Home India Securities and Exchange Board of India In exercise of the powers conferred by section 30 of the Sec...
Date: 2018-04-27 Category: Extra Ordinary State: Union Government Country: India

In exercise of the powers conferred by section 30 of the Securities and Exchange Board of India Act 1992

Issued by Securities and Exchange Board of India · Not Applicable

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Executive Summary & Key Takeaways

Executive Summary: This notification announces the Securities and Exchange Board of India Employees' Service Amendment Regulations, 2018. It amends the 2001 regulations regarding employee service, specifically concerning leave encashment and credit rules. The regulations come into force on the date of their publication in the Official Gazette: April 27, 2018. Key Points / Main Content: Ordinary Leave: * Replaces "ten months 300 days" with "300 days" in the first clause of subregulation 1 of regulation 37. * Inserts a new clause (iii) in regulation 37, subregulation 1, specifying that employees with 286 or more days of ordinary leave will have an additional 15 days credited at the beginning of each half-year (April 1st and October 1st). Leave taken during that half-year will be deducted from this account. * Balances less than 15 days sanctioned as ordinary leave will be credited to the ordinary leave account, with a ceiling of 300 days at the close of that half year. * Ordinary leaves beyond 300 days will lapse if not availed before September 30th or March 31st. * Re-numbers the existing third and fourth clauses in regulation 37, subregulation 1, as clauses (iv) and (v), respectively. Leave Encashment: * Replaces "in two years" with "every calendar year" in regulation 38, subregulation 1, regarding leave encashment. * Substitutes the existing provisos in regulation 38 with a new proviso: encashment is allowed if the employee has a balance of 180 days or more of ordinary leaves after encashment. Impact Analysis: SEBI Employees: * Impact: Changes to ordinary leave credit and encashment rules affect leave accumulation and utilization. * Action Required: Understand the new leave rules, plan leave accordingly to avoid lapsing of leave beyond the 300-day limit, and note the revised conditions for leave encashment. Securities and Exchange Board of India: * Impact: The amendment impacts the administration of employee leave and encashment policies. * Action Required: Implement the amended regulations, update internal systems and communicate the changes to all employees.

Key Entities Referenced

Securities and Exchange Board of India (SEBI): The regulatory body that issued the notification and is responsible for regulating the securities market in India. Securities and Exchange Board of India Act, 1992: The act of Parliament that established the Securities and Exchange Board of India and defines its powers and functions. Securities and Exchange Board of India Employees' Service Regulations, 2001: The set of regulations governing the service conditions of the employees of the Securities and Exchange Board of India, which this notification amends. Securities