On September 6, the employees protested and demanded the resignation of SEBI chief Madhabi Puri Buch. (File photo)
The Securities Exchange Board of India (SEBI) on Monday (September 16) said that it will resolve all the demands of its employees internally. The market regulator has also withdrawn its old (September 4) statement to the employees, in which it was said that junior employees are protesting under the influence of outsiders.
The statement issued by SEBI said that 'SEBI resolves matters related to employees through proper internal mechanism. After discussions with officers of all grades, it has been decided that all these matters are completely internal matters of SEBI and these will also be resolved internally as per SEBI standards.'
Employees demanded a change in leadership Last month (August 6), SEBI employees wrote a letter to the Finance Ministry raising concerns over toxic work culture. Employees accused the leadership of using harsh language, setting unrealistic goals and micromanagement and demanded a change in leadership.
Employees had alleged toxic work culture On September 4, SEBI had denied the allegations of 'toxic work culture' leveled by the employees. The market regulator had then said that 'some employees are trying to get the organization to agree to anything by spreading the story of negative work environment. They have many demands, one of them is a 55% increase in House Rent Allowance (HRA).'
Key points of SEBI's statement issued on September 4
- A group of some employees deliberately linked this issue to the work environment.
- The employees are demanding a 55% increase in House Rent Allowance (HRA).
- Junior officers are receiving messages outside their group which are provoking them.
- The message was saying, go to the media, go to the ministry, go to the board.
SEBI chief Madhabi Puri Buch has been facing allegations from Hindenburg, ZEE Media founder and Congress party for almost two months… He may also be questioned in these matters.
The Public Accounts Committee (PAC) of Parliament may issue summons to Securities and Exchange Board of India (SEBI) chief Madhabi Puri Buch for investigation into the allegations against her. Business Standard has given this information quoting sources.
According to the report, the investigation into the functioning of the regulatory body is due to Hindenburg's allegations against the Adani Group and the involvement of the SEBI chief's name in the matter.
The PAC is preparing to question officials of the ministries of finance and corporate affairs in this case. Buch may be called to appear before the PAC by the end of September for investigation in this case.
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SEBI employees protest against top management: Accusation of work pressure, demand for resignation of SEBI chief Buch
Hundreds of employees of the Securities and Exchange Board of India (SEBI) protested against the top management today (Thursday, September 5) morning. The employees allege that the top management puts pressure on them regarding work. The employees are demanding the resignation of SEBI Chief Madhabi Puri Buch.
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SEBI said- Employees are making up stories of toxic work culture: This is a strategy to get their demands met, they want to increase HRA by 55%
The Securities and Exchange Board of India (SEBI) has denied allegations of toxic work culture in the office. SEBI issued a statement on Wednesday rejecting the allegations.
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Graphics Source: VaskarAssets
