Market regulator Sebi (Securities and Exchange Board of India) has changed tactics to address employee grievances by shifting gears from confrontation to conciliation. Sebi officials have told the media that a committee is being set up comprising its whole-time members to look into the allegations of the employees. On the discussion table are issues pertaining to the work environment and performance-assessment system.
Relations between the management of the market watchdog and its employees reached a nadir recently. Over the past few weeks Sebi employees have been protesting working conditions that are unfavourable.
Lowest point
The situation reached its lowest point when Sebi shot off a press release earlier this month on September 4. In that communication, the management alleged that employees were often found working under the influence of external factors. They were also allegedly refusing to be accountable but demanding increased salary.
The Sebi management also alleged that external forces were instigating its employees to “go to Media, go to the Ministry, go to Sebi’s Board to serve their own purpose.”
Silent protest
Predictably, this step infuriated the employees who adopted a mode of silent protest for 3 days. They also urged the whole-time members to step in and help tackle the situation.
What triggered the resistance of Sebi employees was the rollout of an online performance-tracking system. Employees alleged the system was inappropriate since it failed to reflect the true nature and diversity of their work.
Withdrawal of press release
To prevent the situation from escalating further, the Sebi management withdrew the press statement it issued on September 4. On September 16, Sebi informed the media that it was withdrawing its earlier press release following which its employees gathered in a silent protest around the Sebi headquarters.
Sebi officials had struck back and alleged in a letter to the Union finance ministry that “toxic work environment” prevailed at the office of the market regulator under chief Madhabi Puri Buch. According to reports, the letter was titled “Grievances of SEBI officers – A call for Respect”.
The market regulator shed the confrontationist attitude and adopted a conciliatory tone with its employees. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
