Sebi’s rebuttal comes after news reports that its employees had written to the finance ministry, detailing their grievances against 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 intra-day 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 regulator further said its suspects that its “junior officers have been receiving messages from external elements outside their group, effectively instigating them to go to 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 increase in HRA, and an automatic promotion at lower performance ratings without interview, Sebi said in the release.

Sebi employees had earlier raised a demand for 55 per cent increase in the House Rent Allowance (HRA) over the allowance set in 2023 and an update to the automated management information system for KRAs. To highlight these concerns, certain staffers had 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 company is approximately Rs 34 Lakhs 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,” stated Sebi.

Sebi further pointed out that in the last 2-3 years, it has quantified KRAs at the start of the year, monthly targets, accountability for 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 input from Ruchika Chitravanshi)

First Published: Sep 04 2024 | 8:41 PM IST