and Exchange Board of India Employees' Service Amendment Regulations, 2018: The specific amendment to the SEBI Employees' Service Regulations being introduced by this notification. Mumbai, Maharashtra: The location where the Securities and Exchange Board of India notification was issued. Ajay Tyagi: The Chairman of the Securities and Exchange Board of India (SEBI) at the time the notification was issued. Official Gazette: The official government publication where the amendment regulations will be published. New Delhi: Location of Printing at Government of India Press
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L.-33004/99 vlk/kj.k EXTRAORDINARY Hkkx III—[k.M 4 PART III—Section 4 izkf/dkj ls izdkf'kr PUBLISHED BY AUTHORITY la- 169] ubZ fnYyh] 'kqØokj] vizSy 27] 2018@ oS'kk[k 7] 1940 No. 169] NEW DELHI, FRIDAY, APRIL 27, 2018/ VAISAKHA 7, 1940 Hkkjrh; izfrHkwfr vkSj fofue; cksMZ अअअअििििधधधधससससचचूूचचूू ननननाााा मुंबई, 27 अ(cid:2)लै , 2018 भभभभााााररररततततीीीीयययय (cid:8)(cid:8)(cid:8)(cid:8)ििििततततभभभभििििूूूू तततत औऔऔऔरररर ििििववववििििननननममममयययय बबबबोोोोडडडड (cid:18)(cid:18) (cid:18)(cid:18) ककककममममचच(cid:18)(cid:18)चच(cid:18)(cid:18) ााााररररीीीी ससससववेेववेे ाााा ((((ससससशशशशंंंं ोोोोधधधधनननन)))) ििििववववििििननननययययमममम,,,, 2222000011118888 la- lsch@,y-,-Mh-&,u-vkj-vks-@th-,u-@2018@09.—बोड,(cid:8) भारतीय (cid:2)ितभिू त और िविनमय बोड (cid:8) अिधिनयम, 1992 (1992 का 15) क(cid:14) धारा 30 (cid:15)ारा (cid:2)द(cid:19) शि(cid:21)य(cid:23) का (cid:2)योग करत े (cid:25)ए, एत(cid:27)ारा भारतीय (cid:2)ितभिू त और िविनमय बोड(cid:8) (कम(cid:8)चारी सेवा) िविनयम, 2001 का और संशोधन करन ेके िलए िन िलिखत िविनयम बनाता ह,ै अथात(cid:8) ,्- 1. इन िविनयम(cid:23) को भारतीय (cid:2)ितभूित और िविनमय बोड (cid:8)(कम(cid:8)चारी सेवा) (संशोधन) िविनयम, 2018 कहा जा सकेगा । 2. वे राजप’ म( उनके (cid:2)काशन क(cid:14) तारीख को (cid:2)वृ(cid:19) ह(cid:23)गे । 3. भारतीय (cid:2)ितभूित और िविनमय बोड (cid:8)(कम(cid:8)चारी सेवा) िविनयम, 2001 म,( - (क) िविनयम 37 म,( उप-िविनयम (1) म,( - i. पहल े खंड म,( श,द, िच-न और अंक “दस मास (300 .दन)” अंक(cid:23) और श,द “300 .दन(cid:23)” स े (cid:2)ित0थािपत हो जाएँगे । ii. पहला खंड तथा दसू रा खंड 1मशः खंड (i) तथा खंड (ii) के 3प म( स5ं यां.कत हो जाएँग ेऔर उनके प6ात ्िन िलिखत नया खंड अंतः0थािपत .कया जाएगा, अथात(cid:8) ,् - “(iii) जहाँ .कसी कम(cid:8)चारी के पास 286 या उसस ेअिधक .दन(cid:23) क(cid:14) साधारण छु9:याँ जमा ह(cid:23), वहा ँ 15 .दन(cid:23) क(cid:14) और साधारण छु9:या ँ (cid:2)<यके छमाही क(cid:14) शु=आत म ( (1 अ(cid:2)ैल या 1 अ(cid:21)ूबर को) उस कम(cid:8)चारी के अित9र(cid:21) साधारण छु:ी खात े (लेखे) म( जमा कर दी जाएँगी और उसके प6ात् 2435 GI/2018 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4] 30 िसत?बर या 31 माच (cid:8) को समा@ होन े वाली छह महीन े क(cid:14) अविध के दौरान ली जान े वाली साधारण छु9:या ँऐसे अित9र(cid:21) साधारण छु:ी खात ेम (स ेकाटी जाएँगी : परंत ुयह .क य.द मंजरू क(cid:14) गई साधारण छु9:या ँ 15 .दन(cid:23) स ेकम क(cid:14) ह(cid:23), तो शेष छु9:याँ उस छमाही क(cid:14) समाि@ पर साधारण छु:ी खाते (लेखे) म ( जमा हो जाएँगी (300 .दन(cid:23) क(cid:14) अिधकतम सीमा के अAयधीन) : परंत ु यह और .क कोई कम(cid:8)चारी 30 िसत?