The Securities and Exchange Board of India (Sebi) has withdrawn a previous statement that attributed a protest by some of its employees to external influences. In a new statement issued on Monday, the markets regulator acknowledged the role of its employees and committed to addressing their concerns.
Sebi said it recognised the importance of its staff and would handle their issues internally with high standards of governance and a time-bound approach.
“Following constructive discussions with representatives of all grades of officers, Sebi and its employees have reaffirmed that such issues are strictly internal and will be managed in accordance with the organisation’s high standards of governance and within a time-bound framework,” the statement said. “Accordingly, the September 4 press release stands withdrawn.”
The initial statement on September 4 had come in response to complaints from Sebi employees about working conditions, allowances, and perks. Following the release, employees staged a silent protest over several days, demanding the withdrawal of the statement.
In its updated statement, Sebi acknowledged the critical role played by its employees over its 36-year history in shaping India’s securities market. The regulator noted that it was addressing employee-related matters through appropriate internal mechanisms.
Sebi’s September 4 statement had mentioned that employees were seeking a 55% increase in house rent allowance and other benefits. Employees had also called for updates to Sebi’s automated management information system for key result areas (KRAs), which was designed to enhance transparency, fairness, and accountability within the organisation.
The earlier statement described the demands as misplaced and suggested that junior officers might be influenced by external elements to approach the media, the finance ministry, and Sebi’s board. Sebi, however, did not speculate on the identity or motives of these external elements.
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