SEBI has withdrawn its earlier five-page press release that debunked claims of unprofessional work culture at SEBI and blamed external elements for influencing junior employees, leading them to demand higher pay despite poor performance.

Miffed by the earlier release, the employees had stage a second silent protest at the SEBI premises.

SEBI believes that its employees have played a critical role over the past 36 years in shaping the Indian securities market into one of the most dynamic and well-regulated markets globally, the note on Monday said.

“SEBI addresses employee-related matters through appropriate internal mechanisms. Following constructive discussions with representatives of all grades of officers, SEBI and its employees have reaffirmed that such issues are strictly internal and will be managed in accordance with the organisation’s high standards of governance and within a time-bound framework,” the note added.

An e-mail sent to the Finance Ministry last month by about 500 employees had accused the top leadership at SEBI of creating a toxic work culture, setting unrealistic targets and micro-management of employees.

In the recent past, employees had demanded a 55 per cent increase in house rent allowance and updation of the management information system for key result areas. A 15-minute silent protest was held in this context.

“While the withdrawal of the press release may bring some comfort to the employees and management, it also confirms that the allegations made in the complaint had some merit. SEBI employees, who have supported the Chairperson thoroughly over the past two years, should not be taken for granted,” said an industry official.

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