Regulation 93 - Gratuity - Securities And Exchange Board Of India (Employees' Service) Regulations, 2001

Gratuity 93. (1) Every employee, shall be eligible for gratuity on :- (a) retirement ; (b) death ; (c) disablement rendering him unfit for further service as certified by Board's Medical Officer ; (d) resignation after completing five years of continuous service ; or (e) termination of service in any other way (except by way of punishment) after completion of five years of service. 1 [(2) The amount of gratuity payable shall be determined by the Board from time to time. (2A) 3 [ In the case of ] An employee who has not completed a minimum period of ten years of continuous service in the Board, the gratuity shall be paid as per the provisions of the Payment of Gratuity Act, 1972 (39 of 1972), as amended from time to time : Provided that where an employee has completed a minimum period of ten years of continuous service in the Board, the gratuity shall be paid as per the SEB1 (Payment of Gratuity to Employees) 4 [ Scheme ] , 2003: Provided further that the gratuity amount payable to an employee shall not be less than the amount payable under the Payment of Gratuity Act, 1972.] 2 [(3) Without prejudice to the sub-regulations (1), (2) and (2A), the Board may create a gratuity trust.] 5 [ (4) Notwithstanding anything contained in this regulation, the gratuity payable to an employee may be withheld either in full or part, during the pendency of any proceedings initiated against an employee under regulations 79 to 82 and the withheld gratuity shall be paid to the employee on conclusion of the proceedings, subject to the decision of the proceedings or any recoveries to be effected from the employee. ] **************** NOTES: - 1 Substituted by SEBI (Employees' Service) (Amendment) Regulations, 2010, w.r.e.f. 28-3-2003. Prior to its substitution, sub-regulations (2) read as under: (2) The amount of gratuity payable shall be determined by the Board from time to time. Provided that where an employee has completed more than 30 years of service in the Board, he shall be eligible by way of gratuity for an additional amount at the rate of one half of a month's pay for each completed year of service beyond 30 years. Provided further that the gratuity amount payable to an employee shall not be less than the amount payable under the payment of Gratuity Act, 1972. 2 Substituted SEBI (Employees' Service) (Amendment) Regulations, 2010, w.r.e.f. 28-3-2003.Prior to its substitution, sub-regulations (3) read as under: (3) Without prejudice to the sub- regulations (1) and (2), the Board may create a gratuity trust. 3. Inserted vide Notification No. SEBI/LAD-NRO/GN/2022/111 dated 30-12-2022 4. Substituted vide Notification No. SEBI/LAD-NRO/GN/2022/111 dated 30-12-2022 before it was read as, Rules 5. Inserted vide Notification No. SEBI/LAD-NRO/GN/2024/172 dated 06-05-2024