Employee discontent: Sebi withdraws statement, says addressing concerns

Previous release issued on September 4 had led to protests

The Securities and Exchange Board of India (Sebi) on Monday said it was amicably addressing the concerns of protesting employees on “internal” matters, as the market regulator withdrew its earlier press release in which it had claimed that the employees’ complaints were influenced by external elements.

The recent statement from Sebi read, “Following constructive discussions with representatives of all grades of officers, SEBI and its employees have reaffirmed that such issues are strictly internal and will be managed in accordance with the organization’s high standards of governance and within a time-bound framework.”

Sebi’s new response comes amidst a month long protest by employees which started in early August, when the employees held a silent protest for 15 minutes at the headquarters in Mumbai. Sebi employees had written a mail to the Union finance ministry on August 6, expressing their concerns on “toxic work culture” and putting forth other demands.

The employees alleged that top officials use unprofessional language, enforce extended working hours, and create an unrealistic work environment that was negatively impacting their mental health.

Sebi, on its part, issued a five-page statement on September 4 detailing its stance on the HR crisis and rebutting the allegations of employee mistreatment. The regulator had stated that its “junior employees were misinformed about automatic promotions” and it was an assumption that they are underpaid at a CTC of Rs 34 lakh per annum.   

A day after the Sebi’s statement, nearly 500 employees staged a protest, demanding its withdrawal and resignation of chairperson Madhabi Puri Buch.

It all comes at a time when the Sebi chair has already been in the eye of the storm with a series of allegations levelled by short-seller Hindenburg Research and the Congress party.

“Employees have strongly condemned the unauthorised release of internal communication and have confirmed that all concerns shall be addressed amicably through established internal channel,” Sebi had said.

“Sebi believes that its employees have played a critical role over the past thirty-six years in shaping the Indian securities market into one of the most dynamic and well regulated markets globally,” said the regulator.