The clamour for Sebi chairperson Madhabi Puri-Buch’s resignation has just grown louder.

On Thursday, the Congress party intensified the calls for her resignation even as a large number of Sebi employees protested outside the capital markets regulator’s headquarters on Thursday.

A PTI report said the employees sought Puri Buch’s resignation.

The staffers, numbering over 200 as per an estimate, held a silent protest outside the main building at the Bandra Kurla Complex, housing Buch and other officials’ offices.

None of the protesting employees spoke to the media, but a handout purported to have been drafted by the protesting officials sought the withdrawal of a press release issued by Sebi on Wednesday and also Buch’s resignation.

The protesting employees assembled in front of the building and were seen standing there for about 90 minutes before dispersing.

The employees were incensed at Sebi’s claim thatthat an August 6 letter written by them to the government was instigated by “external elements’.

The employees who staged a silent protest demanded Sebi withdraw its statement which said the junior officers were misguided by external elements and have been receiving messages from such forces outside their group.

The Congress, meanwhile, is arguing Puri-Buch
stepping aside is necessary for a fair and independent investigation into the allegations against her.

“Market confidence hinges on a transparent and impartial Sebi,” said Praveen Chakravarty, chairman of Professionals’ Congress and Data Analytics, in a statement. “Only an objective probe with Ms Buch recusing herself can restore trust in India’s capital markets and the broader economy.”

The employees at the Securities and Exchange Board of India (Sebi) appear to be a house divided
with two other association — Sebi Employees Association and Sebi Employee Association for Legal Stream, which represent around 80 per cent of its empleyees — favouring dialogue and consultation with the management.

But around 500 Sebi employees wrote the letter dated August 6 complaining about `toxic work culture’.

A copy of the letter circulating on social media talks about ``Sebi which used to be a place where people used to work joyously and efficiently has become furnace of unrealistic KRA (key result areas) point achievement’’.

The letter further claimed that ``unprofessional language is casually used by people at the highest level’’ and that ``shouting, scolding and public humiliation have become a norm in meetings’’.

``The situation is such that let alone grade A-C officers, even officers in higher grades are afraid to attend meetings fearing for the unquestionably bad behaviour of people at the highest level.’’

Responding to the letter, Sebi said in a statement on Wednesday that the communication was not sent by the Sebi employee associations to the government and a section of the media.

Instead it was an anonymous email that was sent, the market regulator said in a press release. The release added that claims about unprofessional work culture was ``misplaced’’, though it did admit that the employee had certain monetary and non-monetary demands that included a rise in house rent allowance (HRA).

For Puri, protests and internal issues have come at a time she is probably facing the most challenging times in her stint. She is battling speculations on whether a conflict of interest made her go slow on the probe against Adani Group and a raft of other allegations around it.

This is not the first instance of a protest at the Sebi, which witnessed a similar protest over a month ago by some employees. At that time, officials had said that the protests were by a few elements and do not have the backing of the recognised unions or associations.