SEBI backtracks, will now address protesting employees' concerns 'amicably'
The Securities and Exchange Board of India (SEBI) has withdrawn its previous statement, that attributed recent employee protests against its work culture to "external elements." The regulatory body also issued a new press release today, stating that it will address employee-related issues amicably through appropriate internal mechanisms. This announcement follows after a week of silent demonstrations by SEBI employees, at the regulator's headquarters in Mumbai.
Commitment to internal resolution
SEBI has pledged to resolve all concerns amicably through established internal channels. The regulatory body also emphasized that any issues are strictly internal, and will be managed in accordance with the organization's high standards of governance and within a time-bound framework. This commitment was made after constructive discussions with representatives from all grades of officers within SEBI.
Workers voice concerns over work culture
Earlier this month, SEBI issued a statement in response to news reports about employee dissatisfaction with the work culture at the regulator's office. In a letter to the Finance Ministry titled "Grievances of SEBI officers - A call for Respect," officials highlighted a "toxic work environment" under chief Madhabi Puri Buch. They criticized management for overhauling the organization and setting "unrealistic KRA targets" with shifting goalposts.
SEBI employees protest against increased KRA targets
The letter from SEBI officials also revealed that despite struggling to meet KRA targets last year, these goals were raised by around 20-50% for some departments this year. The officials argued that employees are not machines whose output can be arbitrarily increased. They asserted that the work done at SEBI impacts many people in India, and striving to meet unrealistic targets is a disservice to both the organization and the public.
