SEBI Employees Protest: On September 16, the Securities and Exchange Board of India (SEBI) announced that it would address recent concerns raised by its employees through internal channels. This comes after an earlier statement, released on September 4, was withdrawn. SEBI assured its staff that all issues will be resolved amicably and in line with the organization’s governance standards.
SEBI’s new statement emphasized that discussions between employees and management had been constructive. Both SEBI and its employees agreed that internal matters should be handled within the organization, and the employees condemned any unauthorized sharing of internal communication. The regulatory body is committed to resolving concerns within a set timeframe.
Background: The September 4 Statement
The now-withdrawn statement from September 4 came after reports of employee dissatisfaction with the work culture at SEBI. In the press release, SEBI claimed that some employees were being influenced by external forces to escalate their concerns to the media and government bodies. It also mentioned employee demands for higher house rent allowances (HRA) and automatic promotions for lower-rated performers without interviews. SEBI stated that some complaints about the work environment were based on misreported performance achievements and appraisal manipulations.
Employee Protests
Reports over the past two months have suggested that SEBI employees have been silently protesting against what they described as a “toxic” work environment at the regulator’s Mumbai office. On September 5, employees protested SEBI’s September 4 press release, which downplayed their concerns about work culture.
With SEBI’s latest statement, the earlier controversial communication has been retracted, and the organization has committed to handling employee matters internally, emphasizing respect for its governance standards. Read SEBI Employees Protest here.
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