On September 5, around 200 employees of the Securities and Exchange Board of India (SEBI) staged a protest at the regulator’s headquarters in Mumbai. The protest was sparked by SEBI’s recent press release, which dismissed earlier employee complaints of an “unprofessional work culture” as being “misguided by external elements.” The employees are calling for the resignation of SEBI Chairperson Madhabi Puri Buch.
This was a few hours-long demonstration before the employees resumed work. This came after a letter written to the Finance Ministry, SEBI had rejected those claims. Some SEBI staff had last month written that there is “immense pressure” at the regulator, resulting in a “stressful and toxic work environment.”
The press release from SEBI alleged that the claims were a result of demands for increased rental allowance and disputes over delays in meeting performance targets. The regulator also cited “extraneous elements” affecting the employees but did not reveal what these influences were.
Apart from the internal friction, SEBI Chairperson Madhabi Puri Buch has faced no-confidence motions externally, initiated by the US-based short-seller Hindenburg Research against reported conflict of interest, stating that Buch and her husband had, until recently, invested in several offshore funds common to those used by the Adani Group, which are already under investigation by SEBI. Opposition parties have also echoed demands for her resignation amidst controversy.
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Source: Moneycontrol
News Desk
