New Delhi: Almost half of the officers at the Securities and Exchange Board of India have levelled accusations against the organization’s leadership for promoting a toxic work environment.
A letter addressed to the finance ministry on August 6 detailed allegations from Sebi employees that “shouting, scolding, and public humiliation have become commonplace in meetings,” resulting in an adversarial environment detrimental to their mental health and work-life balance.
The document, entitled “Grievances of Sebi Officers – A Call for Respect,” bears the signatures of approximately 500 of Sebi’s 1,000 officers, signifying a notable rise in internal discord.
These employees assert that their grievances have been disregarded despite internal reporting, leading them to request the finance ministry’s involvement.
Sebi Chairperson Madhabi Puri Buch has been the subject of criticism for her management approach, with accusations of employing “harsh and unprofessional language” and excessively tracking employees’ movements.
Furthermore, the letter points out the setting of “unrealistic work targets with shifting benchmarks,” which has intensified stress and anxiety among the staff. It claims that under the guise of enhancing efficiency, the management has introduced backward policies, instilling a culture of fear within Sebi over the past two to three years.
The officers also reported that the senior management frequently resorts to name-calling and shouting, contributing to a hostile work environment.
The letter voiced concerns over new policies implemented by management, such as installing turnstile gates to check intra-day attendance, which staff argue is invasive and poses difficulties for those with visual impairments. The officers have called for the removal of these gates, claiming they impose excessive control over their movements.
In response to these claims, Sebi has indicated that the issues mentioned have been resolved.
“Sebi has already addressed the issues mentioned in your email,” the regulator stated in a response. Sebi further mentioned that modifications to the structure of review meetings have been made to enhance the work atmosphere. These amendments have been recognized by the two associations representing Sebi employees, as per the regulator.
On the matter of the turnstile gates, Sebi acknowledged their recent installation and stated that a review of their need would be conducted after six months in consultation with the employees.
The letter also denounced the heightened Key Result Area (KRA) objectives, which have increased by 20-50% this year, with a December deadline. The employees contend that these goals are unattainable and have caused considerable stress.
The letter stated, “Employees are not automatons that can be adjusted to increase productivity.” It was also noted that the in-house mental health counsellor, previously seldom visited, is now overwhelmed with employees struggling with mental health issues. Nevertheless, Sebi asserted that the KRAs were established following extensive consultations and have undergone reviews at various management levels.