MUMBAI, Sept 16 (Askume) – India’s market regulator on Monday retracted its comments that “external factors” were leading to employee complaints about a toxic work environment and said the issues were being addressed “amicably” and the matter would be addressed internally.
Last month, 500 employees of the Securities and Exchange Board of India (Sebi) wrote to the Union finance ministry, saying the regulator was under “extreme pressure” resulting in a “stressful and toxic work environment”.
The regulator later responded that claims of an unprofessional work culture were “inaccurate”.
The company also said that certain ” external factors ” led employees to believe they should not expect high performance and accountability, leading to protests and demands for the recall of workers.
“SEBI believes that its employees have played a vital role in making the Indian securities market one of the most dynamic and well-organised markets in the world over the last 36 years,” SEBI said in a release.
Tensions between SEBI’s leadership and its staff have arisen after SEBI Chairperson Madhabi Puri Buch was accused of conflict of interest by US short-seller Hindenburg Research and the country’s opposition parties demanded her resignation .
