The Securities and Exchange Board of India issued a clarification on Wednesday regarding reports of a toxic work culture. According to the official statement, concerns raised about housing rent allowance issues and staff grievances were “misrepresented by external elements aiming to undermine SEBI’s credibility and leadership.”.
This clarification follows a media report dated Sept. 4 that highlighted purported issues within SEBI’s work environment.
“In the recent past, amongst numerous other benefits, employees were demanding a 55% increase in House Rent Allowance, over the allowance set in 2023,” SEBI said in the statement.
Employees also raised an issue on updation of SEBI’s automated management information system for key result areas, which had been designed to bring more transparency, fairness and accountability within SEBI. A 15-minute silent protest was held in this context, according to the capital markets regulator.
“It is understood that when media reported on this protest as being ‘only about their working conditions and allowances and perks…’ and ‘nothing about the issues faced by the vast majority of investors and stakeholders ….,’ a group of employees consciously designed a strategy to change the narrative to frame the issue as relating to the work environment, with an objective to have bargaining power to seek more benefits,” the statement said.