A section of Sebi staff protests, seeks Madhabi Puri Buch's resignation

A group of disgruntled Securities and Exchange Board of India (Sebi) employees protested outside the market regulator’s headquarters on Thursday, seeking the immediate resignation of chairperson Madhabi Puri Buch, and the withdrawal of the press release that termed their grievances as “misplaced” and “misguided” by external elements. 

 

Sources said the employees held a meeting with the whole-time members to convey their concerns over the ‘distorted picture’ painted by Sebi’s press release. 

 

 “The content of the release is not true. It is distorted and doesn’t paint the right picture. It is not the right communication. This is the reason why today’s protest saw the support from all other officers as well,” a senior official said.

 

 

“The earlier matter had already been resolved internally and the media has blown the letter out of proportion. However, the concerns now are due to the press release issued, which doesn’t give the right perspective. It is not factually correct and is not giving the true context of the aggravation,” he added.

 

Another official said that Sebi is trying to alleviate concerns as the release has created a communication gap.

 

“All the teams are trying to address the concerns with the help of the HR department There will soon be a resolution. We are working on something,” said a top official. 

 

 The sources, however, said the action may not be in ‘monetary terms’ but on other demands around reducing stress and improving work culture. 

 

While close to 300 employees gathered outside the Sebi building in Bandra Kurla Complex (BKC).

 

However, several employees claimed that the strength of the protest was close to 500 across different grades.

 

“The protest is for the purpose of showing dissent and unity against the ‘arm-twisting exercise’ by the top management in the garb of a press release with a fake narrative against all Sebi employees,” said a note circulated by the employees. 

 

This is the second protest by the officials in the last two months after the first “silent protest” conducted on August 5, a day before they sent the letter on their grievances to the finance ministry. 

 

The fresh protest stems from a five-page press release issued by Sebi detailing its stance on the HR crisis at the securities regulator. 

 

Sebi underscored that the email dated August 6 was not sent by employee associations, which had, on the contrary, condemned it.

 

The market watchdog further said it suspected that its “junior officers have been receiving messages from external elements outside their group, effectively instigating them to go to the media, go to the ministry, go to board…perhaps to serve their own purpose.”

 

The market regulator had shared that the employees had, after a week of the first letter, submitted a list of 16 demands for monetary and non-monetary benefits, including an increase in House Rent Allowance (HRA), and an automatic promotion at lower performance ratings without interview, Sebi said in the release.

 

Sebi's employees had earlier raised a demand for a 55 per cent increase in the HRA over the allowance set in 2023 and an update to the automated management information system for KRAs. 

 

It said the current remuneration structure is adequate vis-a-vis the industry standards. 

 

The regulator had also pointed out that in the last 2 to 3 years, it had quantified KRAs at the start of the year, monthly targets, accountability for the pendency of applications, end-of-year review performance by the panel, and the promotion policy according to the assessment criteria, seniority, and past performance.