Protesting SEBI employees not willing to take back their complaint, haven't reached any conclusion

SEBI had on September 4, released a five-page statement blaming that unidentified outside elements were influencing its officials into leaking to the media the 'toxic work culture' at the market regulator.

SEBI employees, who had had negotiations with authorities and senior management along with their boss Madhabi Puri Buch, haven't reached any conclusion yet.

SEBI had on September 4, released a five-page statement blaming that unidentified outside elements were influencing its officials into leaking to media the 'toxic work culture' at the market regulator.

The statement claims that 500 junior officers signed a letter which was sent to the HR Department. An anonymous e-mail having charges against Buch was also sent to the Ministry of Finance.

According to a report by The Economic Times, reportedly Buch wants the employees to withdraw their complaint from the Ministry of Finance regarding HR issues.

However, it has been known that the employees are not willing to take back their complaint.

The Congress on Tuesday claimed that SEBI Chairperson Buch had a 99 per cent stake in a firm when it provided consultancy services to the Mahindra and Mahindra Group and her husband received Rs 4.78 crore as income from the conglomerate while she was adjudicating cases of the same group.

Congress general secretary in-charge communications Jairam Ramesh asked whether Prime Minister Narendra Modi was aware that Buch owns 99 per cent of Agora Advisory Pvt Ltd and is receiving significant fees from listed entities.

Dismissing the allegations as “false and misleading in nature”, Mahindra and Mahindra Group said it had not requested the SEBI for any preferential treatment at any point and it followed the highest standards of corporate governance.

Congress President Mallikarjun Kharge claimed on ‘X’ that his party has already “revealed numerous” instances of Buch’s conflict of interest at a time the SEBI is investigating the “mega Modi-Adani scam”.

“Modi-Shah led committee appointed the SEBI Chairperson. Did they deliberately appoint her to benefit their crony friends? Or were they unaware of the shady financial dealings? Are SEBI orders on regulated companies, now, contingent on the consultancy fees its chairperson receives through a shady company?” he asked.