Regulation 66 - Movable, immovable and valuable property - Securities And Exchange Board Of India (Employees' Service) Regulations, 2001

Movable, immovable and valuable property 66. 2 [ (1) Every employee shall make a declaration of his assets and liabilities as specified from time to time under the Lokpal and Lokayuktas Act, 2013 (1 of 2014). Provided that till the time the manner of such declaration is specified under Lokpal and Lokayuktas Act, 2013 (1 of 2014), the employees shall declare their assets and liabilities in the manner as specified from time to time with the approval of the Competent Authority. ] (2) No employee shall, except with the previous knowledge of the competent authority, acquire or dispose off any immovable property by lease, mortgage, purchase, sale, gift or otherwise either in his own name or in the name of any member of his family. (3) Provided that the previous sanction of the competent authority shall be obtained by the employee if any such transaction is with a person having official dealings with the employee. Where an employee enters into a transaction in respect of movable property either in his own name or in the name of the member of his family, he shall within 30 days from the date of such transaction, report the same to the competent authority, if the value of such property exceeds such amount as may be specified by the Chairman from time to time. (4) Provided that the previous sanction of the competent authority shall be obtained by the employee if any such transaction is with a person having official dealings with the employee. The competent authority may, at any time, by general or special order require an employee to furnish within a period specified in the order a full and complete statement of such movable or immovable property held or acquired by him or on his behalf or by any member of his family as may be specified in the order. Such statement shall, if so required by the competent authority, include the details of the means by which, or the source from which, such property was acquired. ************ NOTES:- 1 Substituted by SEBI (Employees Service) (Second Amendment) Regulations, 2015, w.e.f. 21-4-2015. Prior substitution it read as under: Every employee, shall, on his first appointment, and thereafter every year on 31st December, irrespective of whether or not there has been any change in the holding, furnish to the Board a return of his assets and liabilities, in such form as may be specified by the Board, giving full particulars regarding :- (a) the immovable property inherited by him, or owned or acquired or held by him on lease or mortgage, either in his name or in the name of any member of his family; (b) Stocks, shares, debentures, units or other marketable securities and fixed deposits inherited by him or similarly owned, acquired or held by him ; (c) Other movable property inherited by him or similarly owned, acquired or held by him, if the value exceeds such amount as may be specified by the Chairman from time to time ; and (d) Debts and other liabilities incurred by him directly or indirectly if the total liabilities of an employee exclusive of those which are fully secured, exceeds his basic pay for twelve months. 2. Substituted vide Notification No. SEBI/LAD-NRO/GN/2022/111 dated 30-12-2022 before it was read as, 1 [(1) Every employee shall make a declaration of his assets and liabilities as under,- (a) every employee, within thirty days from the date of joining the services of the Board shall furnish to the Board, information as per sub-section (2) of section 44 of the Lokpal and Lokayuktas Act, 2013; (b) every employee in the service of the Board as on commencement of the Lokpal and Lokayuktas Act, 2013 and continuing in the service of the Board, shall furnish information to the Board, relating to such assets and liabilities as per sub-section (3) of section 44 of the Lokpal and Lokayuktas Act, 2013; (c) every employee shall file with the Board, on or before 31st July every year, an annual return of such assets and liabilities as per sub-section (4) of section 44 of the Lokpal and Lokayuktas Act, 2013.]