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The Securities and Exchange Board of India (SEBI) has withdrawn a press release that accused its employees of being influenced by external elements. The regulator condemned the unauthorized release of internal communication and emphasized that such matters will be handled internally in accordance with its standards of governance. This move follows a series of events triggered by SEBI employees demanding increased housing allowances and alleging an unprofessional work culture.
The controversy began on September 4th when SEBI issued a statement addressing the employees’ demands, including their request for a higher Housing Rent Allowance (HRA). SEBI argued that the employees' new demands would add ₹6 lakhs to their already substantial CTC, which stands at about ₹34 lakhs for grade A officers. The regulator also refuted the employees' claims of an unprofessional work culture, suggesting that they were being influenced by “external elements” outside their group who were using the situation to their advantage. This assertion was met with a silent protest by SEBI employees on September 5th within the office premises, lasting for approximately 90 minutes.
Following the protest, SEBI chose to withdraw the press release, indicating its commitment to resolving the concerns through internal channels. This decision reflects an attempt by SEBI to de-escalate the situation and maintain a positive and productive work environment. The withdrawal of the press release also suggests that SEBI recognizes the importance of open communication and collaboration with its employees in addressing workplace concerns. By opting for internal resolution, SEBI aims to foster trust and transparency within the organization. The outcome of this internal process and the resolution of the employees' concerns remain to be seen.
Source: SEBI withdraws press release that alleged external influence of employees