Sebi employees protest at HQ; demand Buch resignation
Mumbai, Sep 5: A large number of Sebi employees protested outside the capital markets regulator's headquarters on Thursday, seeking chairperson Madhabi Puri Buch's resignation.
The staffers, numbering over 200 as per an estimate, held a silent protest outside the main building in the Bandra Kurla Complex, housing Buch and other officials' offices.
None of the protesting employees spoke to the media, but a handout purported to have been drafted by the protesting officials sought the withdrawal of a press release issued by Sebi on Wednesday and also Buch's resignation.
The protesting employees assembled in front of the building and were seen standing there for about 90 minutes before dispersing.
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.
This is not the first instance of a protest at the Sebi, which witnessed a similar protest over a month ago by some employees. At that time, officials had said that the protests were by a few elements and do not have the backing of the recognised unions or associations.
In what is unprecedented for any financial regulator, around 500 employees are reported to have written 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 said such claims are "misplaced", which seems to have irked the employees.
The regulator said 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.
"The claims of unprofessional work culture in the letter dated August 6, 2024, are misplaced," Sebi said in a statement.
The regulator suspects that junior officers have been receiving messages from outside parties encouraging them to "go to the media, the Ministry, or the Board," possibly for the outsiders' own agendas.
"Sebi apprehends that the junior officers have been receiving messages from external elements outside their group, effectively instigating them to 'go to media, go to the Ministry, go to Board', perhaps to serve their own purpose. In fact, the letter of August 6, 2024, was not sent by the Sebi employee associations to the Government (and a section of the media)," the statement noted.
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Integrity of electoral process severely compromised, Cong to soon launch movement: CWC
New Delhi (PTI): The Congress Working Committee met here on Friday and adopted a resolution alleging the integrity of the entire electoral process was being severely compromised against which the party would soon launch a movement.
In the resolution of the top body of the Congress, the party said free and fair elections is a Constitutional mandate that was being called into "serious question by the partisan functioning of the Election Commission".
The CWC, which met amid the ongoing Winter Session of Parliament, said the session has been a washout so far because of the Narendra Modi government's "stubborn refusal" to have an immediate discussion on three pressing national issues -- "the recent revelations regarding corruption by a business group, and the violence in Manipur and Uttar Pradesh's Sambhal".
Asked why the Congress Working Committee (CWC) resolution does not name the business group, Congress leader Jairam Ramesh said, "The answer is the Adani group".
"The CWC believes the integrity of the entire electoral process is being severely compromised. Free and fair elections is a Constitutional mandate that is being called into serious question by the partisan functioning of the Election Commission.
"Increasing sections of society are becoming frustrated and deeply apprehensive. The Congress will take these up these public concerns as a national movement," the resolution stated.
Addressing a joint press conference along with Ramesh and Congress spokesperson Pawan Khera, party general secretary, organisation, K C Venugopal said the party discussed the political situation in the country for four-and-half hours and adopted the resolution.
He said the CWC has decided to constitute internal committees to look into electoral performance and organisational matters.
About the Assembly polls results in Maharashtra, Venugopal said the electoral outcome in the state was "beyond normal understanding and it appears to be a clear case of targeted manipulation".
