SECURITIES AND EXCHANGE BOARD OF INDIA (EMPLOYEES' SERVICE) REGULATIONS , 2001

1 · (1) These regulations may be called the Securities and Exchange Board of India (Employees ' Service) Regulations, 2001.

2 · (1) These regulations shall apply to every whole-time employee appointed by the Board under sub -section (1) of section 9 of the Act and to every whole-time employee transferred to the Board under [clause (g)] 1 of sub -section (1) of section 10 of the Act.

3 · (1) In these regulations, unless there is anything repugnant in the subject or context— t—

1 · Substituted for "clause (d)" by the SEBI (Employees' Service) (Third Amendment) Regulations, 2022, w.e.f. 30.12.2022 .

2 · Omitted by SEBI (Employees' Service) (Third Amendment) Regulations, 2022, w.e.f. 30.12.2022. Prior to the omission, sub -regulation (2) read as under:

4 · [(fa) "deputation" means temporary posting to another organisation wherein the accrual and disbursement of remuneration including pay, allowances and perquisites would be borne by the borrowing organisation.]

5 · [(ga) "external assignment" means the temporary posting to another organisation, including secondment, tour of duty and staff exchange programme, wherein the accrual and disbursement of remuneration including pay, allowances and perquisites would be borne by the Board.]

3 · Substituted for "The Chairman in the case of officers " by the SEBI (Employees' Service) (Third Amendment) Regulations, 2022, w.e.f. 30.12.2022

4 · Inserted by the SEBI (Employees' Service) (Second Amendment) Regulations, 2018, w.e.f. 1.6.2018

5 · Inserted ibid.

4 · The Chairman may delegate to the whole-time member of the Board or Executive Director or Committee of Executive Directors or any Officer subject to such conditions as he may think fit to impose, all or any of the powers conferred upon him by these Regulations.

6 · Substituted for "the terms 'he', 'him', 'his' and 'himself' shall also refer to 'she', 'her' and 'herself'" by the SEBI (Employees' Service) (Third Amendment) Regulations, 2022, w.e.f. 30.12.2022 .

5 · (1) [ Subject to the provisions of these regulations,] 7 the power to implement these regulations vests in the Chairman who is also empowered to issue such administrative instructions as may be necessary to give effect to and carry out the purposes of these regulations or otherwise to secure effective control of the employees and the decision of the Chairman shall be final and binding on the employees.

8 · [(3) The Board may at its discretion waive or relax the strict application of the provisions of the regulations].

6 · (1) The whole-time employees of the Board shall be classified as follows:

9 · [(ba) Junior Secretarial Assistant, Junior Accounts Assistant 10 [Junior Library Assistant and Junior engineer]]

12 · [(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 up to Grade F . ]

7 · Inserted by SEBI (Employees' Service) (Third Amendment) Regulations, 2022, w.e.f. 30.12.2022 .

8 · Inserted by SEBI (Employees' Service) (Amendment) Regulations, 2010, w.r.e . f. 20 -6 -2008.

9 · Inserted by SEBI (Employees' Service) (Second amendment) Regulation , 2010 , w . e.f. 12 -10 -

2010 ·

10 · Substituted for "and Junior Library Assistant " by SEBI (Employees ' Service) (Amendment) Regulations, 2012 , w . e.f. 2 -5 -2012 .

11 · Omitted by SEBI (Employees' Service) (Amendment) Regulations 2010, w.r.e.f. f. 30 -1 -2008.

12 · Substituted by the SEBI (Employees' Service) (Amendment) Regulations , 2010, w . r . e . f. f. 30 -1 -2008.

17 · [Provided further that interview and/or group discussion shall not be conducted for the purpose of recruitment of whole time employees other than officers.]

18 · [(d) Competent authority shall constitute a selection committee, comprising such number of persons and outside experts as may be determined for recruitment and promotion:

13 · Substituted by SEBI (Employees' Service) (Amendment) Regulations , 2010, w . r . e . f. f. 17 -2 -2007. Prior to its substitution, clause (a) read as under:-

14 · The words "and promotion" omitted by the SEBI (Employees' Service) (Third Amendment) Regulations, 2022, w.e.f. 30.12.2022 .

15 · Substituted for the words "a written test and/or group discussion" by the SEBI (Employees' Service) (Third Amendment) Regulations, 2018, w.e.f. 13.08.2018 .

16 · Substituted for ";" by SEBI (Employees ' Service) (Second Amendment) Regulations, 2016 , w . e.f. 15 -12 -2016 .

17 · Inserted by SEBI (Employees ' Service) (Second Amendment) Regulations, 2016 , w . e.f. 15 -12 -2016 .

18 · Substituted by SEBI (Employees' Service) (Amendment) Regulations , 2024 , w . e . f. f. 07 -02 -2024 . Prior to its substitution, clause (d) read as under:-

7 · (1)(a) Notwithstanding anything contained in these Regulations, the competent authority may appoint persons on a temporary basis due to exigencies of work, on suitable terms and conditions , subject to such general or special directions, if any issued by the Board from time to time .

