SEBI Employees Protest Outside Mumbai Office, Say Demonstration To Continue Until Demands Are Met

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New Delhi: SEBI employees protested outside their office on September 5, expressing frustration with the top management. According to zee news sources, the employees are upset about a five-page statement shared with the media.

The note dismissed claims of an unprofessional work culture at SEBI as misleading, stating that external influences had encouraged junior employees to demand higher salaries despite poor performance. SEBI staff are angry that this information was shared publicly. Earlier, around 500 employees had sent a complaint letter to the Ministry of Finance, raising serious concerns about the top management and outlining their issues.

Silent protest was held to express opposition

SEBI employees held a 15-minute silent protest to express their opposition. They stated that this demonstration is just a mock drill and will continue in the future if their demands are not met. The protest is against SEBI’s toxic work culture, they said, and if the issues remain unresolved they will keep protesting.

Out of SEBI's 1,000 employees, about 500 had already sent a complaint letter to the Ministry of Finance on August 6. The letter accused SEBI's top leadership of fostering a toxic work environment, setting unrealistic targets and micromanaging employees. During the protest, a 15-minute silent demonstration was also held and the complaint highlighted concerns about the management's aggressive working style, including shouting at employees.

Essel Group’s Chairman had also made similar allegations

SEBI employees have demanded the resignation of SEBI Chief Madhabi Puri Buch and called for the withdrawal of an official email issued by SEBI. In their complaint, employees mentioned that shouting, scolding, and publicly humiliating staff have become common during meetings. 

This controversy has surfaced amid accusations against SEBI Chief Madhabi Puri Buch regarding a conflict of interest in the regulator's investigation of the Adani Group. Earlier, Essel Group Chairman Subhash Chandra had also accused her of corruption.

Minute-by-minute monitoring of activities

In a letter titled "Grievances of SEBI Officers - A Call for Respect," employees pointed out that the leadership team, under Madhabi Puri Buch, uses harsh and unprofessional language with team members. Additionally, their activities are monitored on a minute-by-minute basis. This marks the first time in SEBI's history that its officers have raised concerns about unfriendly employee practices.