'Shouting, Scolding, Public Humiliation Became Norm In Meetings' -- 500 Sebi Officials Lodge Complaints, Cite Toxic Work Culture

In what seems to be mounting worries for Sebi Chief Madhabi Puri Buch, Sebi officials have written a letter to the finance ministry citing toxic work culture inside the regulatory body.

New Delhi: Troubles seem to be far from over for Sebi Chairperson Madhabi Puri Buch. A latest report published by the Economic Times said that almost 500 officials of the Securities and Exchange Board of India (Sebi) have signed a letter being written to the finance ministry regarding the toxic work culture being practiced in Sebi. 

The complaint by Sebi officials coincides with the latest series of allegations on the Sebi chief from Hindenburg's Adani relation claims, to opposition's tirade on her monetary dealings with ICICI Bank.

ET has reviewed the letter dated August 6 in which it stated, "Shouting, scolding and public humiliation have become a norm in meetings.

Economic Times, quoting the content of the letter wrote, "The letter entitled 'Grievances of Sebi Officers-A Call for Respect' says the leadership steered by Buch uses "harsh and unprofessional language" toward team members, monitors their "minute-by-minute movement" and has imposed "unrealistic work targets with changing goalposts".

Essel Group Chairman Dr. Subhash Chandra has now labelled serious allegations against Buch. Dr Chandra alleged that Madhabi Puri Buch is responsible for the failure of the ZEEL-Sony deal. The Essel Group Chairman also claimed that Buch is responsible for the loss suffered by retail shareholders.

Dr. Subhash Chandra also accused Buch of demanding bribes indirectly through a third party. Dr Chandra alleged that a bribe of hundreds of crores was demanded from him to settle the matter with SEBI and this bribe was demanded by a person named Manjit Singh on behalf of Madhabi Puri Buch. (Watch Subhash Chandra's Full Interview)

The Congress party has levelled fresh conflict-of-interest allegations against Buch. On Tuesday, Congress questioned the ICICI Bank's assertion that it had not paid any salary or granted ESOPs to SEBI Chairperson Madhabi Buch after her retirement and asked that if the amount paid to her was her "retiral benefit", why was it non-uniform both in terms of its frequency and amount.