Winning Bizness Desk
Mumbai – On Thursday morning, hundreds of employees of the Securities and Exchange Board of India (SEBI) staged a protest against the top management, demanding the resignation of SEBI Chairperson Madhabi Puri Buch. The employees have accused the management of creating an oppressive work environment, citing issues like work pressure, use of harsh language, unrealistic targets, and micromanagement. Last month, SEBI employees sent a letter to the Ministry of Finance expressing concerns over the toxic work culture. The letter detailed how the leadership's behavior was affecting morale within the organization. In response to these complaints, SEBI released a statement on September 4, claiming that external elements were influencing and misleading employees. SEBI further stated that certain individuals were promoting false narratives about the work environment to push their own agenda.
ZEE Founder Alleges Corruption Against SEBI Chief
The protest comes in the wake of serious allegations against SEBI Chairperson Madhabi Puri Buch. On September 3, ZEE founder Subhash Chandra accused Buch of corruption, unethical behavior, and favoritism. Chandra alleged that since taking office, Buch and her husband’s income had suspiciously increased from ₹1 crore per year to ₹40-50 crore annually. He called for an investigation into this sudden spike. In addition to these accusations, the Congress party also leveled charges against Buch earlier this week. Congress spokesperson Pawan Khera alleged that Buch had drawn a salary from three different places, including ICICI Bank, while serving as a full-time SEBI member. Khera stated, "Madhabi Puri Buch held multiple posts, including at ICICI, while being associated with SEBI from April 2017 to October 2021." Congress further questioned Buch’s financial dealings, demanding greater transparency from SEBI.
Hindenburg Research’s Allegations
Buch has also found herself embroiled in allegations related to Hindenburg Research, a US-based short-selling firm. In its recent report, the firm accused Buch of having financial interests in offshore entities linked to a money-laundering scandal involving the Adani Group. Buch has denied the claims, stating that the mentioned funds were invested in 2015, long before she joined SEBI. She and her husband Dhawal Buch issued a joint statement on August 11, rejecting all allegations and clarifying that the investments were made nearly two years before her SEBI appointment. These mounting accusations have brought SEBI and its leadership into the spotlight, raising concerns about internal governance and transparency at the regulatory body.
