The Securities and Exchange Board of India (Sebi) on Wednesday rejected allegations of fostering an unprofessional work culture, calling them “misguided” and an attempt to undermine employees’ capabilities.
The market regulator clarified that recent human resources (HR) initiatives were aimed at recognizing deserving employees based on objective performance evaluations.
In a press release, the company said its junior employees had been given misinformation about automatic promotions and low salaries, despite the fact that this was costing the company Rs 34 lakh annually. They were also made to believe that they were not held to high standards of accountability, it said.
Sebi’s response comes a day after media reports said 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 work hours and unrealistic work environments that negatively impact mental health.
It was also noted that office facilities monitor attendance during the day, demonstrating a lack of trust on the part of leadership. The letter, seen by Business standardHe further stated that key result areas (KRAs) increased by 30-40 percent under tight deadlines, causing undue stress.
Sebi stressed that the email was not sent by the employees’ associations, which had, on the contrary, condemned it. The market watchdog further said it suspected that its “junior officers had been receiving messages from external elements outside their group, effectively instigating them to approach the media, the ministry, the board of directors… perhaps to serve their own ends.”
The employees, within a week of receiving the first letter, submitted a list of 16 demands for monetary and non-monetary benefits, including an increase in House Rent Allowance (HRA) and automatic promotion on lower performance ratings without an interview, Sebi said in the statement.
Sebi employees had earlier raised a demand for a 55 per cent hike in HRA over the allowance set in 2023 and an upgrade of the automated management information system for KRAs. To highlight these concerns, some staff members staged a 15-minute silent protest in early August.
“Sebi officers are already well paid and for entry-level Grade A officers, the cost to the company is about Rs 34 lakh per annum, which compares extremely favourably even with the corporate sector. The new demands they are making would amount to an additional CTC of nearly Rs 6 lakh per annum,” Sebi said.
The regulator also noted that over the last 2-3 years, it had quantified KRAs at the start of the year, monthly targets, accountability for processing of applications, year-end review performance by a panel and a promotion policy based on evaluation criteria, seniority and past performance.
The Finance Ministry, after receiving the letter from Sebi employees, took the stand that the HR-related issues raised should be resolved internally, a source said. Commercial standard.
(with inputs from Ruchika Chitravanshi)
First published: September 4, 2024 | 20:41 IS
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