MUMBAI: The markets regulator Sebi has stated that all concerns raised by its employees will be addressed “amicably through internal channels,” and the statement issued earlier this month following employee complaints has been withdrawn.
A day after their protest at the headquarters on September 4, Sebi had officially issued a statement declaring that the allegations made in the letters were unfounded and instigated by some external elements seeking to secure their own interests. This led the employees to organize another protest march the following day, demanding the withdrawal of the official statement from their employer, which they claimed was “an unauthorized dissemination of internal communication.”
"The Sebi addresses employee-related matters through appropriate internal mechanisms. 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 said in a statement issued on Monday.
The statement further noted that the employees have strongly condemned the unauthorized release of internal communication and confirmed that all concerns will be addressed amicably through established internal channels.
The earlier statement, which now stands withdrawn, was issued on September 4 after around 200 of its officers staged a protest march at the organization’s headquarters the day before.
The September 4 press release had stated that the employees were being instigated by external elements to "go to the media, go to the ministry, and perhaps go to the Sebi board to serve their own purposes."
The release also referred to a letter that "a group of Sebi employees" had sent to the HRD on August 6, and a second letter sent seven days later.
The statement further claimed that these actions were part of a "strategy" to gain more bargaining power for benefits, including an increase in house rent allowance (HRA) and "automatic promotions at lower performance ratings without interviews." It also mentioned that Sebi had implemented initiatives such as quantified key resource areas (KRAs) and officer-level and team-level monthly targets to be responsive to the market ecosystem and its participants.
Regarding claims of unprofessional or toxic work culture alleged by the employees, the statement described these claims as "misplaced" and attributed them to instances such as under-pitching of performance capability, mis-reporting of KRAs achievement status, and "adjusting" appraisal marks of poorly performing officers to make them eligible for promotion.
With the latest statement, the September 4 press release has been withdrawn, Sebi confirmed on Monday.