About 200 employees of the Securities & Exchange Board of India demonstrated near its office in Mumbai on September 5, 2024. This demonstration came after the Sebi issued an ugly statement that described their earlier letter to the Finance Ministry dissecting a stressful working environment as influenced by extraneous factors.
The protest lasted approximately two hours, after which the employees returned to their rooms. From the internal communication practices observed among the staff, it emerged that the demonstration wanted to show displeasure coupled with unity against what they deemed an ‘intimidation message’ from the management in a press release format.
Some of their demands were that the press release be withdrawn and that Sebi Chairperson Madhabi Puri Buch resign, who was accused of propagating misinformation to the public about her staff.
This emanates from a letter written by some employees to the Finance Ministry in the prior month, describing Sebi’s work environment as hostile and very pressuring. In return, the regulator explained that the employees’ apprehensions stemmed from so-called ‘outside elements’ interference, but no additional information was given about these outsiders.
This occurs against the backdrop of an allegation made against the Chairperson, Madhabi Puri Buch, by a US-based activist shortseller firm, Hindenburg Research LLC, for its earlier report on the Adani Group.
The accusations raise widespread concerns about impartiality since Buch and her spouse allegedly had stakes in the offshore funds linked to the conglomerate owned by the Indian tycoon. Moreover, ICICI’s Subhash Chandra has alleged that she practiced corruption, and the Congress party alleges that she continues to enjoy financial benefits from ICICI Bank.
