Sebi staff members demonstration at Mumbai head office

As several as 200 staff members of Securities and Exchange Board of India (Sebi) executed demonstration on Thursday (September 5) in Mumbai after the marketplace regulatory authority, in a current news releases, called their letter dated August 6 on “toxic work culture” dealt with to the Finance Ministry “misguided by external elements”.

The demonstration which was held outside the Sebi’s head office in Mumbai lasted for concerning a number of hours, complying with which they distributed and went back to function.

Why were Sebi staff members objecting in Mumbai?

An inner message sent out to Sebi staff members pointed out that the “purpose of the protest was to show dissent and unity against the arm-twisting exercise done by the top management in the garb of a press release.”  

Demands of protesters

The message further read that the “immediate demand is withdrawal of press release and resigning of Sebi chairperson (Madhabi Puri Buch) for spreading lies against Sebi’s employees.”

What did Sebi press release say?

On Wednesday (September 4), the claims by the employees of “toxic work culture” at Sebi in a letter to the Finance Ministry is “misguided” and probably caused by “outside components.”

”… it is our belief that Sebi’s junior officers, who were in large numbers, originally aggrieved in respect of HRA allowances, have been misguided, perhaps by external elements… To believe that as ’employees of a Regulator’, they should not be held to high standards of performance and accountability even though, they have in fact demonstrated that they are fully capable of delivering to high standards to the market ecosystem,” Sebi said in the release.

The resources market guard dog additionally declared that the younger staffer were misdirected to think that “they are being ‘underpaid’, even at a CTC (cost to company) of Rs 34 lakh per annum and that it would be in their interest to use issues of work culture to bargain for monetary benefits” which “they should get automatic promotions.”

Sebi even stated in the release that some of the initiatives taken during the last two-three years as part of its attempts to improve the work culture.

“Over the last 2-3 years, Sebi employees have embraced these new initiatives. Ageing of pending matters across every single department has shown significant improvement and the market has felt the responsiveness and timeliness of Sebi’s actions as well,” Sebi claimed.

The declaration additionally claimed that the cases of less than professional job society in letter to the Finance Ministry were lost and appeared to have originate from circumstances such as “under-pitching of processing capability of officers by as low as 1/4th of actual capacity, misreporting of status of achievement of KRAs, shuttling of files between departments over a long period to avoid taking decisions (and) “Adjusting” evaluation marks of badly executing policemans to “somehow” make them qualified for promo.”  

Sebi employees complain letter to Finance Ministry

Sebi officials complained about the toxic work culture, micromanaging and use of harsh language at Sebi under the leadership of Buch.

“Shouting, scolding and public humiliation have become a norm in meetings,” Sebi authorities highlighted in the letter.

Also Read:
Did market regulatory authority Sebi have a ‘harmful’ job society? Report claims&& mldr;

They likewise charged Sebi management of utilizing severe language, establishing impractical targets and micromanaging.

Sebi has a stamina of around 1,000 policemans of Grade A and over. The five-page letter, entitled– ‘Grievances of Sebi Officers – A Call for Respect’– sent out to the Finance Ministry, was authorized by concerning 500 of them.

With inputs from firms.