SEBI withdraws statement on employees, concerns to be addressed internally

MUMBAI: Markets regulator Securities and Exchange Board of India (SEBI) has withdrawn its recent statement, where it had said that employees who were protesting and complaining of a 'toxic work culture' against the employer were misguided.

In its brief statement on Monday, SEBI said it believes that its employees have played a critical role over the past thirty-six years in shaping the Indian securities market into one of the most dynamic and well-regulated markets globally. SEBI said it 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 organization's high standards of governance and within a time-bound framework.

"Accordingly, the Press Release no. 20/2024 dated September 04, 2024, stands withdrawn. Employees have strongly condemned the unauthorized release of internal communication and have confirmed that all concerns shall be addressed amicably through established internal channels," the SEBI statement said today.

On September 4, amidst allegations of SEBI employees protesting and complaining of 'toxic work culture', the market regulator had categorically denied the issue, instead asserting that the employees are perhaps misguided by external elements to target the credibility of it and its leadership.

As per reports, SEBI officials complained to the finance ministry last month, accusing the regulator's leadership of fostering a 'toxic work culture'. Following the SEBI's statement, the employees gathered at the SEBI office the next day and protested against the statement released by the regulatory body.