In response to media reports questioning the work culture at the Securities Exchange Board of India (Sebi), the capital markets regulator issued a statement clarifying its stance. Sebi emphasized that its officers are well-compensated, with entry-level salaries comparable to those in the corporate sector. The regulator stated that the cost to company (CTC) for entry-level officers at Grade A is approximately ₹ 34 lakh per annum.
However, the statement also addressed recent employee demands for a 55% increase in house rent allowance (HRA) over the allowance set in 2023. This, according to Sebi, would result in an additional cost of approximately ₹ 6 lakh per annum.
The regulator asserted that the campaign against Sebi, including the demand for increased HRA, is being driven by external influences. Sebi pointed out that the letter dated August 6, 2024, which was reported in the media, was not actually sent by employee associations. It was an anonymous email, and employee associations have since condemned its contents. Sebi believes that a group of employees strategically crafted the narrative around work environment to gain bargaining power for more benefits.
Sebi unequivocally refuted claims of an unprofessional work culture, stating that these claims stem from specific instances that have already been addressed. These instances include:
* Under-pitching of the processing capabilities of officers.
* Misreporting of the status of achievement of key performance indicators (KPIs).
* Shutting files between departments for extended periods to avoid decision-making.
* Changing appraisal marks of some employees to influence promotions.
Sebi clarified that appropriate actions have been taken against officers involved in such instances to ensure accountability and correct the issues.
