Sebi withdraws statement on unprofessional work culture

Withdrawal comes after Sept 5 protest by Sebi employees demanding withdrawal of press release resignation of Sebi chief Madhabi Buch

Seeking to defuse tensions with employees protesting against alleged "unprofessional work culture," Sebi on Monday retracted its earlier statement blaming "external elements" for the unrest and committed to address the concerns 'amicably through internal channels.

The withdrawal comes nearly two weeks after a protest on September 5, where hundreds of Sebi employees gathered outside the regulator's headquarters demanding the withdrawal of the contentious September 4 press release and the resignation of Sebi chairperson Madhabi Puri Buch.

The initial statement had suggested that the protesting employees were being influenced by external forces to target Sebi's credibility and leadership.

This was 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 did not have the backing of the recognised unions or associations.