बर या 31 माच(cid:8) स े पहले ही न केवल अपनी साधारण छु9:या ँ मंजरू करवा ल,े बिCक वह वे छु9:या ँ ल े भी ल,े अDयथा 300 स े अिधक .दन(cid:23) क(cid:14) छु9:याँ, यथाि0थित, 30 िसत?बर या 31 माच (cid:8)को समा@ हो जाएँगी ।” iii. मौजूदा तीसरा खंड तथा चौथा खंड तदनसु ार 1मशः खंड (iv) तथा खंड (v) के 3प म ( स5ं यां.कत हो जाएँग े। (ख) िविनयम 38 म,( - i. उप-िविनयम (1) म,( श,द “दो वषF” श,द(cid:23) “(cid:2)<यके कलGडर वष(cid:8)” स े(cid:2)ित0थािपत हो जाएँगे । ii. उसके प6ात ्.दए (cid:25)ए मौजूदा परंतकु िन िलिखत नए परंतकु से (cid:2)ित0थािपत हो जाएँगे, अथा(cid:8)त्, - “परंत ु यह .क साधारण छु9:या ँ भुनान े के प6ात् कम(cid:8)चारी के पास 180 या उसस े अिधक .दन(cid:23) क(cid:14) साधारण छु9:या ँशेष रह (।” अजय <य ागी, अA यJ [िवKापन-III/4/असा./46/18] पपपपाााादददद (cid:23)(cid:23)(cid:23)(cid:23)टटटट(cid:25)(cid:25)(cid:25)(cid:25)पपपपणणणण :::: 1. भारतीय (cid:2)ितभिू त और िविनमय बोड (cid:8)(कम(cid:8)चारी सेवा) िविनयम, 2001, का.आ. स.ं 857(अ), 6 िसत?बर 2001 को भारत के राजप’ म ((cid:2)कािशत (cid:25)ए थे । 2. भारतीय (cid:2)ितभूित और िविनमय बोड (cid:8)(कम(cid:8)चारी सेवा) िविनयम, 2001, त<प6ात ्- (क) 23 .दस?बर 2003 को भारतीय (cid:2)ितभूित और िविनमय बोड (cid:8) (कम(cid:8)चारी सेवा) (संशोधन) िविनयम, 2003, फा.स.ं भा(cid:2)िवबो/िविध/15/2003, (cid:15)ारा (ख) 25 मई 2004 को भारतीय (cid:2)ितभिू त और िविनमय बोड (cid:8) (कम(cid:8)चारी सेवा) (सशं ोधन) िविनयम, 2004, का.आ. स.ं 623(अ), (cid:15)ारा (ग) 11 अ(cid:2)लै 2007 को भारतीय (cid:2)ितभिू त और िविनमय बोड (cid:8) (कम(cid:8)चारी सेवा) (संशोधन) िविनयम, 2007, फा.स.ं 11/एल सी/जी एन/2006/2143, (cid:15)ारा (घ) 14 जनवरी 2010 को भारतीय (cid:2)ितभूित और िविनमय बोड (cid:8) (कम(cid:8)चारी सेवा) (संशोधन) िविनयम, 2010, अिधसूचना सं. एल.ए.डी.-एन.आर.ओ./जी.एन./ 2009-10/28/190983, (cid:15)ारा (ङ) 12 अ(cid:21)ूबर 2010 को भारतीय (cid:2)ितभिू त और िविनमय बोड (cid:8) (कम(cid:8)चारी सेवा) (दसू रा संशोधन) िविनयम, 2010, अिधसूचना स.ं एल.ए.डी.-एन.आर.ओ./ जी.एन./2010-11/17/22954, (cid:15)ारा¹Hkkx IIIµ[k.M 4º Hkkjr dk jkti=k % vlk/kj.k 3 (च) 10 अ(cid:21)ूबर 2011 को भारतीय (cid:2)ितभिू त और िविनमय बोड (cid:8) (कम(cid:8)चारी सेवा) (संशोधन) िविनयम, 2011, अिधसूचना सं. एल.ए.डी.-एन.आर.ओ./जी.एन./ 2011-12/26/31671, (cid:15)ारा (छ) 2 मई 2012 को भारतीय (cid:2)ितभिू त और िविनमय बोड (cid:8) (कम(cid:8)चारी सेवा) (संशोधन) िविनयम, 2012, अिधसूचना सं. एल.ए.डी.-एन.आर.ओ./जी.एन./ 2012-13/03/5290, (cid:15)ारा (ज) 19 नव?बर 2012 को भारतीय (cid:2)ितभूित और िविनमय बोड (cid:8) (कम(cid:8)चारी सेवा) (दसू रा संशोधन) िविनयम, 2012, अिधसूचना स.ं एल.ए.डी.-एन.आर.ओ./ जी.एन./2012-13/22/5429, (cid:15)ारा (झ) 8 अ(cid:21)ूबर 2013 को भारतीय (cid:2)ितभिू त और िविनमय बोड (cid:8) (कम(cid:8)चारी सेवा) (संशोधन) िविनयम, 2013, अिधसूचना सं. एल.ए.डी.-एन.आर.ओ./जी.एन/2013-2014/27/6721, (cid:15)ारा (ञ) 26 फरवरी 2015 को भारतीय (cid:2)ितभिू त और िविनमय बोड (cid:8) (कम(cid:8)चारी सेवा) (संशोधन) िविनयम, 2015, अिधसूचना सं. एल.ए.डी.-एन.आर.ओ./जी.एन./2014-15/22/366, (cid:15)ारा (ट) 21 अ(cid:2)ैल 2015 को भारतीय (cid:2)ितभूित और िविनमय बोड (cid:8) (कम(cid:8)चारी सेवा) (दसू रा संशोधन) िविनयम, 2015, अिधसूचना स.ं सेबी/एन.आर.ओ/ओ.आई.ए.ई./जी.एन. 2015-16/002, (cid:15)ारा (ठ) 30 नव?बर 2016 को भारतीय (cid:2)ितभिू त और िविनमय बोड (cid:8) (कम(cid:8)चारी सेवा) (संशोधन) िविनयम, 2016, अिधसूचना सं. सेबी/एल.ए.डी.-एन.आर.ओ./जी.