Madhabi Puri Buch and the Toxic Work Culture at SEBI: A Critical Look
Recent reports and complaints from officials within the Securities and Exchange Board of India (SEBI) have raised serious concerns about the work environment under its chief, Madhabi Puri Buch. The reports suggest a toxic work culture driven by unrealistic expectations, harsh treatment of employees, and alleged conflicts of interest in investigations involving the Adani Group.
Unprecedented Complaint to the Finance Ministry
In an unprecedented move, SEBI officials submitted a letter to the finance ministry, outlining their grievances. Titled “Grievances of SEBI Officers—A Call for Respect,” the letter described a work culture marked by “shouting, scolding, and public humiliation.” Employees accused Buch of using harsh language, setting unrealistic work targets, and micromanaging their daily tasks, impacting mental health and work-life balance.
The five-page letter highlighted that SEBI’s leadership frequently uses “unprofessional language” and that this behavior has created a climate of fear within the organization. Employees, including those in senior positions, have reportedly chosen to remain silent for fear of retaliation.
Conflict of Interest Allegations Involving Adani
Adding to the concerns over Buch’s leadership is the ongoing controversy surrounding SEBI’s investigation into Adani Group companies. Reports have emerged suggesting that Buch has asked SEBI employees not to reveal or investigate any wrongdoings against the conglomerate. The pressure to protect Adani companies has allegedly come with threats of job loss for those in top management positions if they defy these directives.
An anonymous mail received by The Philox, as well as various news reports, has confirmed that employees have been discouraged from fully investigating or reporting any issues related to Adani. This raises significant questions about SEBI’s impartiality and the independence of its regulatory activities under Buch’s leadership.
SEBI’s Response to the Allegations
In response to the reports, SEBI has issued a statement claiming that it has already addressed concerns related to the work environment. According to SEBI, the format of review meetings has been changed, and the leadership believes the issues raised by employees have been resolved. However, the extent to which these changes will ease the reported toxic atmosphere remains to be seen.
Leadership Style and Employee Well-Being
The letter submitted to the finance ministry underscores the damaging effect Buch’s leadership style has had on SEBI employees. The officials argued that while SEBI has been focused on adopting “best-in-class technology,” it has failed to implement “best-in-class leadership, motivation, and man-management methods.”
Employees have been reduced to mere tools in the pursuit of higher output, according to the letter, with “unrealistic work targets and changing goalposts” leading to increased stress and burnout. Buch’s leadership, which seems to rely on fear and intimidation, has left many employees questioning their future within the organization.
Madhabi Puri Buch’s tenure as SEBI chief has been marred by serious allegations of toxic work culture and conflict of interest. The leadership’s harsh treatment of employees and the alleged protection of Adani Group companies have raised concerns about the integrity of SEBI’s regulatory oversight. While SEBI has responded to the complaints, the real impact of these changes remains unclear. For now, the grievances of SEBI employees continue to cast a shadow over the organization’s leadership and its role as India’s capital markets regulator.
