The Securities and Exchange Board of India (Sebi) on Wednesday rejected the allegations of fostering an unprofessional work culture, terming them "misguided" and an attempt to undermine employee capabilities.
The market regulator clarified that the recent human resource (HR) initiatives aimed to recognise deserving employees based on objective performance assessments.
In a press release, it stated that its junior employees were misinformed about automatic promotions and about being underpaid, despite having a cost-to-company of 34 lakh per annum. They were also made to believe they should not be held to high standards of accountability, it said.
Sebi's response comes a day after news reports stated that the regulator's employees had written to the finance ministry, detailing their grievances against the senior leadership.
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