendly work practices. The officers have said that these issues have taken a toll on their mental health and disturbed their work-life balance. After their complaints to the management fell on deaf ears, the officers decided to approach the Finance Ministry.
According to the five-page letter, the management has implemented regressive policies and made radical changes in the systems in the name of improving efficiency. The main complaint of the officers is the use of abusive language by the leadership and their tendency to shout at the employees.
He said that “unprofessional language is used by people at the highest level” and in such situations “senior management has no defence”.
Officials also noted that many employees, including those in higher positions, have refrained from raising their concerns due to the “vindictive nature of those at the highest levels.”
While Sebi is working to improve conditions for external stakeholders, the letter highlights a “growing mistrust among its employees” and says “fear has become the primary driving force at Sebi over the last 2-3 years”. The atmosphere within the organisation has become oppressive, the letter says.
While Sebi repeatedly claims to adopt cutting-edge technology to enhance work efficiency, the senior management appears to overlook the importance of implementing best practices in employee management, leadership and motivation, the letter said.
The letter calls for an end to the leadership approach that intimidates employees into compliance by shouting at them and using harsh and unprofessional language.
In response, the regulator said the amendments have been implemented. SEBI noted that the format of review meetings has been changed, which has addressed the concerns related to the meetings. The regulator said two associations representing SEBI employees have accepted these changes through an email sent on September 3.
The letter from Sebi officials mentioned that the management has installed turnstile gates to “monitor the attendance of the employees throughout the day” and to exercise full control over their movements.
They sought their removal, highlighting the challenges posed by these gates for visually impaired employees. SEBI replied that the gates have been installed recently and based on the feedback from employees, it has been decided to review the requirement after six months in consultation with employees.
SEBI officials also raised concerns that the management had increased the key result area (KRA) targets for the current year by 20-50%, and expected employees to achieve them by December. They considered these targets unrealistic, leading to stress and anxiety among employees.
“Staff are not robots with a knob that can be turned to increase productivity,” the letter states. It also mentions that in-house mental health counselors, who previously had few visitors, are now overwhelmed with employees experiencing mental health issues.
In response, a Sebi spokesperson said the KRA was set up after consultations and thorough review with all departments following concerns raised by employees.
The spokesperson said that three to four levels of management in each department have approved the KRAs. According to SEBI, minor adjustments have been made in some departments.
