Market regulator SEBI has now officially issued a clarification amid the displeasure of about half of the employees and allegations of toxic work culture. SEBI rejected the allegations and said they (the employees making them) are being misguided from outside.
SEBI Gave This Clarification On The Allegations
The market regulator stated this late Wednesday evening. It said external elements and possibly misplaced misguide the employees’ objections regarding HRA and toxic work culture. The regulator also said that the purpose of such allegations is to doubt the institution’s credibility. According to the regulator, it is committed to monitoring the complex ecosystem of the market with high transparency and responsiveness.
Such News Is Going On
Earlier, the news reported that a faction of SEBI employees had made serious allegations against the regulator’s head, Madhabi Puri Buch, including spoiling the office environment, misbehaving with co-workers, and using abusive language. The news also reported that SEBI officials complained about the chief’s bad behaviour by lettering the Finance Ministry last month.
SEBI Employees Made These Allegations
SEBI employees allege that Madhabi Puri promotes a toxic work culture. During her tenure, shouting at people in meetings and publicly humiliating them has become common. The complaint letter has the signatures of about 500 SEBI employees. The total number of SEBI employees is around 1 thousand. That means about half of SEBI’s employees have complained to the Finance Ministry.
Such A Narrative Is Being Created Deliberately
The regulator says that allowances for employees were fixed in 2023. Even after that, they demand a 55 percent increase in HRA and many other benefits. They also object to SEBI’s update of the Automated Management Information System for Result Areas (KRA), which aims to bring more transparency within the regulator, increase accountability, and improve fairness. According to the regulator, some employees deliberately create a narrative regarding working methods.
