In response to a media report raising questions over the work culture at Securities Exchange Board of India (Sebi), capital markets regulator clarified that its officers are quite well paid. In fact, salaries of entry level officers are comparable to those of the corporate sector, reads a statement released by the Sebi.
The regulator says that for entry level officers at grade A, the cost to company (CTC) is approximately ₹34 lakh per annum, which is comparable to the corporate sector.
Now, the employees are demanding an additional 55 percent increase in house rent allowance (HRA) over the allowance set in 2023.
This would lead to an additional cost to the company of almost ₹6 lakh per annum, claims the statement.
Sebi also said that the campaign against the regulator is instigated by external elements outside the group which tell the junior employees to go to media or ministry or the board.
“In fact, the letter of August 6, 2024 was not sent by the Sebi employees associations to the government and a section of the media. It was an anonymous email that was sent, and officers and associations have themselves condemned it,” reads the Sebi statement released Wednesday.
Sebi said when the media reported the employees' demand for increase in HRA as an issue around their working conditions then a group of employees consciously designed a strategy to change the narrative to frame the issue as relating to the work environment with an objective to have bargaining power to seek more benefits.
Thereafter, a letter focused on work culture was crafted and sent to HRD early last month.
Sebi has unequivocally condemned the claims of unprofessional work culture in the Aug 6 letter and stated that these stem from instances such as a) under-pitching of processing capability of officers, b) mis-reporting of status of achievement of KRAs, c) shuttling of files between departments over a long period to avoid taking decisions, d) changing appraisal marks of some employees to give them promotion.
In such instances, the officers have been held accountable and corrective actions taken, the statement reads.
