Sebi, the capital markets regulator, has withdrawn a press release from September 4 that addressed concerns about an unprofessional work culture. The release stated that these worries were “misplaced” and that employee-related issues will be handled internally.
The withdrawal occurred just days after a large number of Sebi staff protested outside the regulator’s headquarters on September 5, the day after the news announcement. They demanded the statement’s revocation and the resignation of Sebi chief Madhabi Puri Buch.
In a statement issued on Monday, Sebi praised the crucial contribution its staff have played over the last 36 years in transforming the Indian securities market into one of the most vibrant and well-regulated markets in the world.
Sebi stated that it handles employee-related issues through proper internal processes.
“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,” the regulator said.
As a result, the press release released on September 4 has been removed.
Employees vehemently denounced the unlawful publication of internal communications, prompting the decision to rescind the news release.
Employees at Sebi have emphasized their commitment to resolving problems peacefully through established internal channels, ensuring that such issues stay internal and resolved within a timeframe.
“Employees have strongly condemned the unauthorized release of internal communication and have confirmed that all concerns shall be addressed amicably through established internal channels,” the statement noted.
Protests and internal concerns have posed a significant challenge for Puri during her tenure. The professional banker-turned-regulator is facing rumors on whether a conflict of interest caused her to hold down the probe against Adani Group and a host of other claims surrounding it.
Around 500 employees wrote to the Finance Ministry on August 6 against top management, citing a “toxic” work climate that included public humiliation and screaming down. This is unusual for any financial regulator.
Following the publication of a media story on the letter, Sebi responded with a press statement, stating that such claims are “misplaced,” which appeared to irritate the staff.
The regulator noted that some “external elements” had influenced its staff to believe that they should not be held to high standards of performance and accountability, but it did not disclose specifics.
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