SEBI Employees Protest in Mumbai Over Alleged Unprofessional Work Conditions

Mumbai, 5th September 2024: On September 5, up to 200 Securities and Exchange Board of India (SEBI) employees staged a protest at the regulator’s Mumbai headquarters. The demonstration was in response to a recent SEBI press release that labelled their previous letter to the Finance Ministry about unprofessional work conditions as “misguided by external elements.”

The protest lasted about two hours before the employees returned to their duties.

SEBI addressed the issue on Wednesday, stating that the allegations of an unprofessional work environment at its offices were “misplaced.”

According to an internal message shared among employees, “The protest aimed to express dissent and solidarity against what we view as an unjustified press release by top management.”

The message also outlined the protesters’ immediate demands: the withdrawal of the press release and the resignation of SEBI Chairperson Madhabi Puri Buch for allegedly spreading falsehoods about the employees.

Last month, some SEBI staff had written to the Finance Ministry claiming the regulator’s environment was “stressful and toxic” due to “immense pressure.”

SEBI countered these claims in a statement, attributing the dissatisfaction to demands for higher rental allowances and issues with misreporting and decision-making delays. The statement suggested that “outside elements” had influenced employees to reject high standards of performance and accountability, though no specific details about these elements were provided.

SEBI Chairperson Madhabi Puri Buch has also been accused of conflicts of interest by the US short-seller Hindenburg Research and opposition political parties, who have called for her resignation. Hindenburg alleged that Buch and her husband had investments in offshore funds connected to the Adani Group, under investigation by SEBI. Buch has denied these accusations.

Additionally, the Congress party has claimed that Buch continued to receive income from ICICI Bank, where she was employed before joining SEBI. ICICI Bank has refuted these claims, and neither Buch nor SEBI has commented further.

In its press release, SEBI reiterated its commitment to maintaining transparency and responsiveness in serving the market ecosystem.