look news india
Mumbai: The tussle between the Securities and Exchange Board of India (SEBI) management and employees has started intensifying. About 200 SEBI employees protested at the SEBI headquarters in Mumbai today-Thursday. The employees protested against the claims made in a SEBI press release that a letter written earlier to the Finance Ministry on unprofessional practices in SEBI was being misled by “outside elements”. The employees also demanded the resignation of SEBI chief Madhavi Puri Buch.
After this protest that lasted for several hours, the employees left their offices and returned to work. It is worth noting that on Wednesday, SEBI had said that the claims of unprofessional work culture in its offices are false. An internal message sent to the employees said that the purpose of the protest is to express dissatisfaction and solidarity against the action taken by the top management under the guise of a press release. A message accompanying the protest said that SEBI should withdraw the press release with immediate effect and the SEBI chairman should resign for spreading lies against the employees.
In a letter to the Finance Ministry last month, some SEBI employees had said that there was a lot of pressure on SEBI, resulting in a stressful and toxic working environment at SEBI. SEBI said in a press statement that these claims were made due to efforts to prevent delays in decision making and misstatement of targets and demand for higher rent allowance. Without giving any details about the factors, SEBI said in the statement that some external factors have led its employees to believe that they do not necessarily have high standards of performance and accountability.
Sebi chairperson Madhavi Puri Buch has faced allegations of conflict of interest from US short-seller Hindenburg Research and opposition political parties and has demanded the resignation of the Sebi chairperson. Hindenburg alleged that Buch and her husband had also previously invested in an offshore fund used by the Adani Group, which is being investigated by the regulator. Buch has denied the allegations.
Recently it was alleged by the Congress party that even after joining SEBI, Madhavi Puri Buch had previously worked in ICICI Bank and continued to earn income from there. ICICI Bank has denied the allegations, while SEBI Chairperson and SEBI have not commented on the matter.
Madhavi Buch had two jobs simultaneously while working in Shajich Doval's son's company
SEBI Chairman Madhavi Puri Buch is facing one allegation after another. After his retirement and alleged income from ICICI Bank every year during his tenure at SEBI, details emerged on Thursday that Buch was also working in a venture fund called Global Pacific Capital while working at ICICI Bank.
According to reports, from 2011 to 2013, Madhavi Puri Buch was working in Global Pacific along with working in ICICI Bank. How can one do two things simultaneously? Another question is also being raised that this Global Pacific Capital is run by Shaurya Doval, son of the country's National Security Advisor Ajit Doval, so is there any relationship between Doval and the Buch family, Congress raised the question in the press conference and demanded an impartial investigation of the matter.