एन./2016-17/016, (cid:15)ारा (ड) 15 .दस?बर 2016 को भारतीय (cid:2)ितभूित और िविनमय बोड (cid:8) (कम(cid:8)चारी सेवा) (दसू रा संशोधन) िविनयम, 2016, अिधसूचना स.ं सेबी/एल.ए.डी.-एन.आर.ओ./जी.एन./2016-17/024, (cid:15)ारा (ढ) 27 अ(cid:2)लै 2017 को भारतीय (cid:2)ितभिू त और िविनमय बोड (cid:8) (कम(cid:8)चारी सेवा) (संशोधन) िविनयम, 2017, अिधसूचना सं. सेबी/एल.ए.डी.-एन.आर.ओ./जी.एन./2017-18/001, (cid:15)ारा (ण) 17 मई 2017 को भारतीय (cid:2)ितभिू त और िविनमय बोड (cid:8) (कम(cid:8)चारी सेवा) (दसू रा संशोधन) िविनयम, 2017, अिधसूचना स.ं सेबी/एल.ए.डी.-एन.आर.ओ./जी.एन./2017-18/002, (cid:15)ारा (त) 13 जुलाई 2017 को भारतीय (cid:2)ितभिू त और िविनमय बोड (cid:8) (कम(cid:8)चारी सेवा) (तीसरा संशोधन) िविनयम, 2017, अिधसूचना स.ं सेबी/एल.ए.डी.-एन.आर.ओ./जी.एन./2017-18/010, (cid:15)ारा संशोिधत (cid:25)ए थे । SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 27th April, 2018 SECURITIES AND EXCHANGE BOARD OF INDIA [EMPLOYEES’ SERVICE (AMENDMENT) REGULATIONS, 2018] No. SEBI/LAD-NRO/EN/2018/09.—In exercise of the powers conferred by section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following regulations to further amend the Securities and Exchange Board of India (Employees' Service) Regulations, 2001, namely,– 1. These regulations may be called the Securities and Exchange Board of India (Employees' Service) (Amend- ment) Regulations, 2018. 2. They shall come into force on the date of their publication in the Official Gazette. 3. In the Securities and Exchange Board of India (Employees' Service) Regulations, 2001, -4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4] (a) in regulation 37, in sub-regulation (1), - i. in the first clause, the words, figure and symbols “ten months (300 days)” shall be substituted with figure and word “300 days”. ii. the first and the second clauses shall be numbered as (i) and (ii) respectively and thereafter the fol- lowing new clause shall be inserted, namely, - “(iii) Where an employee has to his credit 286 days or more of ordinary leaves, the further credit of 15 days ordinary leave shall be done at the beginning of each half year (on 1st April or 1st October) to the employee’s additional ordinary leave account and the ordinary leaves availed during the six month period thereafter ending on 30th September or 31st March shall be deducted from such ac- count: Provided that if ordinary leaves sanctioned is for less than 15 days, the balance shall be credited to the ordinary leave account subject to the ceiling of 300 days at the close of that half year: Provided further that an employee shall have his ordinary leaves sanctioned and availed be- fore 30th September or 31st March as leaves beyond 300 days will lapse on 30th September or 31st March, as the case may be.” iii. the existing third and fourth clauses shall be accordingly numbered as clauses (iv) and (v) respec- tively. (b) in regulation 38, - i. in sub-regulation (1), the words “in two years” shall be substituted with the words “every calendar year”. ii. the existing provisos appearing thereafter shall be substituted with the following new pro- viso, namely,- “Provided the employee has to his credit a balance of 180 days ordinary leaves or more af- ter encashment.” AJAY TYAGI, CHAIRMAN [ADVT.