The Securities and Exchange Board of India (SEBI) has released a statement regarding the ongoing row over an alleged toxic work culture within the institution.
What Happened: SEBI will address the concerns amicably through internal channels, the regulator said in a press release. Consequently, a previous statement released on September 4, has now been withdrawn.
“Employees have strongly condemned the unauthorised release of internal communication and have confirmed that all concerns shall be addressed amicably through established internal channels,” the statement said.
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The market regulator said that following discussions with representatives from all levels of staff, both SEBI and its employees have confirmed that such issues will be handled internally within a defined timeframe.
Changing its tone, the institution lauded its employees for playing a crucial role in transforming the Indian securities market into one of the most “dynamic and well-regulated markets worldwide” over the past 36 years.
In the now-withdrawn statement, SEBI had refuted allegations of an unprofessional work culture and had attributed employees’ protests against its work culture and calls for the resignation of its chief, Madhabi Puri Buch, to external influences.
Earlier this month, SEBI employees wrote to the Finance Ministry complaining that the SEBI leadership under Buch had been using harsh and unprofessional language towards staff.
The letter also claimed that the leadership micromanages employees and sets "unrealistic work targets with constantly shifting goalposts." They also staged a protest at the regulator's Mumbai headquarters demanding Buch’s resignation.
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