Sebi retracts 'external influence' claims, commits to internal resolution

The Securities and Exchange Board of India (Sebi) has withdrawn its earlier claim that "external influences" were behind the recent unrest among its staff. This move follows discussions with employees and a commitment to address their concerns internally.

On September 4, Sebi had suggested that external forces were trying to discredit the organization and its leadership, specifically targeting the credibility of Sebi Chairperson Madhabi Puri Buch. This statement came after a group of employees expressed concerns about a "toxic work culture" and called for Buch’s resignation.

The initial press release fueled further unrest among staff, who had previously voiced dissatisfaction in an August 6 letter. The letter highlighted an "unrealistic" work environment and sought leadership changes without directly naming Buch.

Sebi's September 4 statement claimed that the employees' complaints were influenced by outside parties aiming to destabilize the organization. It also alleged that the letter was not officially sanctioned by the employees’ association but was an anonymous attempt to undermine Sebi’s stability.

In a reversal, Sebi has now retracted these claims. The regulator confirmed its commitment to resolving internal issues through established processes and maintaining high governance standards. The September 4 press release has been officially withdrawn, and Sebi is focusing on handling workplace concerns directly within the organization.

“Following productive discussions with employees, Sebi and its staff have agreed to address these issues through our established internal channels,” Sebi stated. The organization has pledged to foster a positive work environment and ensure future concerns are managed internally, without external interference.