-III/4/Exty./46/18] Footnote: 1. The Securities and Exchange Board of India (Employees’ Service) Regulations, 2001, were published in the Gazette of India on 6th September, 2001 vide S.O. No. 857(E). 2. They were subsequently amended – (a) On 23rd December, 2003 by the Securities and Exchange Board of India (Employees’ Service) (Amendment) Regulations, 2003 vide F. No. SEBI/LE/15/2003. (b) On 25th May, 2004 by the Securities and Exchange Board of India (Employees’ Service) (Amendment) Regulations, 2004 vide S.O. No.623 (E). (c) On 11th April, 2007 by the Securities and Exchange Board of India (Employees’ Service) (Amend- ment) Regulations, 2007 vide F. No.11/LC/GN/2006/2143. (d) On 14th January, 2010 by the Securities and Exchange Board of India (Employees’ Service) (Amend- ment) Regulations, 2010 vide notification No. LADNRO/GN/2009-10/28/190983. (e) On 12th October, 2010 by the Securities and Exchange Board of India (Employees’ Service) (Second Amendment) Regulations, 2010 vide notification No. LAD-NRO/GN/2010-11/17/22954. (f) On 10th October, 2011 by the Securities and Exchange Board of India (Employees’ Service) (Amend- ment) Regulations, 2011 vide notification No. LAD-NRO/GN/2011-12/26/31671. (g) On 2nd May 2012 by the Securities and Exchange Board of India (Employees’ Service) (Amendment) Regulations, 2012 vide notification No. LADNRO/GN/2012-13/03/5290.¹Hkkx IIIµ[k.M 4º Hkkjr dk jkti=k % vlk/kj.k 5 (h) On 19th November 2012 by the Securities and Exchange Board of India (Employees’ Service) (Second Amendment) Regulations, 2012 vide notification No. LAD-NRO/GN/2012-13/223/5429. (i) On 8th October, 2013 by Securities and Exchange Board of India (Employees' Service) (Amendment) Regulations, 2013 vide notification No. LADNRO/GN/2013-14/27/6721. (j) On 26thFebruary, 2015 by Securities and Exchange Board of India (Employees' Service) (Amendment) Regulations, 2015 vide notification No. LADNRO/GN/2014-15/22/366. (k) On 21st April, 2015 by Securities and Exchange Board of India (Employees' Service) (Second Amendment) Regulations, 2015 vide notification No. SEBINRO/OIAE/GN/2015-16/002. (l) On 30th November, 2016 by Securities and Exchange Board of India (Employees' Service) (Amend- ment) Regulations, 2016 vide notification No. SEBI/LAD/NRO/GN/2016-17/016. (m) On 15th December, 2016 by Securities and Exchange Board of India (Employees’ Service) (Second Amendment) Regulations, 2016 vide notification No. SEBI/LAD/NRO/GN/2016-17/024. (n) On 27th April, 2017 by the Securities and Exchange Board of India (Employees’ Service) (Amend- ment) Regulations, 2017 vide notification No. SEBI/LAD/NRO/GN/2017-18/001. (o) On 17th May, 2017 by Securities and Exchange Board of India (Employees' Service) (Second Amendment) Regulations, 2017 vide notification No. SEBI/LAD/NRO/GN/2017-18/002. (p) On 13th July, 2017 by Securities and Exchange Board of India (Employees’ Service) (Third Amend- ment) Regulations, 2017 vide notification No. SEBI/LAD-NRO/GN/2017-18/010. Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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