MUMBAI: Bowing to pressure from its agitating employees, markets regulator Sebi on Monday withdrew its September 4 press release in which, among other things, it had blamed ‘external elements’ for the recent spate of agitations by a part of its employees. On September 5 morning, several of Sebi employees had demonstrated at the regulator’s headquarter at BKC in the city, demanding withdrawal of the press release of the previous day, saying the contents of it had several wrong pieces of information.
Prior to Sebi’s September 4 release, about 500 of its employees had written to the finance minister, voicing their strong displeasure about how Madhabi Puri Buch, its chairperson, had brought in a ‘toxic’ management culture in the organization.
Sebi officials had, in their letter to the govt, said that one of their main grievances was about the leadership ‘calling names’ and ‘shouting’ at them. ‘Unprofessional language is casually used by people at the highest level,’ officers were quoted in the report. Sebi’s clarification of Sept 4, however, was silent on this particular issue that the officers said was the core of their grievance.
In its Monday release, Sebi said that it had ‘constructive discussions with representatives of all grades of officers,’ and after that Sebi and its employees have reaffirmed that such issues were ‘strictly internal’ and ‘will be managed in accordance with the organization’s high standards of governance’ and in a time-bound manner.
“Accordingly, the Press Release (of Sept 4) stands withdrawn. Employees have strongly condemned the unauthorized release of internal communication and have confirmed that all concerns shall be addressed amicably through established internal channels,” Sebi said.
The release added that the regulator believed that its employees had played a critical role over the past thirty-six years in shaping the Indian securities market into one of the most dynamic and well-regulated markets globally.
Prior to Sebi’s September 4 release, about 500 of its employees had written to the finance minister, voicing their strong displeasure about how Madhabi Puri Buch, its chairperson, had brought in a ‘toxic’ management culture in the organization.
Sebi officials had, in their letter to the govt, said that one of their main grievances was about the leadership ‘calling names’ and ‘shouting’ at them. ‘Unprofessional language is casually used by people at the highest level,’ officers were quoted in the report. Sebi’s clarification of Sept 4, however, was silent on this particular issue that the officers said was the core of their grievance.
In its Monday release, Sebi said that it had ‘constructive discussions with representatives of all grades of officers,’ and after that Sebi and its employees have reaffirmed that such issues were ‘strictly internal’ and ‘will be managed in accordance with the organization’s high standards of governance’ and in a time-bound manner.
“Accordingly, the Press Release (of Sept 4) stands withdrawn. Employees have strongly condemned the unauthorized release of internal communication and have confirmed that all concerns shall be addressed amicably through established internal channels,” Sebi said.
The release added that the regulator believed that its employees had played a critical role over the past thirty-six years in shaping the Indian securities market into one of the most dynamic and well-regulated markets globally.
