The Securities and Exchange Board of India (Sebi) on Wednesday rejected the allegations of fostering an unprofessional work culture, terming them “misguided” and an attempt to undermine employee capabilities.
The market regulator clarified that the recent human resource (HR) initiatives aimed to recognise deserving employees based on objective performance assessments.
In a press release, it stated that its junior employees were misinformed about automatic promotions and being underpaid, despite having a cost-to-company of Rs 34 lakh per annum. They were also made to believe they should not be held to high standards of accountability, it said.
Sebi’s response comes a day after news reports stated that the regulator’s employees had written to the finance ministry, detailing their grievances against the senior leadership.
The allegations, made in an anonymous email on August 6, included claims of unprofessional language, extended working hours, and unrealistic work environments negatively impacting mental health.
It also stated office installations monitor intraday attendance, showing a lack of trust from leadership. The letter, seen by Business Standard, further stated that key result areas (KRAs) were increased by 30-40 per cent with tight deadlines, causing undue stress.
Sebi underscored that the email was not sent by employee associations, which had, on the contrary, condemned it. The market watchdog further said it suspected that its “junior officers have been receiving messages from external elements outside their group, effectively instigating them to go to the media, go to the ministry, go to board…perhaps to serve their own purpose.”
The employees had, after a week of the first letter, submitted a list of 16 demands for monetary and non-monetary benefits, including an increase in House Rent Allowance (HRA), and an automatic promotion at lower performance ratings without interview, Sebi said in the release.
Sebi employees had earlier raised a demand for a 55 per cent increase in the HRA over the allowance set in 2023 and an update to the automated management information system for KRAs. To highlight these concerns, certain staffers held a silent protest of 15 minutes in early August.
“Sebi officers are already well paid, and for entry-level officers at Grade A, the cost to the company is approximately Rs 34 lakh per annum, which compares extremely favorably even with the corporate sector. The new demands placed by them would amount to an additional CTC of almost Rs 6 lakh per annum,” Sebi said.
The regulator also pointed out that in the last 2 to3 years, it had quantified KRAs at the start of the year, monthly targets, accountability for the pendency of applications, end-of-year review performance by a panel, and a promotion policy as per assessment criteria, seniority, and past performance.
The finance ministry, after receiving the letter from Sebi staffers, had taken a stance that the HR-related issues raised should be resolved internally, a source told Business Standard.
(with inputs from Ruchika Chitravanshi)
First Published: Sep 04 2024 | 8:41 PM IST
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