Staffers move court against Sebi's hiring policies

Bombay HC to hear the matter on Dec 21

Market regulator Securities and Exchange Board of India (Sebi) has been dragged to the court by its own employees over hiring policy. Miffed over filling top posts through contract hiring, the Sebi Employee Association (SEA) has filed a writ petition in the Bombay High Court challenging the appointment of executive directors (EDs) on deputation. The court on December 21 will take a call on admission of the plea.
 
The move follows advertisements put out by Sebi inviting applicants for the ED posts on a deputation basis. The last date for application was November 25.
 
In the petition, SEA has demanded a stay on the appointment process and has stated that the regulator is resorting to contractual employment instead of promoting eligible candidates from within the organisation.

 

Sebi rules allow appointment of non-cadre personnel on deputation basis if no suitable candidate is available internally.
 
At present, of eight Sebi EDs, four are non-cadre.  The Sebi board decides appointments of EDs, whether internal or external.
 
Sebi has regularly hired people from the income tax depararment and other government agencies.
 
SEA wants Sebi to consider its own staffers before tapping external talent. Insiders say Sebi staffers are being forced to quit and move to the private sector due to lack of promotions within the organisation.
 
Sebi officials have a view there is no need for the regulator to hire people from outside when their own employees have been quite successful for other government agencies.

 
In the past two years, Sebi staffers have been voicing their concerns against the Sebi management through the newly-set-up SEA. Around 650 Sebi employees are part of this association. 
 
Counsel Shrihari Aney and L S Shetty will be representing SEA, while senior counsel Rafique Dada will appear for Sebi before the Bombay High Court.