Sebi Employees Share Agitation With Govt On Toxic Work Culture

In a letter to the government, the Securities and Exchange Board of India (Sebi) staff expressed their concerns about a ‘toxic work culture.’ In the letter dated 6 August, representatives claimed that public humiliation, reprimands, and shouting have become the norm in meetings.

It was informed by Sebi that the issues about the employees have already been resolved. The regulator said to the publication, “Engagement with employees for resolution of their issues is a continuous process.” This happened while Madhabi Puri Buch, the head of Sebi, is being accused of several things. Earlier this week, Buch's salary from ICICI Bank, where she worked before joining Sebi in 2017, came under scrutiny from Congress.

Senior Congressman Pawan Khera said during a news conference on Monday that Buch earned Rs 16.80 crore from ICICI Bank, ICICI Prudential, and ESOPs between 01 July and 02 September, all while she was a Sebi member. 

The party asserted that Buch received continuous money from ICICI Bank from 2017 to 2024 and that the bank even covered the tax deducted at source (TDS) on ESOP. According to the party, she also received Rs 2.17 lakh from ICICI Prudential in 2021-2022, and ESOP started at Rs 2.66 lakh.

In response to the accusations, ICICI business clarified the situation by sending a letter to the stock exchange, stating that Buch received payments solely as retirement benefits rather than salary or ESOP after leaving the business. 

The head of Congress replied against ICICI's explanation that workers, even those who are retired, might use their Esops for a maximum of ten years after their exit. Citing the ESOP policy of ICICI Bank, which permits former workers to exercise their options for a maximum of three months after termination, Khera asked, “Where is this 'revised policy' under which Madhabi Puri Buch was able to exercise Esops eight years after her voluntary termination?”

On the other hand, Sebi chief Buch and her husband responded to Hindenburg's accusations by claiming that the US-based short seller was trying to undermine Sebi’s reputation and engaging in character assassination of the organisation's chairperson.

Buch provided a more thorough statement in which they stated that they invested in a fund managed by IIFL Wealth Management as private citizens residing in Singapore, two years before Sebi chief became a full-time member of Sebi.