Regulation 37 - Ordinary leave - Securities And Exchange Board Of India (Employees' Service) Regulations, 2001

Ordinary leave 37. (1) 1 [(i)] Every employee shall be entitled to ordinary leave at the rate of 30 days for every year of service subject to a maximum accumulation of 2 [300 days]. 3 [(ii) ]The leave so earned shall be credited to the ordinary leave account of the employee half yearly on 1st April and 1st October respectively in each year at the rate of 15 days for every 6 months of service rendered by such employee. 4 [(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 account: 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 before 30th September or 31st March as leaves beyond 300 days will lapse on 30th September or 31st March, as the case may be.] 5 [(iv)] No employee, shall earn ordinary leave when he is on leave other than casual leave for a continuous period of more than 6 months. If an employee renders less than 6 months of service in any half year, he shall be credited with one day for every 11 days of duty. 6 [(v)] Fractions of a day of earned leave shall be taken as full day if amounting to half a day or more, and shall be ignored if amounting to less than half a day. (2) The period of ordinary leave, which can be taken at one time by an employee shall not be less than five days. Provided that the employee may take less than 5 days when he does not have casual leave to his credit. (3) Application for grant of ordinary leave shall be submitted fifteen days in advance from the date of availing, to the Competent Authority. (4) An employee on ordinary leave shall draw pay equal to leave pay. ************ NOTES:- 1 Clause numbered by the SEBI (Employees' Service) (Amendment) Regulations, 2018, w.e.f. 27.4.2018. 2 Substituted in place of the words, figure and symbols ten months (300 days) by the SEBI (Employees' Service) (Amendment) Regulations, 2018, w.e.f. 27.4.2018. 3 Clause numbered by the SEBI (Employees' Service) (Amendment) Regulations, 2018, w.e.f. 27.4.2018. 4 Inserted ibid. 5 Clause numbered ibid. 6 Clause numbered ibid.