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SEBI amends Employees’ Service Regulation w.r.t. Grant of increment on promotion grade

SECURITIES AND EXCHANGE BOARD OF INDIA

NOTIFICATION

Mumbai, the 9th June, 2017

SECURITIES AND EXCHANGE BOARD OF INDIA

(EMPLOYEES’ SERVICE) (THIRD AMENDMENT) REGULATIONS, 2017

No. SEBI/LAD-NRO/GN/2017-18/010.—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) (Third Amendment) Regulations, 2017.

2. They shall come into force on the date of their publication in the Official Gazette.

3. In the Securities and Exchange Board of India (Employees’ Service) Regulations, 2001, after regulation 25, the following regulation shall be inserted, namely,—

“25A. Grant of increment on promotion grade

(1) Without prejudice to anything contained in regulation 24, where an employee is promoted to a higher grade on or after November 1, 2012,-

(a) before reaching the maximum of the incremental scale in the pre-promotional grade, the date of the next increment in the promotional grade shall be the date of increment as existing in the pre-promotional grade.

(b) after having reached the maximum of the incremental scale in the pre-promotional grade, the date of the next increment in promotional grade shall be one year from the date of promotion:

Provided that after having reached the maximum of the incremental scale in the -grade, in cases where the officer promoted was due to receive, any post scale benefits such as personal allowance and stagnation increment in the pre-promotional grade within one year from the date of actual promotion, the date of increment in the promotional grade shall be the date of accrual of such post scale benefit.”

AJAY TYAGI, Chairman

[ADVT.- III/4/Exty./105/17 (69ZB)]

Download updated SEBI (Employees’ Service) Regulations, 2001

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