Sebi Withdraws Controversial Press Release Amid Employee Protests

Sebi retracted a September 4 press release addressing claims of unprofessional work culture after significant employee protests. The employees demanded the withdrawal of the statement and Sebi chief's resignation. Subsequently, Sebi emphasized that employee issues will be managed internally, reaffirming its commitment to governance and resolving concerns through internal channels.

On Monday, the Securities and Exchange Board of India (Sebi) retracted its press release from September 4, which addressed allegations of unprofessional work culture. The regulator labeled these concerns as 'misplaced' and reaffirmed its commitment to handling employee-related issues internally.

The retraction occurred following significant protests by Sebi employees outside the regulator's headquarters on September 5, a day after the press release. The employees demanded the withdrawal of the statement and the resignation of Sebi chief Madhabi Puri Buch.

In a statement, Sebi acknowledged the pivotal role its employees have played over the past thirty-six years in developing one of the world's most dynamic and well-regulated securities markets. The regulator emphasized that it addresses employee-related matters through appropriate internal mechanisms.

(With inputs from agencies.)