Stock market regulator Securities and Exchange Board of India's Chairman Tuhin Kanta Pandey, on his first full working day on Monday, set a new tone for the regulatory body by urging SEBI officials to focus on merit over specific targets, according to two people familiar with the matter.
This marks a departure from the target-driven strategy of his predecessor, Madhabi Puri Buch, under which KRAs were tightly linked to measurable outcomes. While Buch's approach was aimed at improving accountability and performance, Pandey's focus on merit suggests a more balanced and practical method for enforcing financial regulations.
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Pandey, who joined on Saturday, had his first interaction with SEBI staffers, where he was “receptive” and encouraged open discussions about the challenges faced by officials.
There was a lot of emphasis on restoring confidence in SEBI among the discussion, one of the people cited above told NDTV Profit.
In the past few months, there has been growing unrest among SEBI employees regarding the regulator's HR policies. Several employees have expressed dissatisfaction with the existing HR framework, citing concerns over promotions, performance evaluations, and lack of clarity. Sources indicated that the HR policies, including the system of KRAs and target-based performance metrics, have created an atmosphere of stress and discontent among SEBI staff.
Pandey's merit-based approach will foster a flexible, performance-driven environment where decisions are made on their intrinsic value rather than the pressure of meeting preset targets, people familiar with the matter indicated.
Pandey is expected to meet with key stock exchanges, the National Stock Exchange and the Bombay Stock Exchange, in the coming weeks.
Pandey is expected to meet with key stock exchanges, the National Stock Exchange and the Bombay Stock Exchange in the coming weeks. These meetings are anticipated to strengthen collaboration between SEBI and the exchanges, which are central to India's financial markets.
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