Rule -1, SEBI (TERMS AND CONDITIONS OF SERVICE OF CHAIRMAN AND MEMBERS) RULES, 1992

6e8ea278968865374e84ac6de4b4c53760c6077b · 1992 · State unknown

Download PDF Parent Act Back to Subordinates

Parent: THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992 (7c4c1f5343adab106c3a94cafc08a5ecf5957ae7)

Text

Rule -1, SEBI (TERMS AND CONDITIONS OF SERVICE OF CHAIRMAN AND MEMBERS) RULES, 1992 SECURITIES AND EXCHANGE BOARD OF INDIA (TERMS AND CONDITIONS OF SERVICE OF CHAIRMAN AND MEMBERS) RULES, 1992 In exercise of the powers conferred by section 29 of the Securities and Exchange Board of India Ordinance, 1992 (15 of 1992), the Central Government hereby makes the following rules, namely— Short title and commencement 1. (1) These rules may be called the Securities and Exchange Board of India (Terms and Conditions of Service of Chairman and Members) Rules, 1992. They shall come into force on the date of publication of this Notification. Definitions In these rules, unless the context otherwise required :— (a) "Ordinance" means the Securities and Exchange Board of India Ordinance, 1992 (15 of 1992). (b) "Board" means the Securities and Exchange Board of India, established under section 3 of the Ordinance. (c) " Chairman" means the Chairman of the Board. (d) " Member" means a Member of the Board. Terms and Conditions of Service of Chairman and Members (1) The Chairman or the whole-time Member shall be a person who does not, and will not, have any such financial or other interests as are likely to affect prejudicially his functions as such Chairman or Member . The Chairman and every whole-time Member shall hold office for such period, not exceeding 5 years, as may be specified in the order of his appointment; but he shall be eligible for reappointment: Provided that no person shall hold office as the Chairman or a Member after he attains the age of sixty-five years. The Chairman or a whole-time member appointed to fill up a causal vacancy shall hold office for the reminder period of the term of the Chairman or, as the case may be, memberin whose place he is appointed. The Chairman o

Rule TOC

1 · (1) These rules may be called the Securities and Exchange Board of India (Terms and Conditions of Service of Chairman and Members) Rules, 1992.

1 · [ (5) The Chairman and every whole time Member shall be appointed by the Central Government on the recommendation of 2

1 · [ (b) a consolidated salary of Rs.4.50 lakh per month and Rs.3.75 lakh per month respectively, without house and car, as amended from time to time through orders of Department of Expenditure, Government of India . ]

5 · The Chairman and a whole -time Member who has opted pay as admissible to a Secretary and Additional Secretary to the Government of India respectively shall receive Dearness Allowance and City Compensatory Allowance at the rates admissible to a Group 'A' Officer of the Central Government

6 · The Chairman and a whole -time Member shall be entitled to Entertainment Allowance subject to a maximum of Rs. 6,000 per annum.

7 · The Chairman and a whole -time Member shall be entitled to a leave as follows :

8 · The Chairman shall be the authority competent to sanction leave to a whole-time Member and the President of India shall be the authority competent to sanction leave to the Chairman .

9 · The Chairman or a whole -time Member shall be entitled to subscribe to the General Provident

10 · Travelling Allowance

14 · The Chairman and a whole -time Member shall not be entitled to bonus.

15 · The Chairman and a whole -time Member shall not be entitled to any sitting fees for attending meetings of the Board.

16 · The Chairman or a whole -time Member shall not be entitled to gratuity.

17 · The Chairman or a whole -time Member shall be entitled to the encashment of leave in accordance with the rule applicable to Group 'A' officers of Government of India, subject to a maximum encashment of 240 days, including the leave encashed before superannuation.

18 · The Chairman or a whole -time Member shall be entitled to medical treatment and hospital facilities as provided in the Contributory Health Services Schemes Rules, 1954.

19 · Matters relating to the conditions of service of the Chairman or a whole-time member with respect to which no express provision has been made in these rules shall be referred in each case, to the Central Government for its decision and the decision of the Central Government thereon shall be final.

19A · (1) A part-time Member shall be a person who does not, and will not, have any such financial or other interest as is likely to affect prejudicially his functions as a part-time Member .

19B · (1) A part-time Member shall be entitled to receive remuneration by way of a fee of 1 [rupees ten thousand] only for each meeting of the Board attended by him.