Madhabi Puri Buch setting humanely impossible targets, workers allege

Employees at the Securities and Exchange Board of India (SEBI) have voiced serious concerns about the work environment, describing it as "toxic" in a letter sent to the Finance Ministry. The letter criticises the leadership for creating a workplace that is oppressive, regressive, and marked by mistrust, though it stops short of naming SEBI Chairperson Madhabi Puri Buch directly.

The employees claim that the relentless focus on achieving Key Result Areas (KRAs) has turned the SEBI office into a "furnace" of unrealistic expectations. According to the letter, KRA targets for certain departments have been increased by 30% to 50%, putting immense pressure on staff and resulting in a decline in work quality. The atmosphere has reportedly led to "panic addition" instead of meaningful contributions, as employees struggle to meet these inflated goals.

The letter also points to a "lack of respect and mistrust" from the leadership, stating that fear has become the primary motivator at SEBI over the last few years. Instances of public humiliation, shouting, and scolding in meetings have become commonplace, creating a hostile work environment where even senior officers feel intimidated. The letter further alleges that new monitoring measures, such as 'swing barriers' for tracking attendance, reflect the leadership's mistrust of its employees.

In a poignant conclusion, the letter includes a piece of poetry expressing employees' frustration with the current situation, emphasising that the issue is not just about work, but about the way they are being treated.

Unions jump to defence of Madhabi Puri Buch

On the other hand, SEBI's employee unions, including the SEBI Employee Association (SEA) and the SEBI Employee Association for Legal Stream (SEALS), have dismissed these allegations as "misinformation." The unions, representing about 80% of SEBI's workforce, argue that the concerns raised are the grievances of a "few disgruntled persons" and affirm SEBI's commitment to transparency and accountability.

These internal conflicts add to the challenges facing SEBI Chairperson Madhabi Puri Buch, who has recently been embroiled in multiple controversies. Allegations against her include conflict of interest in SEBI’s investigation into the Adani Group, claims by the Congress party about her financial ties to ICICI Bank, and accusations from Zee Group's Subhash Chandra of corruption related to the Zee-Sony merger.

A response from SEBI is still awaited.