Adding more trouble for the Sebi chief, Madhabi Puri Buch, a new report which has surfaced now, claims that employees at the SEBI have flagged toxic work culture to the finance ministry last month. SEBI officials have made an unprecedented complaint to the finance ministry last month, accusing the leadership of fostering a toxic work culture.
An August 6 letter describes “Shouting, scolding and public humiliation have become a norm in meetings at SEBI,” according to a report from The Economic Times.
SEBI has around 1,000 officers of Grade A and above (assistant manager and above) and among half of them i.e. 500, have signed the letter, according to the Economic Times report.
The letter named as ‘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”.
It has happened for the first time in Sebi’s history that its officers have complained about toxic culture at the workplace. This has impacted mental health and thrown work-life balance out of gear, they said in the letter, states report.
The Congress on Tuesday 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.
The opposition party levelled fresh conflict-of-interest allegations against Buch on Monday and asked Prime Minister Narendra Modi to come clean as the head of the Appointments Committee of the Cabinet on her appointment.
It alleged that since Buch took office in 2017, she has not only been drawing a salary from the SEBI but has also been holding an office of profit at the ICICI Bank, continuing to receive income from the bank to this very day.
Subsequently, the bank said it has not paid any salary or granted ESOPs to Buch after her retirement on October 31, 2013, as alleged by the Congress.
(With Inputs From PTI)
For breaking news and live news updates, like us on Facebook or follow us on Twitter and Instagram. Read more on Latest Business News on India.com.