SEBI Employees Allege Toxic Work Culture in Explosive Letter
Employees at the Securities and Exchange Board of India (SEBI) have written a scathing letter to the Finance Ministry, alleging a "toxic" leadership culture at the organization. The letter, which has been accessed by Business Today, paints a grim picture of an oppressive work environment characterized by unrealistic targets, fear, and disrespect.
unrealistic KRA targets and a climate of mistrust and disrespect. They claim that KRA targets have been increased by 30-50% for some departments, leading to immense pressure and stress. Additionally, they allege that the senior management has fostered an environment of fear, where shouting, scolding, and public humiliation are commonplace. This has led to a sense of mistrust and a reluctance to attend meetings, even among high-ranking officers.
The letter further criticizes the installation of "swing barriers" to monitor attendance, viewing it as a sign of mistrust towards employees. It contrasts this with the lack of "best-in-class man management, leadership, and motivation methods" towards employees.
The employees conclude their letter with a powerful poem, lamenting the loss of respect and dignity they once felt at SEBI. They express their deep disappointment and concern over the current state of affairs.
Meanwhile, two SEBI employee unions have condemned the allegations as "misinformation" and "misplaced." They claim that SEBI is committed to transparency and accountability, and that the voices of discontent represent only a small minority.
This internal conflict adds another layer to the challenges faced by SEBI chairperson Madhabi Puri Buch, who has been under fire from various quarters in recent months. She has faced accusations of conflict of interest, receiving salary and benefits from ICICI Bank while heading SEBI, and blocking the Zee-Sony merger.
SEBI is yet to respond to the allegations made in the letter. This story will be updated as soon as a response is received.