More Stories

Informist, Wednesday, Sep 4, 2024

 

--SEBI issues clarification on staff complaints on work environment

--SEBI:Staff complaints on HRA wrongly portrayed as toxic work culture

--SEBI: Staff raised issues on automation of key result areas

 

MUMBAI – The Securities and Exchange Board of India today issued a press release, clarifying its position on a news report in The Economic Times that said some officials had complained to the finance ministry in August, accusing the regulator's leadership steered by chairperson Madhabi Puri Buch of creating a toxic work culture at SEBI. The report said that at the core of the employees grievance was the leadership "shouting" at them and the use of harsh and unprofessional language.

 

There were only two main employee complaints, SEBI said in today's press release. It said there was a demand from them for a 55% increase in house rent allowance, and there were complaints on recent changes in the automated managed information system for monitoring key result areas of employees.

 

But when a section of the media reported on a 15-minute silent protest last month "a group of employees consciously designed a strategy to change the narrative to frame the issue as relating to the work environment, with an objective to have bargaining power to seek more benefits", SEBI said in the press release, which was not signed by any SEBI official.

 

In effect, SEBI accused such a purported group of employees of mala fide intention. In the press release, SEBI also said that "it apprehends that the junior officers have been receiving messages from external elements outside their group, effectively instigating them to...go to media, go to the ministry, go to board...perhaps to serve their own purpose".

 

The Economic Times report said that the letter sent by employees to the finance ministry was titled 'Grievances of Sebi Officers-A Call for Respect'. The employees also complained that the SEBI leadership had imposed "unrealistic work targets with changing goalposts" and monitored employees' "minute-by-minute movement". The employees' letter, as per the report, also stated that higher-grade officials "have chosen not to express their concerns vocally for fear of vindictive nature of people at the highest level".  End

 

Reported by Rajesh Gajra

Edited by Avishek Dutta

 

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

 

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

 

Informist Media Tel +91 (22) 6985-4000

Send comments to feedback@informistmedia.com

 

© Informist Media Pvt. Ltd. 2024. All rights reserved.