Protesting Sebi employees yet to reach accord with management

Dissenting employees at markets regulator Sebi and its boss Madhabi Puri Buch appear to be no closer to a common meeting ground a week after the watchdog had issued a statement that attributed earlier staff complaints to likely instigation by unidentified ‘external’ elements.

While employees have had negotiations with the top management since the September 4 statement by the regulator, no conclusion has been reached, sources told ET. Buch was not directly involved in the talks but reportedly wants the employees to withdraw their complaint to the finance ministry on HR issues.

However, the employees are unwilling, said the sources reached above.

Sebi has about 1,000 officers and about three-fourths of them across grades have opposed the September 4 Sebi statement, which they say is an incorrect narrative.

For the first three days of the protests since then, the employees assembled in front of the HQ in Bandra Kurla Complex in Mumbai for a couple of hours, and wore black badges for the next two days as a sign of protest.

An email sent to Sebi remained unanswered until the publication of this report.According to Sebi employees’ service regulations, the officers cannot resort to violent form of strike regarding their work conditions. Neither can they engage in any demonstration which is prejudicial to the interests of the board. Hence, the officers have been undertaking silent protests. Buch apparently seems unruffled by the events happening inside and outside of the organisation. She is scheduled to speak at an infra conclave in Mumbai on Thursday.

On Tuesday, the Congress accused Buch of a conflict of interest, saying that a consultancy firm promoted by her had earned about ₹3 crore from corporates even when she held a key position at the regulator body.

The September 4 press statement by Sebi said its officers’ claims of an unprofessional work culture are misplaced and that they were misguided by external elements in targeting the credibility of the top management.

Sebi issued the press statement after ET reported in its September 4 edition that Sebi officers made an unprecedented complaint to the finance ministry about the leadership and HR practices that encouraged a ‘toxic work culture’ at the organization. Their main grievance has been the “harsh and unprofessional language” used by the leadership toward them.