Securities and Exchange Board of India (SEBI) chairperson Madhabi Puri Buch.
Credit: PTI Photo
Amid the many allegations surfacing against SEBI chief Madhabi Puri Buch, a fresh letter sent by officials of the market regulator to the finance ministry alleging a 'toxic workculture' prevalent under her leadership has set more alarm bells ringing.
Economic Times, which has reviewed the letter, quoted from the same: "Fear has become the primary driving force in SEBI over the last 2-3 years." and "Shouting, scolding and public humiliation have become a norm in meetings."
The publication also states that the "core of their grievance" is that some officials in positions of power have been "shouting" and "calling names" at them, and that there is "no defence from the senior management".
The letter also alleges, "Senior management seems to conveniently forget to also adopt best-in-class man management, leadership, and motivation methods towards its employees. This method of leadership wherein employees are browbeaten into submission with shouting, using harsh and unprofessional language has to stop."
The letter sent to the finance ministry also alleges that turnstile gates have been installed to "monitor the intra-day attendance of employees" in order to have "complete control of their every movement".
SEBI, as per the communication, has bumped up key result area targets by 20 to 50 for the ongoing fiscal year, which according to the complainants is unrealistic.
"Employees are not robots with a knob that one can turn and increase the output," it said.
The in-house mental health counsellor is also now reportedly "overburdened with employees facing mental health issues".
The publication reported that SEBI has said the key result area targets have been reviewed after employees flagged these issue, post which three to four levels of management have reaffirmed the same.
Buch is already under the scanner with several allegations against her, Hindenburg Research has accused Buch and her husband of investing in offshore firms that were used to siphon funds and manipulate Adani Group's stock prices.
The Congress has accused her of drawing salary from the ICICI Bank even after she became a member of SEBI.
Essel Group Chairman and Zee TV founder Subhash Chandra has also accused Buch of corruption.
The publication reported that in response to its mail regarding the letter of the SEBI employees, the regulator said that the issue has already been resolved, further adding, "Engagement with employees for resolution of their issues is a continuous process."