Sebi withdraws press release on unprofessional work culture
New Delhi (PTI): Capital markets regulator Sebi on Monday withdrew its press release issued in September 4, which addressed claims of unprofessional work culture, stating that these concerns are "misplaced" and reaffirmed that employee-related issues will be managed internally.
The withdrawal came days after a protest by a large number of Sebi employees outside the regulator's headquarters on September 5, a day after the press release. They had demanded the withdrawal of the statement and the resignation of Sebi chief Madhabi Puri Buch.
In a statement on Monday, Sebi acknowledged the critical role its employees have played over the past thirty-six years in shaping the Indian securities market into one of the most dynamic and well-regulated markets globally.
Sebi said it addresses employee-related matters through appropriate internal mechanisms.
"Following constructive discussions with representatives of all grades of officers, Sebi and its employees have reaffirmed that such issues are strictly internal and will be managed in accordance with the organization's high standards of governance and within a time-bound framework," the regulator said.
Accordingly, the press release issued on September 4 has been withdrawn.
The decision to retract the press release came after employees strongly condemned the unauthorized dissemination of internal communications.
Sebi employees have reiterated their commitment to resolving concerns amicably through established internal channels, ensuring that such matters remain internal and managed within a time-bound framework.
"Employees have strongly condemned the unauthorized release of internal communication and have confirmed that all concerns shall be addressed amicably through established internal channels," the statement noted.
For Puri, protests and internal issues have come at a time when she is probably facing the most challenging times in her stint. The career banker-turned-regulator is battling speculations on whether a conflict of interest made her go slow on the probe against Adani Group and a raft of other allegations around it.
In what is unprecedented for any financial regulator, around 500 employees wrote to the Finance Ministry on August 6, against the top management, for what they called a "toxic" work environment, which includes instances of public humiliation and shouting down.
After the publishing of a media report about the letter, Sebi responded with a press release, which stated such claims are "misplaced", which seemed to have irked the employees.
The regulator stated that some "external elements" had instigated its employees into believing that they shouldn't be held to high standards of performance and accountability, though, it did not provide specific details.
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Indigo crisis: Shivakumar urges Centre to act immediately, bring situation under control
Bengaluru (PTI): With large scale flight cancellations by Indigo airlines leaving passengers stranded, Karnataka Deputy Chief Minister D K Shivakumar on Saturday urged the Centre to act immediately and bring the situation under control.
He called the IndiGo fiasco a the direct result of the govt's monopoly model.
Taking to social media platform 'X', Shivakumar said India is witnessing the worst aviation meltdown in its history. "Thousands of flights cancelled - leaving our people stranded everywhere".
"The IndiGo fiasco is the direct result of the govt's monopoly model. And as always, it is ordinary Indians who are paying the price," he said.
Shivakumar said that the Kempegowda International Airport in Bengaluru, which is India's 3rd busiest airport with nearly 40 million travellers a year, is in complete chaos.
"This is hurting families, businesses and our national reputation. I urge the Union Government to act immediately and bring this situation under control. Our people deserve better," he added.
Domestic carrier IndiGo cancelled over 800 flights on Saturday, the fifth day of the ongoing crisis, even as the government imposed a cap on airfares and directed the airline to process all refunds by Sunday evening.
