Sebi panel suggests staff performance rewards

Apr 20 2014, 12:39 IST
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Sebi's expenses towards salaries and wages stood at Rs 147 crore in 2013-14. PTI Sebi's expenses towards salaries and wages stood at Rs 147 crore in 2013-14. PTI
SummarySebi's expenses towards salaries and wages stood at Rs 147 crore in 2013-14.

about Rs 167 crore in the current fiscal and close to Rs 200 crore in the subsequent year, as per the regulator's budget estimates.

At the same time, the panel also said "there is a need to critically examine the expanding organisational requirements particularly with respect to the staff expectation so as to not only retain the trained manpower but to also attract new talent to fulfil Sebi's regulatory mandate".

The regulator's training and recruitment expenses rose sharply in the last fiscal to over Rs 5 crore and the same is expected to further rise to about Rs 8 crore after a modest dip in the current financial year, as per the current estimates.

The committee also emphasised that some internal benchmarks be evolved for evaluation of performance to identify good performers and create a suitable framework to reward them.

Besides, it suggested "a suitable exit mechanism" for employees who are not able to meet the organisational expectations to help Sebi not only keep attuned to ever-changing expectations and ensure cost rationalisation as well.

The panel also recommended a time-bound detailed study of the entire issue with regard to its staff-related proposals.

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