SEBI retracts ‘external influence’ allegations following discussions with employees
PTC News Desk: The Securities and Exchange Board of India (SEBI) has officially withdrawn its earlier claims of ‘external influence’ being behind the recent unrest among its employees. The regulator had previously suggested that outside forces were fueling internal discontent, which included employee demands for the resignation of SEBI Chairperson Madhabi Puri Buch.
Just two weeks ago, SEBI had issued a statement implying that external parties were manipulating the situation to discredit the organisation. However, after internal discussions, SEBI has retracted its September 4 press release, acknowledging that the concerns raised by employees should be addressed within the framework of the organisation.
In a revised statement, SEBI emphasised its commitment to resolving employee concerns through its established internal processes while maintaining high standards of governance. The market regulator now recognises that its earlier statement, which suggested employees were being influenced by external forces, was misplaced.
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The unrest began after a group of SEBI employees sent a letter on August 6, voicing their dissatisfaction with the leadership and describing what they deemed an “unrealistic” work environment. While the letter did not directly name Chairperson Madhabi Puri Buch, it called for changes in the organisation’s leadership.
Following this, SEBI’s September 4 press release had claimed that outside parties were encouraging employees to leak sensitive information to the media and government for their own benefit. SEBI also stated that the letter had not been officially sent by the SEBI employees’ association but was instead an anonymous attempt to destabilise the organisation.
However, with the recent retraction, SEBI has distanced itself from these allegations. In a fresh statement issued on Monday, the regulator noted that its employees had condemned the unauthorised release of internal communications and expressed their willingness to address their concerns through proper channels.
“After productive discussions with employees at all levels, SEBI and its staff have agreed that these issues will be resolved within the organisation’s established processes in a timely and effective manner,” the new statement read. SEBI underscored its intent to handle employee matters internally, in accordance with its governance standards.
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