SEBI Toxic Work Environment: Employee Complaints

SEBI Employees Accuse Leadership of Creating Toxic Work Environment

Nearly half of the officers at the Securities and Exchange Board of India (SEBI) have accused the market regulator’s leadership of fostering a toxic work environment. According to a report by The Economic Times, SEBI employees sent a letter to the finance ministry, alleging that “shouting, scolding, and public humiliation” have become standard in meetings, creating a hostile atmosphere that negatively impacts their mental health and work-life balance.

The letter, titled “Grievances of SEBI Officers – A Call for Respect,” was signed by around 500 of SEBI’s 1,000 officers, marking a significant escalation in internal tensions. The employees claimed that despite raising these concerns internally, their complaints were ignored, prompting them to seek intervention from the finance ministry.

Accusations Against SEBI Leadership

The officers criticized SEBI Chairperson Madhabi Puri Buch’s leadership style, accusing her of using “harsh and unprofessional language” and closely monitoring employees’ every move. They also highlighted the imposition of “unrealistic work targets with changing goalposts,” which has exacerbated stress and anxiety among employees.

The letter detailed the unprofessional conduct of senior management, including the frequent use of derogatory language and public scolding. It stated that fear has become the “primary driving force in SEBI over the last 2-3 years.”

Concerns Over Monitoring and New Policies

Employees raised concerns about recent measures introduced by the management, such as the installation of turnstile gates to monitor attendance, which they argue is intrusive and particularly challenging for employees with visual impairments. The officers demanded the removal of these gates, describing them as an unnecessary control over their movements.

The officers also criticized the increased Key Result Area (KRA) targets, which were raised by 20-50% this year. They argued that these unrealistic goals have led to significant stress, emphasizing that “employees are not robots with a knob that one can turn to increase output.”

SEBI’s Response to the Allegations

In response, SEBI stated that the issues raised have already been addressed. The regulator noted changes in the format of review meetings to improve the work environment and said the associations representing SEBI employees had acknowledged these adjustments.

Regarding the turnstile gates, SEBI mentioned that their necessity would be reviewed in consultation with employees after six months. Additionally, SEBI maintained that the increased KRA targets were established after thorough consultations and were deemed reasonable by multiple levels of management.

Despite SEBI’s assurances, employees remain skeptical, highlighting the growing number of staff seeking mental health support due to the stress caused by the current work culture. As SEBI faces mounting internal criticism, the focus is now on how the leadership will address these concerns and create a healthier work environment for its employees.

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