MUMBAI: Markets regulator Sebi on Wednesday issued a statement denying the allegations of ‘toxic work culture’ within the organisation that some of its senior employees have made to finance ministry.
The regulator said these officials are misguided by external elements to target the credibility of Sebi and its leadership. “Sebi apprehends that the junior officers have been receiving messages from external elements outside their group, instigating them to … go to media, go to the ministry, go to the board … perhaps to serve their own purpose.”
“In fact, the letter of August 6, 2024, was not sent by the Sebi employee associations to the government and a section of the media. It was an anonymous email that was sent, and officers and associations have themselves condemned it and communicated the same to HRD through emails.”
Terming the media report on September 4, it said the HRA issues are the result of staff misguided by external elements. Among the numerous other benefits, Sebi employees were demanding 55% increase in house rent allowance (HRA) over the allowance set in 2023, it said.
“Sebi officers are well-paid, and for entry-level officers at Grade A, the cost to company is Rs 34 lakh per annum, which compares favourably even with the corporate sector. The new demands placed by them would amount to an additional CTC of Rs 6 lakh per annum,” Sebi said.
On the problems raised against updation of Sebi’s automated management information system (MIS) for key result areas (KRAs) and the 15-minute silent protest against this last month, the statement said this was introduced to bring transparency and timely delivery of regulatory views.
In their purported letter to the ministry, Sebi Employees Association had cited lack of respect and mistrust shown at the highest level towards employees is the core problem and thus the main reason for their public outburst.
“It’s not a secret that gradually over past two-three years, fear has become primary driving force in Sebi. Unprofessional language is casually used by the people at the highest level. Shouting, scolding and public humiliation have become the norm in official meetings.”
The Sebi said a group of employees have consciously designed a strategy to change the narrative to frame the issue as relating to work environment, with an objective to have bargaining power to seek more benefits. A letter focused on “work culture” was crafted and sent to HRD on August 6, 2024.
A mail from A-C grades officers on August 9 said “we condemn such email and any media leaks in strongest terms. It appears that someone is trying to further his/her personal agenda. We disassociate ourselves from any such attempts.