Securities and Exchange Board of India (Employees' Service) (Amendment) Regulations, 2010. - LAD-NRO/GN/2009-10/28/190983 - SEBI

SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 14 th January, 2010 No. LAD-NRO/GN/2009-10/28/190983.- 1 [ In exercise of the powers conferred by ] section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following Regulations to further amend the Securities and Exchange Board of India (Employees' Service) Regulations, 2001, namely:- 1. These regulations may be called the Securities and Exchange Board of India (Employees' Service) (Amendment) Regulations, 2010 2. The respective regulations shall be deemed to have come into force on the dates specified in the fourth column of the following table: Sl.No. Regulation of SEBI (Employees' Service) (Amendment) Regulations, 2010 Regulation of SEBI (Employees' Service) Regulations, 2001 being amended Date i) 3(i) 5 June 20, 2008 ii) 3(ii)(a) 6(1)(c) January 30, 2008 iii) 3(ii)(b) 6(2) January 30, 2008 iv) 3(ii)(c) 6(4)(a) February 17, 2007 v) 3(iii) 15(1) January 30, 2008 vi) 3(iv) 16(2) January 30, 2008 vii) 3(v) 38 May 03, 2003 viii) 3(vi) 93 March 28, 2003 ix) 3(vii)(a)a. The qualification for direct recruitment upto Grade F in General Stream. b. The qualification for direct recruitment upto Grade F in Research and Technical Stream (Information System). Column 3 row 2 of schedule to regulation 6(4)(b) November 14, 2007. November 10, 2003. X) 3(vii)(b) Column 3 row 3 of schedule to regulation 6(4)(b) February 17, 2007 xi) 3(vii)(c) Row 7 of schedule to regulation 6(4)(b) January 30, 2008. xii) 3(vii)(d) Point no. 1 of note of schedule to regulation 6(4)(b) November 10, 2003 xiii) 3(vii)(e) Point no. 3 of note of schedule to regulation 6(4)(b) February 17, 2007. 3. In the Securities and Exchange Board of India (Employees' Service) Regulations, 2001 - i) In regulation 5, after sub-regulation (2), the following sub-regulation shall be inserted, namely:- (3) The Board may at its discretion waive or relax the strict application of the provisions of the regulations. ii) In regulation 6, a. in sub-regulation (1), clause (c) shall be omitted. b. for sub-regulation (2), the following shall be substituted, namely:- (2) The Board shall specify from time to time the pay of each post or group of posts and shall grant approval for sanction of posts at the level of Executive Director while the Chairman shall be the Competent Authority for sanction of posts upto Grade F . c. in sub-regulation (4), for clause (a), the following shall be substituted, namely:- (a) Recruitment shall be made at the entry level in Grade A or in Grade B or in such grade as may be specified by the competent authority by such method as the Chairman may determine, including by Campus Selection. Provided that, in special circumstances, where no suitable candidate is available in the Board's service or the exigencies of work require, recruitment may also be made at a higher grade. iii) In regulation 15, for sub-regulation (1), the following shall be substituted, namely:- (1) An employee confirmed in the services of the Board shall ordinarily rank for seniority in his/ her grade, according to the date of his/ her confirmation in that grade, as follows: a. All India direct recruitment through open competition/ internal promotions through switch over to the officer cadre: an employee on probation shall ordinarily rank for seniority among the employees selected along with him/her in the same batch according to the ranking assigned to him/her at the time of selection. b. Through Campus Selection: an employee on probation shall ordinarily rank for seniority among the employees selected along with him/ her in the same batch according to the ranking assigned to him/ her upon completion of induction training or departmental examination as decided by the competent authority. iv) In regulation 16, a. in sub-regulation (2), the words except promotions to Officer Grade C and Officer Grade E shall be inserted after the words competent authority and before the words and shall be based on ; b. in sub-regulation (2), in clause (b), the words Receptionist-cum-Telephone-Operator and shall be omitted. v) In regulation 38, after sub-regulation (2), the following sub-regulation shall be inserted, namely:- (3) An employee of the Board who resigns from service after giving proper notice of resignation, in terms of regulation 12, may be permitted encashment of half of the period of ordinary leave at his/her credit as on the date of resignation subject to a maximum of five months ordinary leave. vi) In regulation 93, a. for sub-regulation (2), following shall be substituted, namely:- (2) The amount of gratuity payable shall be determined by the Board from time to time. (2A) 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 SEBI (Payment of Gratuity to Employees) Rules, 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. b. for sub-regulation (3), following shall be substituted, namely:- (3) Without prejudice to the sub-regulation (1), (2) and (2A), the Board may create a gratuity trust. vii) In schedule to clause (b) of sub-regulation (4) of regulation 6, a. in column 3, row 2, the qualification specified for direct recruits in Grade D, E and F, for General Stream, Research Stream and Technical Stream (Information Systems) shall be substituted with the following, namely:- Masters Degree in Economics/Commerce/Business Administration, Post Graduate Degree/ Post Graduate Diploma in Management with 55% marks in the aggregate, CA/CFA/CS/CWA for officers in General Stream. Masters degree in Statistics/ Economics/ Commerce/ Business Administration (Finance)/ Econometrics with minimum 55% marks for officers in Research Stream. Candidates with a Doctorate in topics related to above subjects shall be given preference. Research or teaching experience and publication in standard journals will be considered as an additional qualification. First class graduate in engineering (electrical/ electronics/ electronics and communication/ information technology/ computer science)/ Masters in Computers Application/ First class graduate in any discipline with post graduate qualification (minimum 2 years duration) in computers/ information technology for officers in Technical Stream (Information System) . b. in column 3, row 3, the age and experience specified for direct recruits in Grade A, B and C, shall be substituted with the followings, namely:- Upto 27/30/35 years Minimum 4 years post qualification experience for Grade C in the applicable field as an advocate or as an officer in reputed institution preferably in the area of financial services, stock exchanges and other self-regulatory organisations or any such similar experience. c. row 7, specifying the mode of recruitment, age, qualification, experience and composition of the selection committee for recruitment of Receptionist-cum-Telephone-Operator, shall be omitted. d. in note, in point no. 1, after sub point (c), the following shall be inserted, namely:- (d) The Board may, after recording the reasons in writing, relax the minimum qualifications and experience required for various posts . e. in note, in point no. 3, after the words 'direct recruitment' and before the words, 'shall be', the following shall be inserted, namely:- , not being campus recruitment, C. B. BHAVE, Chairman [ADVT. III/4/69 ZB/2009/Exty.] Footnotes: 1. The Securities and Exchange Board of India (Employees' Service) Regulations, 2001, were published in the Gazette of India on 6th September, 2001 vide S.O. No. 857(E). 2. The Securities and Exchange Board of India (Employees' Service) Regulations, 2001 were subsequently amended - (a) On 23rd December, 2003 by the Securities and Exchange Board of India (Employees' Service) (Amendment) Regulations, 2003 vide F. No. SEBI/LE/15/2003. (b) On 25th May, 2004 by the Securities and Exchange Board of India (Employees' Service) (Amendment) Regulations, 2004 vide S.O.No.623(E); (c) On 11th April, 2007 by the Securities and Exchange Board of India (Employees' Service) (Amendment) Regulations, 2007 vide F. No.11/LC/GN/2006/2143. ********* Notes:- 1. Inserted vide CORRIGENDUM dated 23-02-2010