The Securities and Exchange Board of India has withdrawn its earlier statement addressing employee-related concerns, reaffirming that such matters are internal and will be managed through established organisational mechanisms.
The markets regulator's decision comes after a period of constructive dialogue between the regulator and its employees, following recent reports suggesting a toxic work environment and unrealistic targets within the organisation.
"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 organisation's high standards of governance and within a time bound framework," a recent statement by the markets regulator said.
In its initial statement dated Sept. 4, SEBI had rejected claims of an unprofessional work culture, which were purportedly raised by employees in an anonymous letter sent to the government on Aug. 6. The regulator had described these claims as "misplaced" and indicated that they were influenced by external elements attempting to sway the internal narrative.
SEBI's revised stance underscores that employee-related issues are to be addressed internally, adhering to the organisation's high standards of governance.
The earlier statement had also highlighted that some employees were reportedly pressured into raising issues publicly and demanding significant increases in allowances and benefits. SEBI had pointed out that these demands, including a 55% increase in House Rent Allowance, were not endorsed by any employee associations and were not aligned with the regulator's performance standards.
SEBI maintains that the organisation's internal processes and performance metrics, including its Management Information System for Key Result Areas, ensure transparency and accountability. The recent portrayal of the employee protest as indicative of a broader work culture issue was characterised by SEBI as an attempt to manipulate the narrative for personal gain.
The regulator's earlier statement had emerged in response to a series of anonymous communications and protests by employees, who expressed dissatisfaction with working conditions and compensation.
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