Regulation 62 - Acceptance of gifts - Securities And Exchange Board Of India (Employees' Service) Regulations, 2001

Acceptance of gifts 62. (1) An employee shall not solicit or accept any gift or permit any member of his family or any person acting in his behalf to accept any gift from any person with whom the employee is likely to have official dealings either directly or indirectly or from any subordinate employee. Trivial gifts like small packets of sweets, diaries, calendars on the occasion of Diwali and New Year may, however, be exempted. Explanation.-The expression gift shall include free transport, boarding, lodging or other service or any other pecuniary advantage when provided by any person other than a near relative or a personal friend having no official dealings with the employee or with the Board. Note 1: A casual meal, lift or other social hospitality shall not be deemed to be a gift. Note 2: An employee shall avoid acceptance of lavish or frequent hospitality from any individual or concern having official dealings with the employee or with the Board. (2) On occasions such as marriages, anniversaries, funerals or (2) religious functions when the making of gifts is in conformity with the prevailing religious or social practice, an employee may accept gifts from his personal friends having no official dealing with the employee or with the Board but he shall make a report to the competent authority if the value of such gifts exceeds Rs. 10,000. (3) An employee shall not- (a) Give or take or abet the giving or taking of dowry; or (b) Demand directly or indirectly from the parents or guardians of a bride or bridegroom, as the case may be, any dowry . Explanation.-In this Regulation, the term dowry shall have the same meaning as in the Dowry Prohibition Act, 1961.