The Securities and Exchange Board of India (SEBI) has decided to remove the linkage of its digital Management Information System from employee appraisals.
The regulator is now reassessing its performance review methods to bring in a more balanced approach, according to an NDTV Profit report.
An internal circular has been issued regarding these changes. While SEBI is working on modifying its review process, it will not completely discard the older methods but rather re-evaluate them for improvement, the report said.
The concept of Key Responsibility Areas (KRAs) has been a part of SEBI’s system for over 20 years. However, as with any evolving system, the regulator is now considering changes to improve performance assessments.
Previously, SEBI employees’ performance appraisals were significantly influenced by the digital Management Information System (MIS).
The system tracked targets achieved and success rates, which played a crucial role in determining career progression.
However, this approach led to concerns, as some departments felt that their work was not accurately represented through numerical targets, the report added.
Now, under the leadership of the new SEBI Chairperson, Tuhin Kanta Pandey, there has been a shift in approach.
According to the report, the focus has moved from quantity to quality, with less emphasis on rigid performance measurements.
Reports also indicated that Chairperson Pandey has been actively engaging with employees across departments to address their concerns.
Meanwhile, SEBI has reduced the timeline for completing rights issues from 126 days to just 23 days. The new rules will come into effect from April 7, allowing companies to raise capital faster.
In a circular on March 12, SEBI also introduced more flexibility in allotting shares to specific investors in rights issues.
Under the revised framework, rights issues must now be completed within 23 working days from the date the company’s Board of Directors approves the issue.
According to the market regulator, companies must keep the rights issue open for at least seven days and a maximum of 30 days.
(Inputs from IANS)
