Regulation 12 - Determination of service by notice - Securities And Exchange Board Of India (Employees' Service) Regulations, 2001

Determination of service by notice 12. (1) An employee shall not leave or discontinue his service in the Board without first giving notice to the Competent Authority, in writing of his intention to leave or discontinue the service. (2) The period of notice required shall be,- (a) In the case of employees holding the post on regular basis, three months; (b) In the case of employees holding the post on probation, one month; Provided that Chairman may waive the period of notice required under this sub- regulation for the reasons to be recorded in writing. Provided further that the employee shall not be entitled to set off any leave earned and not availed of by him against the period of such notice. (3) In the case of breach by an employee of the provisions of the sub-regulation (2), he shall be liable to pay to the Board as compensation a sum equal to his substantive pay for the period of notice required of him. Provided that the payment of such compensation may be waived by the Chairman, at his discretion. (4) Notwithstanding anything contained in sub-regulation (1), the resignation of an employee shall not be effective unless it is accepted by the competent authority. The competent authority may refuse to accept a resignation; (a) If disciplinary proceedings have been instituted against or are proposed to be instituted against the employee; (b) If the employee is under an obligation to serve the ) Board for a specified period which has not yet expired; (c) The employee owes the Board any sums of money; or (d) For any other sufficient ground to be recorded in writing. Explanation 1.-Disciplinary proceedings shall be deemed to be instituted against an employee for the purposes of this sub-regulation if he has been placed under suspension under these Regulations or any notice has been issued to him asking him to show cause why disciplinary proceedings should not be instituted against him or any charge-sheet has been issued to him under these Regulations and will be deemed to be pending till final orders are passed by the competent authority. Explanation 2.-The expression month used in this Regulation shall be reckoned according to the English calendar and shall commence from the day following that on which notice is given by the employee or the Board as the case may be. Explanation 3.-A notice given by an employee under sub-regulation (1) above shall be deemed to be proper only if he remains on duty during the period of the notice.