A day after a complaint of approximately 500 senior Sebi officials against its chairperson Madhabi Puri Buch to the finance ministry came into public domain, employees of the market regular held a protest against her today (Thursday, September 5, 2024).   

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Sebi employees said that it was just a mock drill and they would follow it up soon.

They said that the protest was against the toxic work culture at Sebi.  

They said that their demand were not met. 

The protest will continue in coming days too, said the employees.

Earlier on Wednesday, a letter emerged into public domain, where employees at the market regulator wrote to the finance ministry, complaining about toxic work culture at Sebi.

According to a letter dated August 6, Sebi meetings often involved "shouting, scolding, and public humiliation," with the leadership under Madhabi Puri Buch allegedly using "harsh and unprofessional language" with employees.

Last month, former Finance Secretary SC Garg told Zee Business that Buch should step down, as the recent turn of events is "not good for the reputation" of Sebi.

He said that the government should investigate the matter closely.

Several foreign investors have also raised concerns about recent developments related to Madhabi Puri Buch. Among them, Daniel Geltrude, a prominent business and tech analyst and economist, said that the allegations "can destroy investor confidence."