NEW DELHI: 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and within a time-bound framework,” the regulator said.Accordingly, the press release issued on September 4 has been withdrawn.The decision to retract the press release came after employees strongly condemned the unauthorized dissemination of internal communications.Sebi employees have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.
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