In response, SEBI issued a five-page statement on Wednesday, disputing the claims and claiming that external entities were manipulating workers to undermine the regulator's reputation. SEBI also stated its commitment to increasing the capability and potential of its personnel. "We would not like to speculate on who those external elements may be or what their motives might be," SEBI said in their statement per ANI report. 

According to the news agency report, the protest focuses on issues such as House Rent Allowance (HRA) and the implementation of SEBI's new automated Management Information System for Key Result Areas (KRAs), which is intended to improve openness, fairness, and accountability. SEBI reported that junior staff were dissatisfied with the present HRA and demanded a 55 per cent increase over the allowance set in 2023.

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SEBI said that the protest evolved from allowances and benefits to a broader issue of workplace culture on August 6, 2024, when a letter on "work culture" was filed to HRD. Seven days later, a second letter with 16 demands was allegedly submitted, asking for both monetary and non-monetary perks, including automatic promotions at lower performance ratings.

SEBI reaffirmed its commitment to maintaining high levels of performance, responsibility, and responsiveness to the market environment, while expressing displeasure that certain forces were attempting to lower staff performance requirements, the report added.

"Unfortunately, some elements have attempted to diminish the significant capabilities of SEBI employees by instigating employees to believe that, as "employees of a Regulator" they should not be required to have such high standards of performance and accountability," SEBI said in their statement on Wednesday.