Executive Summary:
This notification, issued by the Department of Economic Affairs, Ministry of Finance, amends the Securities and Exchange Board of India (SEBI) Chairman and Members Rules of 1992. The amendment, titled the Securities and Exchange Board of India Terms and Conditions of Service of Chairman and Members Amendment Rules, 2013, revises the consolidated salary for the Chairman and Members. These rules may be applied retroactively.
Key Points / Main Content:
Amendment Overview:
* The notification amends the "Securities and Exchange Board of India Terms and Conditions of Service of Chairman and Members Rules, 1992."
* The amended rules are called the "Securities and Exchange Board of India Terms and Conditions of Service of Chairman and Members Amendment Rules, 2013."
* The effective date may be retroactive, as necessary, following relevant Government orders.
Salary Revision:
* Rule 4, Subrule 1, clause (b) of the 1992 Rules is substituted.
* The consolidated salary without house and car is revised to ₹4.50 lakh per month for the Chairman and ₹3.75 lakh per month for Members.
* The salary is subject to amendments issued by the Department of Expenditure, Government of India.
Impact Analysis:
Securities and Exchange Board of India (SEBI) Chairman and Members:
Impact: Their consolidated monthly salary is revised as specified in the amendment.
Action Required: Acknowledge the change in salary structure and comply with any related directives from SEBI or the Department of Expenditure.
Department of Expenditure, Government of India:
Impact: Responsible for any future amendments to the salary structure.
Action Required: Ensure any future salary revisions are communicated and implemented according to established procedures.
Central Government:
Impact: The Central Government is the issuing authority for these amended rules.
Action Required: Ensure the implementation and compliance of these rules.
Key Entities Referenced
New Delhi: The location where the notification was issued, presumably the capital of India.
Securities and Exchange Board of India (SEBI): A regulatory body for securities and commodity market in India.
Securities and Exchange Board of India Act, 1992: An act of the Parliament of India to establish a board to protect the interests of investors in securities and to promote the development of, and to regulate, the securities market.
Securities and Exchange Board of India Terms and Conditions of Service of Chairman and Members Rules, 1992: The original rules governing the service conditions of the Chairman and Members of SEBI, which are being amended by this notification.
Securities and Exchange Board of India Terms and Conditions of Service of Chairman and Members Amendment Rules, 2013: The name of the rules introduced through this notification that amends the 1992 rules.
Department of Economic Affairs: The department within the Ministry of Finance responsible for issuing the notification.
Ministry of Finance: The ministry under which the Department of Economic Affairs operates.
Department of Expenditure: The department of the Government of India that issues orders related to salaries and compensation.
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5501 GI/2013 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]
MINISTRY OF FINANCE
(Department of Economic Affairs)
NOTIFICATION
New Delhi, the 30th December, 2013
G.S.R. 809(E).—In exercise of the powers conferred by Section 29 of Securities and Exchange Board of India Act,
1992 (15 of 1992), the Central Government hereby makes the following rules to further amend the Secuirites and Exchange
Board of India (Terms and Conditions of Service of Chairman and Members) Rules, 1992, namely :—
1. (1) These rules may be called the Secuirites and Exchange Board of India (Terms and Conditions of Service of
Chairman and Members) Amendment Rules, 2013.
(2) They shall be given retroactive effect as may be necessary pursuant to relevant Government orders.
2. In the Secuirites and Exchange Board of India (Terms and Conditions of Service of Chairman and Members)
Rules, 1992, in Rule 4, Sub-rule (1), for clause (b), the following clause shall be substituted, namely :—
(b) ‘‘a consolidated salary of ` 4.50 lakh per month and ` 3.75 lakh per month respectively, without house and car,
as amended from time to time through orders of Department of Expenditure, Government of India’’.
[ F.No. 2/4/2011-RE]
MANOJ JOSHI, Jt. Secy.
Foot Note :–The Principal rules were published vide number S.O. 146(E), dated the 21st February, 1992 and subsequently
amended vide number S.O. 153(E), dated the 7th February, 1994, number S.O. 732 (E)dated the 18th May, 2006,
numer S.O. 2037, dated the 23rd July, 2009 and number S.O. 2442(E), dated the 7th October, 2010.
Printed by the Manager, Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.