Officers from the Securities and Exchange Board of India (SEBI) staged a silent protest over allowances and leadership issues at the head office on Monday.

What Happened: The peaceful demonstration involved officers from Grades A, B, and C, and lasted for about 15 minutes, NDTV Profit reported. The protest was driven by the growing dissatisfaction among the employees with SEBI’s leadership and allowances, which have not been updated to match those provided to RBI officers.

A new system for uploading key result areas has been implemented, with threats of allowance stoppage for non-compliance, further fuelling the unrest. Despite SEBI’s attempts to address these grievances, employee agitation has persisted.

SEBI is facing a broader issue of mistrust within the organisation, the report said citing sources.

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In a small relief for employees, SEBI has increased the HRA for officers across grades A to F. However growing mistrust among the staff continues to be a major issue for the organisation.

The SEBI Employee Association and the SEBI Employee Association for Legal Stream have reportedly refuted the reports of discontent as “misinformation.” They stated that employee-related issues are critical to SEBI and that they regularly engage with SEBI management on HR-related matters.

However, the person quoted by NDTV Profit suggested that the employee association’s statement didn’t reflect the majority’s true feelings. Approximately 200 employees participated in the protest out of the regulator’s 1,000 employees.

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