Market regulator SEBI has now officially issued a clarification amid the displeasure of almost half of its employees and allegations of toxic work culture. SEBI rejected the allegations and said that they (the employees making the allegations) are being misguided from outside.
SEBI gave this clarification on the allegations
The market regulator issued a statement regarding this late on Wednesday evening. It said – the objections of the employees regarding HRA and toxic work culture are misguided by external elements and are possibly misplaced. Along with this, the regulator also said that the purpose of such allegations is to make the credibility of the institution doubtful. According to the regulator, it is committed to monitoring the complex ecosystem of the market with high transparency and responsiveness.
This is the kind of news that is going around
Earlier, reports had said that a section of SEBI employees had made serious allegations against the regulator’s chief Madhabi Puri Buch, such as spoiling the office environment, misbehaving with co-workers and using abusive language. Reports had said that SEBI officials had sent a letter to the Finance Ministry last month complaining about the chief’s bad behavior.
SEBI employees made these allegations
SEBI employees allege that Madhabi Puri promotes a toxic work culture. During her tenure, shouting at people in meetings and publicly humiliating them has become a common thing. The complaint letter has signatures of about 500 SEBI employees. The total number of SEBI employees is about 1 thousand. This means that about half of SEBI’s employees have complained to the Finance Ministry.
Such a narrative is being created intentionally
The regulator says that the allowances for employees have been determined in 2023. Even after that, they are demanding a 55 percent increase in HRA along with many other benefits. They also object to the update of Automated Management Information System for Key Result Areas (KRA) by SEBI, which aims to bring more transparency within the regulator, increase accountability and improve fairness. According to the regulator, some employees are deliberately creating such a narrative about the working methods.
Also read: Does Madhabi Puri Buch behave badly with officers? Accused of making the office environment toxic
