SEBI employees stage protest, demand resignation of chief Madhabi Puri Buch
Employees demand SEBI to remove statement in which it claimed that “external forces” were behind the discontentment expressed by its staff
A group of unhappy employees from the Securities and Exchange Board of India (SEBI) staged a protest outside its Mumbai headquarters on Thursday (September 05).
They demanded the removal of a statement issued by SEBI on Wednesday and the resignation of their chief, Madhabi Puri Buch.
Anger over SEBI statement
According to The Economic Times, SEBI's claim that its staff were being influenced by "external forces" further angered the employees, leading to a silent protest in front of the media.
SEBI dismissed allegations of toxic and unprofessional work culture on Wednesday, insisting its staff to maintain high standards. It blamed "external elements" for the protests and called complaints of "public humiliation" misplaced and unfounded.
Allegations of toxic workplace
Last month, SEBI employees wrote to the Union Finance Ministry, complaining of immense work pressure and a toxic environment. They alleged that shouting and public humiliation had become common in meetings.
Charges against SEBI chief
SEBI chief Buch is also facing several allegations against her.
The Congress recently questioned her compensation from ICICI Bank, where she worked before joining SEBI. The party claimed she held an office of profit at the bank and received ₹16.8 crore in benefits. Congress leader Pawan Khera urged her to respond to these accusations.
Besides, US firm Hindenburg Research in a report last month, accused Buch and her husband of owning stakes in offshore funds used to inflate Adani Group stocks, which SEBI is investigating.
Both denied the allegations, calling them baseless and an attack on their character.