Informist, Monday, Sep 16, 2024

--SEBI: Employee issues are strictly internal

--SEBI withdraws Sep 4 press release on employee complaints

MUMBAI – The Securities and Exchange Board of India today withdrew the press release issued on Sep 4 in which it accused a purported group of employees of mala fide intent in connection with a complaint letter sent to the finance ministry by some employees. The regulator withdrew the press release after the employees strongly condemned the contents of the press release.

Employees had held a silent protest on Sep 5 against the accusation made by SEBI in the Sep 4 press release and demanded its withdrawal. In that protest over 200 employees also protested against the "toxic" work culture at the market regulator and demanded Chairperson Madhabi Puri Buch's resignation.

The employees have agreed to address the concerns amicably through established internal channels, the regulator said in today's press release. On Sep 4, the market regulator had issued a press release clarifying its position on the complaint which accused SEBI's leadership of creating a toxic work culture. The regulator then said a purported group of employees planned to change the narrative to frame the issue as relating to the work environment. The regulator said this was done with the "objective to have bargaining power to seek more benefits".

In its Sep 4 release, SEBI said 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.

In another related development, Mumbai Youth Congress party workers held a protest outside SEBI's building Mumbai's Bandra-Kurla complex today around noon demanding the resignation of SEBI chairperson Buch.

Informist has learnt that the Congress party workers shouted slogans for around 30 minutes outside SEBI's building in Mumbai till police vans arrived and took them away. The protestors held banners demanding, among other things, to know who was shielding the SEBI chairperson.

On Saturday, the Congress party levelled fresh allegations against SEBI chief Buch that she traded in listed securities worth 369.63 mln rupees between 2017 and 2023 while holding the office of SEBI whole-time member and chairperson. This was in violation of Section 6 of the SEBI Code on Conflict of Interest for Members of Board, Congress Spokesperson Pawan Khera said. End

Reported by Aman Aryan and Rajesh Gajra

Edited by Ashish Shirke

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