In reaction to a media report questioning the work atmosphere at the Securities Exchange Board of India (SEBI), the capital markets regulator stated that its officers are adequately compensated. In fact, entry-level officer pay is comparable to those in the corporate sector, according to a statement issued by the Sebi.
According to the regulator, entry-level officers at grade A have an annual cost to the business (CTC) of around ₹34 lakh, equivalent to the corporate sector.
Employees are now asking for a 55% rise in the house rent allowance (HRA) over the level established in 2023. Furthermore, as per the statement, this would increase the company's annual costs by over ₹6 lakh.
Employee-led Campaign
SEBI further stated that the campaign against the regulator is initiated by external actors outside the group, who instruct subordinate staff to contact the media, the government, or the board.
"In fact, the letter dated August 6, 2024 was not sent by the Sebi employee associations to the government or a section of the media." The email was sent anonymously, and officers and associations have criticized it," according to the Sebi statement on Wednesday.
SEBI stated that when the media reported the employees' demand for an increase in HRA as an issue related to their working conditions, a group of employees consciously designed a strategy to change the narrative to frame the issue as relating to the work environment with the goal of gaining bargaining power to seek more benefits. Following that, a letter centered on work culture was drafted and forwarded to HRD early last month.
What is Sebi's stance?
SEBI has unequivocally condemned the claims of unprofessional work culture in the Aug 6 letter, stating that they stem from instances such as a) under-pitching of officers' processing capability, b) mis-reporting of the status of achievement of KRAs, c) shuttling files between departments over a long period of time to avoid making decisions, and d) changing appraisal marks of some employees to give them promotions.
In such cases, officers have been held accountable and corrective actions have been implemented, according to the statement.
