In an unprecedented event, employees of the Securities and Exchange Board of India (SEBI) staged a silent protest today outside the SEBI office. The protest was triggered by a press release issued by SEBI’s top management, which employees have demanded to be retracted. Furthermore, employees are calling for the resignation of SEBI Chairperson, Madhabi Puri Buch.
The Root of the Protest
Around 1000 employees, including more than 500 Grade Officers, signed a letter addressed to the Finance Ministry last month, raising concerns about the extremely toxic work culture at SEBI. They highlighted several issues, including frequent use of abusive language, rude behavior from senior management, and high levels of stress caused by minute-by-minute monitoring of their activities.
One of the primary concerns raised by the employees is the excessive pressure to meet unrealistic Key Result Areas (KRAs), further exacerbating the already toxic environment. Employees mentioned that the atmosphere in meetings is tense, with yelling and confrontations being common occurrences.
A First in SEBI’s History
This silent protest is a historical first for SEBI, an organization that has never witnessed its employees demonstrating openly against management decisions. The employees are protesting peacefully, but their demands are loud and clear: an improvement in the toxic work culture and accountability from the leadership.
Press Release Backlash
The protest was sparked by a press release issued by SEBI, which claimed that management was already in discussions with employees and that the matters had been resolved. Employees, however, strongly disagreed, asserting that no meaningful dialogue had taken place. They are demanding that the press release be retracted, as it falsely presents the situation and undermines the gravity of the issues they have raised.
Growing Discontent
Employees have expressed that fear and anxiety dominate their daily work, with many feeling that they have no choice but to silently endure the toxic environment. Despite complaints being made to senior officials, no tangible action has been taken to address the situation.
Moving Forward
While the protest is silent, the message is clear: SEBI employees are seeking a major change in their work environment. The demand for the resignation of Chairperson Madhabi Puri Buch is one of their key objectives, along with a shift away from what they describe as a culture of fear and toxic behavior.
As the silent protest continues, all eyes are on SEBI’s management and the Finance Ministry, waiting to see how they will address this unprecedented uprising within the organization.
