SEBI Employees Protest Against Alleged Toxic Work Culture and Demand Reforms

Employees of India's Securities and Exchange Board (SEBI) protested Thursday against a statement by the regulatory body. SEBI had dismissed employees' complaints of a toxic work culture, claiming external elements were undermining the institution's credibility. The employees have demanded better working conditions and benefits.

On Thursday, employees of the Securities and Exchange Board of India (SEBI) convened at their office to protest a statement released by the regulatory body on Wednesday evening. SEBI's statement suggested that employees were being misled by external elements aiming to undermine the integrity of the institution and its leadership.

SEBI's statement came amid reports of employees lodging a complaint with the finance ministry about a 'toxic work culture.' According to sources, SEBI employees had complained last month, accusing the leadership of unrealistic targets and fostering a negative work environment. The market regulator has strongly denied these accusations, asserting that employees are being misguided.

SEBI stated in a five-page document that it is committed to employee development and ensuring they can realize their full potential. The organization mentioned that junior officers, allegedly aggrieved over House Rent Allowance (HRA) issues, were among those misled. The employees had demanded a 55% increase in HRA, among other benefits.

Additionally, concerns were raised about SEBI's updated automated Management Information System for Key Result Areas (KRAs), which was designed to increase transparency, fairness, and accountability. Allegedly, a group of employees altered the narrative to focus on toxic work culture to gain bargaining power for additional benefits.

A week later, a second letter was reportedly submitted, listing 16 demands for various monetary and non-monetary benefits, including automatic promotions at lower performance ratings. SEBI, however, remains steadfast in its commitment to market responsiveness and maintaining high performance and accountability standards among its employees.

SEBI stated it is unfortunate that certain elements have tried to diminish the capabilities of its employees by instigating them against the high standards expected from regulatory personnel. The regulatory body continues to uphold its mission of market integrity and transparent practices.

(With inputs from agencies.)