Rule 4 - Pay - Securities And Exchange Board of India (Terms And Conditions of Service of Chairman And Members) Rules, 1992

1 [4. Pay .- (1) The Chairman and Whole Time Members shall have the option to receive pay as admissible to a Secretary to the Government of India in the case of a Chairman and an Additional Secretary in the case of a Whole Time Member; or a consolidated salary of such amount, as may be determined by order of the Central Government, without house and car. (2) The pay or the consolidated salary referred to in sub-rule (1) shall be applicable with effect from such date as the Central Government may by order, determine, from time to time: Provided that where a person who has retired from service under the Central Government or a State Government who is in receipt of, or has received, or has become entitled to receive any retirement benefits by way of pension, gratuity, employer s contribution to the Contributory Provident Fund or other funds or retirement benefits, is appointed as Chairman or a Whole Time Member and such person exercise his option to receive pay as admissible to a Secretary or as the case may be, an Additional Secretary to the Government of India, then the pay and allowances of such Chairman or Member, as the case may be, shall be reduced by gross amount of pension and pension equivalent of gratuity or employer s contribution to the Contributory Provident Fund or any other form of retirement benefits, if any, drawn or to be drawn by him. ] **************** NOTES:- 1. Substituted vide Notification No. G.S.R. 265(E) dated 22-03-2018 before it was read as, Pay 4. (1) The Chairman and whole-time Members shall have an option to receive pay,- (a) as admissible to a Secretary and Additional Secretary to the Government of India respectively; or (b) a consolidated salary of Rs. 4.50 lakh per month and Rs. 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. Provided that the Chairman and the whole-time Member who holds the office as such Chairman or, as the case may be, the Member, on the date of commencement of the Securities and Exchange Board of India (Terms and Conditions of Chairman and Members) Amendment Rules, 2009, shall have option under sub-rule (1) with effect from the 1st day of January, 2006. (2) In the case of an appointment of a person as a Chairman or a whole-time Member shall have an option to receive pay as admissible to a Secretary and Additional Secretary to the Government of India respectively who has retired from service under the Central Government or the State Government and who is in receipt of, or has received, or has become entitled to receive any retirement benefits by way of pension, gratuity, employer s contribution to the Contributory Provident Fund or other funds or retirement benefits the pay and allowances of such Chairman or member, as the case may be, shall be reduced by gross amount of pension and pension equivalent of gratuity or employer s contribution to the Contributory Provident Fund or any other form of retirement benefits, if any, drawn or to be drawn by him.