Sebi says will address employees' concerns 'amicably through internal channels'

Sebi said it will address employee concerns amicably through internal channels, reaffirming its commitment to high governance standards.

Securities and Exchange Board of India (Sebi) said that all concerns of its employees that have been recently shared shall be addressed ‘amicably through internal channels’ as the capital market regulator withdrew the statement it issued earlier this month.

Sebi committed to resolving employee issues through internal mechanisms, highlighting its governance standards following recent constructive discussions with its officers.

"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 organization’s high standards of governance and within a time-bound framework," Sebi said.

Earlier this month, Sebi released a statement following news reports on employee discontent with the work culture at the regulator's office. In the press release, Sebi said that the employees were being instigated by external elements to "go to Media, go to the Ministry, go to Sebi's Board to serve their own purpose. 

Sebi officials highlighted “toxic work environment” at the capital markets regulator under chief Madhabi Puri Buch in a letter to the finance ministry titled “Grievances of SEBI officers - A call for Respect". 

In the letter, officials said that management overhauled the organisation and introduced “unrealistic KRA targets” with changing goalposts.

“Despite struggling and toiling hard to achieve KRA targets for last year, KRA targets for this year were increased anywhere around 20%-50% for some departments and divisions,” the letter alleged, adding, “Employees are not robots with a knob that one can turn and increase the output. The work done at SEBI impacts lives of so many people in this country, working frantically to only achieve unrealistic targets to protect oneself from the ire of people at the highest level is a disservice to SEBI and the people of this country.”