Nearly half of the officers at the Securities and Exchange Board of India (Sebi) have accused the market regulator's leadership of fostering a toxic work environment, reported The Economic Times.
According to a letter sent to the finance ministry on August 6, Sebi employees alleged that "shouting, scolding, and public humiliation have become a norm in meetings," creating a hostile atmosphere that has negatively impacted their mental health and work-life balance.
The letter, titled "Grievances of Sebi Officers - A Call for Respect," was signed by around 500 of Sebi's 1,000 officers and marks a significant escalation in the tensions within the organisation.
The employees claimed that despite raising these concerns internally, their complaints have been ignored, prompting them to seek intervention from the finance ministry.
The officers criticised Sebi Chairperson Madhabi Puri Buch's leadership style, accusing her of using "harsh and unprofessional language" and monitoring employees' "minute-by-minute movement."
The letter also highlighted the imposition of "unrealistic work targets with changing goalposts," which has exacerbated stress and anxiety among employees.
"In the name of increasing efficiency, the management has overhauled systems and put in place regressive policies," the letter states, adding that fear has become the "primary driving force in Sebi over the last 2-3 years."
The officers further noted that senior management often "calls names" and "shouts" at them, creating an oppressive work environment.
The letter also raised concerns about recent measures introduced by the management, such as the installation of turnstile gates to monitor intra-day attendance, which employees argue is intrusive and particularly challenging for those with visual impairments.
The officers have demanded the removal of these gates, stating they represent an unnecessary level of control over their movements.
In response to these allegations, Sebi has stated that the issues raised have been addressed.
"The issues referred to in your mail have already been addressed by Sebi," the regulator said in an email. Sebi also noted that changes have been made to the format of review meetings to improve the work environment. The two associations representing Sebi employees have acknowledged these changes, according to the regulator.
Regarding the turnstile gates, Sebi said they were installed recently, and a decision to review their necessity would be made in consultation with employees after six months.
The letter also criticised the increased Key Result Area (KRA) targets, which have been raised by 20-50% this year with a deadline of December.
The employees argued that these targets are unrealistic and have led to significant stress.
