The Securities and Exchange Board of India (SEBI) is ready to resolve the concerns raised recently by its employees. The employees had expressed their concerns. After this, SEBI has decided that all the problems will be resolved amicably through internal channels.
“SEBI addresses employee-related matters through appropriate internal mechanisms. After constructive discussions with representatives of officers at all grades, SEBI and its employees have confirmed that such issues are purely internal and will be managed in accordance with the organisation’s high standards and within a time-bound framework,” SEBI said.
Earlier this month, Sebi issued a statement following reports of employees’ dissatisfaction with the work culture at the regulator’s office. In the press release, Sebi said employees were being instigated by external elements “to go to the media, to go to the ministry, to go to the board of Sebi to serve their purpose.” Sebi officials highlighted the “toxic work environment” under the capital market regulator’s chief Madhavi Puri Buch in a letter to the finance ministry titled “Sebi Officers’ Grievances – A Call for Respect”.
In the letter, the officials said the management had brought about a sea change in the organisation and had changed the target-marks and introduced “unrealistic KRA targets”. “Despite the struggle and hard work put in to achieve the KRA targets last year, this year the KRA targets were increased by around 20%-50% for certain departments and divisions,” the letter alleged. They further added, “Employees are not robots who have a knob that one can turn to increase the output. The work done at SEBI affects the lives of so many people in this country, working like mad to achieve unrealistic targets only to save themselves from the wrath of people at the highest level is an injustice to SEBI and the people of this country.”
