The Securities and Exchange Board of India issued a clarification on Wednesday regarding reports of a toxic work culture. According to the official statement, concerns raised about housing rent allowance issues and staff grievances were "misrepresented by external elements aiming to undermine SEBI's credibility and leadership.".
This clarification follows a media report dated Sept. 4 that highlighted purported issues within SEBI's work environment.
"In the recent past, amongst numerous other benefits, employees were demanding a 55% increase in House Rent Allowance, over the allowance set in 2023," SEBI said in the statement.
Employees also raised an issue on updation of SEBI's automated management information system for key result areas, which had been designed to bring more transparency, fairness and accountability within SEBI. A 15-minute silent protest was held in this context, according to the capital markets regulator.
"It is understood that when media reported on this protest as being 'only about their working conditions and allowances and perks…' and 'nothing about the issues faced by the vast majority of investors and stakeholders ….,' a group of employees consciously designed a strategy to change the narrative to frame the issue as relating to the work environment, with an objective to have bargaining power to seek more benefits," the statement said.
SEBI issues statement, says Housing Rent Allowance issues of staff misguided by external elements to target credibility of SEBI and leadership.
September 4, 2024
For the latest news and updates, visit: https://t.co/NKSVSeJ1VB pic.twitter.com/5iN3Mwr1r1Accordingly, a letter focused on 'work culture' was crafted and sent to the HR department on Aug. 6. After seven days, apparently as part of the strategy, a second letter was submitted with a long list of 16 demands for numerous monetary and non-monetary benefits, including an increase in the HRA. The automatic promotions at lower performance ratings without interviews have also been demanded.
"SEBI is committed to serving the complex market ecosystem to a high level of transparency and responsiveness. Equally it is committed to enhancing the capacity of all its employees and giving them the opportunity to actualise their full potential," it said.
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