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Journalism of Courage
A day after the Securities and Exchange Board of India (Sebi) issued a clarification denying allegations of ‘toxic’ work culture alleged by a section of its employees, Sebi officers staged yet another protest outside its headquarters Thursday.
A day earlier, the Sebi had said that ‘external elements‘ were misguiding its junior officers “on House Rent Allowances (HRA)” related issues and that these officers were the ones protesting.
This clarification followed a media report that said nearly 500 Grade A Sebi officials complained to the government last month about a “hostile work environment” at Sebi. Officers also claimed that “shouting, scolding and public humiliation” are a norm in meetings.
One of the demands made by Sebi officers during Thursday’s protest also included the withdrawal of the clarification issued by the regulator which mentioned that ‘external elements’ were misguiding the junior officers. “It is our belief that SEBI’s junior officers, who were in large numbers, originally aggrieved in respect of HRA (House Rent Allowance) allowances, have been misguided, perhaps by external elements,” Sebi said in its clarification on Wednesday.
The regulator said that the external elements have misdirected junior officers to “believe that as “employees of a Regulator”, they should not be held to high standards of performance and accountability even though they have in fact demonstrated that they are fully capable of delivering to high standards to the market ecosystem.”
Sebi said it has apprehensions that the 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”.
In its clarification, Sebi said its employees were demanding 55 per cent increase in HRA, over the allowance set in 2023. Employees also raised an issue on updation of Sebi’s automated Management Information System for KRAs (Key Result Areas), which had been designed to bring more transparency, fairness and accountability within Sebi.
It said a letter focused on “work culture” was crafted and sent to HRD (Human Resource Development Ministry, Government of India) on August 6, 2024. After seven days, apparently as part of the strategy, a second letter was submitted with a long list of 16 demands, for numerous monetary and non-monetary benefits including increase in HRA, Sebi said.
The regulator claimed that the August 6, 2024 letter was not sent by the Sebi employee associations to the government (and a section of the media). “It was an anonymous email that was sent, and officers and associations have themselves condemned it and communicated the same to HRD through emails,” Sebi said.
