The Securities and Exchange Board of India (SEBI) officials are set to protest at the Mumbai Head Office – SEBI Bhavan Bandra Kurla Complex (BKC) on Monday, August 5. NDTV Profit quoting anonymous sources on Saturday, August 3, that as many as 700 officers will be part of this protest.
The official’s protest is fueled by the rising discontent amongst the SEBI employees with the regulator’s leadership, which has been built in the last 2.5 years. The employees have not been happy with the leadership for the last two and a half years, said the report.
The upcoming SEBI employee protest is also driven by key factors such as dissatisfaction with the allowances provided by the regulator, which are not updated to be in line with those offered by the Reserve Bank of India, as per the report. A new system to upload the Key Result Areas (KRAs) has been introduced which threatens allowance stoppage in case of non-compliance and heightens the unrest, as per the news report.
SEBI has sent a follow-up apology letter in the form of an email to the employees with the aim of addressing the issues and grievances, yet the employee distress is persistent, reported the news agency quoting an anonymous source who highlighted the issues of mistrust in the regulatory body.
“While SEBI is working to improve conditions for external stakeholders, there is a growing mistrust among its own employees that needs to be addressed,” reported NDTV Profit quoting an anonymous source.
SEBI is yet to get back with a response to the queries related to the development, said the report. This upcoming protest issue gives the capital market regulator the chance to look into the internal functioning of the regulatory body and gain back confidence in its workforce, according to the report.