SEBI to address employee complaints ‘amicably’ via internal channels

Mumbai : The Securities and Exchange Board of India (SEBI) on Monday said the concerns raised by some of its employees will be addressed “amicably through internal channels”.

The capital markets regulator said in a statement that an earlier press release “dated September 04, 2024, stands withdrawn”.

“SEBI 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,” said the markets regulator in its latest statement.

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,” it added.

Some SEBI employees last month claimed there was "immense pressure" at the markets regulator, resulting in a "stressful and toxic work environment".

SEBI had responded, saying the claims of an unprofessional work culture were "misplaced", adding that some "outside elements" instigated its employees, which led to protests and demands of a withdrawal.

In its latest statement, the markets regulator said that “employees have strongly condemned the unauthorized release of internal communication and have confirmed that all concerns shall be addressed amicably through established internal channels”.

In a separate development, SEBI Chairperson Madhabi Puri Buch, along with her husband Dhaval Buch, last week denied recent allegations made against her, saying she has never dealt with any file involving Agora Advisory, Agora Partners, the Mahindra Group, Pidilite, Dr Reddy’s, Alvarez and Marsal, Sembcorp, Visu Leasing or ICICI Bank at any stage after joining the markets regulator.

The statement, issued in a personal capacity, said the allegations are "completely false, malicious and defamatory". The couple claimed that their Income Tax returns have been obtained by adopting fraudulent means and illegally.