The press release, which was issued earlier in September, has now been formally withdrawn.
Mumbai : In a sudden turn of events, the Securities and Exchange Board of India (SEBI) has retracted a press release issued earlier this month that hinted at external influences on its employees. The retracted statement, released on September 4, 2024, had raised concerns over alleged interference in SEBI’s internal workings, a development that sparked significant attention within the financial regulatory circles.
In a fresh communication, SEBI clarified that its employees have consistently played a vital role in transforming India's securities market into one of the most well-regulated and dynamic markets in the world over the last 36 years. The regulator reiterated that any employee-related matters would be handled strictly through established internal mechanisms, without the need for external intervention. Two weeks ago, SEBI had issued a statement suggesting that external forces were behind the unrest among its staff, which was seen as an attempt to discredit the organisation and its leadership.
SEBI, in a statement following constructive discussions with officers at all levels, reaffirmed that the concerns raised were internal in nature and would be dealt with promptly and in line with the organization’s stringent governance standards. The discussions between SEBI and its employees have reportedly resulted in a mutual understanding that all issues will be resolved within a time-bound framework.
The press release, which was issued earlier in September, has now been formally withdrawn. SEBI employees, meanwhile, have strongly condemned the unauthorized release of internal communication. They emphasized that any concerns or issues will be amicably resolved through internal channels and mechanisms, further underscoring the organization’s commitment to governance and transparency.
SEBI, the regulatory authority responsible for overseeing India’s securities and commodity markets, was established in 1988 and granted statutory powers in 1992 through the SEBI Act. Its role in shaping India's financial markets has been pivotal, and it continues to operate under the administrative supervision of the Ministry of Finance.
While the exact nature of the allegations in the now-withdrawn release remains unclear, SEBI’s swift action to address the situation highlights its dedication to maintaining trust in the regulatory framework and ensuring that internal matters are dealt with appropriately.
In a fresh communication, SEBI clarified that its employees have consistently played a vital role in transforming India's securities market into one of the most well-regulated and dynamic markets in the world over the last 36 years. The regulator reiterated that any employee-related matters would be handled strictly through established internal mechanisms, without the need for external intervention. Two weeks ago, SEBI had issued a statement suggesting that external forces were behind the unrest among its staff, which was seen as an attempt to discredit the organisation and its leadership.
SEBI, in a statement following constructive discussions with officers at all levels, reaffirmed that the concerns raised were internal in nature and would be dealt with promptly and in line with the organization’s stringent governance standards. The discussions between SEBI and its employees have reportedly resulted in a mutual understanding that all issues will be resolved within a time-bound framework.
The press release, which was issued earlier in September, has now been formally withdrawn. SEBI employees, meanwhile, have strongly condemned the unauthorized release of internal communication. They emphasized that any concerns or issues will be amicably resolved through internal channels and mechanisms, further underscoring the organization’s commitment to governance and transparency.
SEBI, the regulatory authority responsible for overseeing India’s securities and commodity markets, was established in 1988 and granted statutory powers in 1992 through the SEBI Act. Its role in shaping India's financial markets has been pivotal, and it continues to operate under the administrative supervision of the Ministry of Finance.
While the exact nature of the allegations in the now-withdrawn release remains unclear, SEBI’s swift action to address the situation highlights its dedication to maintaining trust in the regulatory framework and ensuring that internal matters are dealt with appropriately.
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