More SEBI officials complain of disparity in promotion across grades

Officials of the Securities and Exchange Board of India (SEBI) have shot off yet another letter to Chairman Ajay Tyagi highlighting disparity in their promotions. General stream officials, who are mainly responsible for implementation work of SEBI regulations, say that disparity exists at all levels and not just for executive director (ED) posts. The letter has been signed by 253 staff of SEBI, which is more than 30 per cent of the regulator’s working staff.

Last week, BusinessLine had reported that there was growing resentment within SEBI with regard to ED-level promotions. However, the current letter says the disparity goes much beyond that level.

“SEBI General Stream officers in grades A, B and C form 77 per cent of the total strength of Grade A, B and C officers of SEBI, and since beginning are responsible for the bulk of the SEBI Act-mandated functions performed by SEBI. However, it is extremely unfortunate that the general stream continues to be poorly represented in all supervisory capacities in SEBI. While general stream officers in Grades D and above up to ED are 23 per cent of the total stream strength, in other streams the proportions are skewed upwards so that Legal Stream has 29 per cent in Grade D and above. Research, IT and Engineering have 30 per cent in Grade D and above and Communication and Library have 100 per cent strength in Grade D and above,” the letter said.

General Stream, representing 76 per cent of the total SEBI staff strength, is primarily responsible for performing all core functions mandated under the SEBI Act and Regulations. All primary and secondary markets, registration and supervision of market intermediaries, market surveillance, investigations, enforcement, investor education and assistance, etc. are performed by general stream officers directly besides rendering significant assistance in quasi-judicial functions internally as well as externally along with administrative support.

“The numbers reflect the much faster movement upwards of smaller streams to the disadvantage of the core stream in SEBI, particularly when seen in the context of lack of stream-wise career path clarity. This has resulted in serious anomaly whereby many of the senior general stream officers are required to report to junior officers of other supportive streams,” the letter said.