Around 700 officers from SEBI’s Grades A, B, and C plan to protest at the SEBI head office, SEBI Bhavan One, in Mumbai on Monday. This protest stems from growing dissatisfaction among the employees with the organization’s leadership over the past two and a half years.
Reasons Behind the Protest
Employees have voiced their unhappiness with SEBI’s leadership, citing several key issues:
- Unfair Allowances: The allowances given to SEBI employees have not been updated to match those given to officers at the Reserve Bank of India (RBI). This disparity has caused frustration among SEBI staff.
- New Compliance System: A new system for uploading Key Result Areas (KRAs) has been implemented. Employees have been told that their allowances could be stopped if they don’t comply, which has added to their dissatisfaction.
SEBI Employees Association’s Response
The SEBI Employees Association (SEA) has responded to reports of discontent, calling them “misinformation.” According to SEA, employee-related issues are critical to both SEBI and the SEA. They stated that SEA and SEALS (SEBI Employee Association for Legal Stream) regularly interact with SEBI management on HR issues, including allowances. These issues are supposedly addressed through consultations with the management.
Attempts to Resolve Issues
Late on Saturday, SEBI sent an apology email trying to address the grievances. However, this did not calm the employees’ unrest. A person familiar with the situation mentioned that there is a broader issue of mistrust within the organization.
While SEBI is trying to improve conditions for external stakeholders, it is clear that internal mistrust among its own employees needs urgent attention. This protest highlights the need for SEBI to take employee concerns seriously and work towards building a more trusting and fair working environment.
