MUMBAI: Bowing to pressure from agitating employees, markets regulator Sebi on Monday did an about turn, withdrawing its Sept 4 press release in which, among other things, it had blamed “external elements” for a spate of agitations by a part of its employees and argued that entry level salaries at the regulatory body, estimated at Rs 34 lakh on a cost to company basis, was comparable with the corporate sector.
On Sept 5, several Sebi employees had taken the unprecedented step of holding a demonstration at the watchdog’s headquarters demanding withdrawal of the press release, arguing that the contents had several incorrect pieces of information.
Prior to Sebi’s Sept 4 release, about 500 employees had written to finance ministry on how chairperson Madhabi Puri Buch had brought in a “toxic” management culture in the organisation.
Sebi: Staff for resolving issues amicably via internal channels
In their letter to govt, Sebi employees had said that one of their main grievances was about the leadership “calling names” and “shouting” at them. “Unprofessional language is casually used by people at the highest level,” officers were quoted in the report.
Sebi’s clarification of Sept 4, however, was silent on this issue, which was at the core of their grievance. The Sebi statement had claimed that an anonymous email had been sent and officers and associations condemned the communication to govt.
In its statement on Monday, Sebi said that it had “constructive discussions with representatives of all grades of officers,” and after that Sebi and its employees have reaffirmed that such issues were “strictly internal” and “will be managed in accordance with the organisation’s high standards of governance” and in a time-bound manner.
“Accordingly, the press release (of Sept 4) stands withdrawn. Employees have strongly condemned the unauthorised release of internal communication and have confirmed that all concerns shall be addressed amicably through established internal channels,” the regulator said.
The release added that the regulator believed that its employees had played a critical role over the past 36 years in shaping the Indian securities market into one of the most dynamic and well-regulated markets globally.
The development comes amid repeated attacks on Sebi chief Madhabi Puri Buch and her husband, Dhaval, with Congress accusing them of conflict of interest – charges that they have denied. The Sebi statement questioning the motive of the “leak” of information regarding working conditions, including salaries and fixing of key result areas (KRAs), came during these allegations and opened another front for the regulatory brass.
On Sept 5, several Sebi employees had taken the unprecedented step of holding a demonstration at the watchdog’s headquarters demanding withdrawal of the press release, arguing that the contents had several incorrect pieces of information.
Prior to Sebi’s Sept 4 release, about 500 employees had written to finance ministry on how chairperson Madhabi Puri Buch had brought in a “toxic” management culture in the organisation.
Sebi: Staff for resolving issues amicably via internal channels
In their letter to govt, Sebi employees had said that one of their main grievances was about the leadership “calling names” and “shouting” at them. “Unprofessional language is casually used by people at the highest level,” officers were quoted in the report.
Sebi’s clarification of Sept 4, however, was silent on this issue, which was at the core of their grievance. The Sebi statement had claimed that an anonymous email had been sent and officers and associations condemned the communication to govt.
In its statement on Monday, Sebi said that it had “constructive discussions with representatives of all grades of officers,” and after that Sebi and its employees have reaffirmed that such issues were “strictly internal” and “will be managed in accordance with the organisation’s high standards of governance” and in a time-bound manner.
“Accordingly, the press release (of Sept 4) stands withdrawn. Employees have strongly condemned the unauthorised release of internal communication and have confirmed that all concerns shall be addressed amicably through established internal channels,” the regulator said.
The release added that the regulator believed that its employees had played a critical role over the past 36 years in shaping the Indian securities market into one of the most dynamic and well-regulated markets globally.
The development comes amid repeated attacks on Sebi chief Madhabi Puri Buch and her husband, Dhaval, with Congress accusing them of conflict of interest – charges that they have denied. The Sebi statement questioning the motive of the “leak” of information regarding working conditions, including salaries and fixing of key result areas (KRAs), came during these allegations and opened another front for the regulatory brass.