8 · All initial appointments shall be made on the minimum pay of the grade to which the appointment is made, provided the Chairman may keeping in view the higher academic qualifications , special experience of value to the Board and salary in the previous job , grant additional increments , not exceeding four in the scale of pay fixed for the grade in which the appointment is made .

9 · (1) No person who has ceased to be in the service of the Board except by way of removal or dismissal or compulsory retirement may be re-employed without the specific sanction of, and on such terms and conditions as may be specified by the Board.

10 · (1) An employee directly appointed in any of the specified scales of pay

19 · [***] shall be on probation for a period of 20 [two] year.

21 · [(1A) An employee promoted to one grade/scale to another shall be on probation for a period of one year.]

11 · Except as otherwise provided by or under these Regulations , "service" of an employee shall be deemed to commence from the working day on which an employee reports for duty in an appointment covered by these Regulations at the place and time intimated to him by the appointing authority .

12 · (1) An employee shall not leave or discontinue his service in the Board without first giving notice to the Competent Authority , in writing of his intention to leave or discontinue the service.

19 · Words "or promoted to one grade/scale to another" omitted by the SEBI (Employees' Service) (Third Amendment) Regulations, 2018, w.e.f. 13.08.2018.

20 · Substituted for "one" ibid.

21 · Inserted by the SEBI (Employees' Service) (Third Amendment) Regulations, 2018, w.e.f. 13.08.2018.

13 · (1) An employee shall retire at 60 years of age.

23 · [(3A) The Board may also offer a scheme subject to such terms and conditions as it may specify , to its whole -time employees for voluntary retirement from the services of the Board . ]

22 · Substituted for "three months notice in writing." by the the SEBI (Employees' Service) (Third Amendment) Regulations, 2022, w.e.f. 30.12.2022 .

23 · Inserted by SEBI (Employees' Service) (Amendment) Regulations, 2011, w.e . f. 10 -10 -2011 .

14 · A record of service shall be maintained by the Board in respect of each employee at such place or places and shall be kept in such form and shall contain such information as may be specified from time to time by the Chairman.

15 · 26 [(l) 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,

24 · Inserted by SEBI (Employees ' Service) (Amendment) Regulations , 2011 , w . e . f. f. 10 -10 -2011.

25 · Substituted for "will" by the SEBI (Employees' Service) (Third Amendment) Regulations, 2022,

26 · Substituted by SEBI (Employees' Service) Regulations, 2010, w . r . e.f. 30 -1 -2008. Prior to its substitutions sub -regulations (1) read as under :

27 · Substituted by the SEBI (Employees' Service) (Third Amendment) Regulations, 2022, w.e.f. 30-12-2022. Prior to its substitution, the Regulation read as under:

17 · An employee promoted from one grade to another shall be liable to be reverted w ithout notice at any time within one year of such promotion.

18 · (1) The Board, shall at its discretion , determine from time to time the pay and allowances applicable to different categories of employees.

19 · Subject to the provisions of these Regulations, pay and allowances shall accrue from the commencement of the service of an employee, and shall become payable on the afternoon of the last working day of each month in respect of the service performed during the said month .

20 · Pay and allowances shall not be payable for a part of a month to an employee who leaves or discontinues his service without due notice during a month, unless such notice has been waived by the competent authority .

21 · Pay and allowances shall cease to accrue from the date as an employee ceases to be in service.

22 · Allowances shall only be payable to employees who are actually at that time fulfilling the conditions subject to which they are admissible.

23 · Notwithstanding the fact that the whole-time of an employee is at the disposal of the Board, the Board may grant compensatory allowance, not counting as pay , to an employee who is required to work on holidays or to put in extra hours on week days in connection with the Board's work.

24 · (1) In an incremental scale, the increment shall accrue on an annual basis or each stage of that scale, whether such service be probationary , officiating or substantive.

25 · (1) The pay of an employee promoted from one grade to another shall be initially fixed at the minimum in the scale of higher grade, the difference between the pay so fixed and the substantive pay of the employee in the old scale, if the later be more, be treated as personal pay;

28 · [Grant of increment on promotion grade

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

26 · (1) Every employee shall on his appointment declare his domicile in writing to the Board and if such domicile is not his place of birth he must establish the same to the satisfaction of the Competent Authority .

28 · Inserted by SEBI (Employees' Service) (Third Amendment) Regulations , 2017 w .. e . f. f. 13 -7 -2017 .

27 · (1) Subject to the provisions of these Regulations, the following kinds of leave may be granted to an employee:

28 · The power to grant leave shall vest in the competent authority . All applications for leave shall be addressed by the employee to the authority empowered to grant leave .

29 · (1) Leave cannot be claimed as a matter of right. When the exigencies of the service so require, discretion to refuse or revoke leave of any description is reserved to the authority empowered to grant it, and an employee already on leave may be recalled by that authority when it considers necessary in the interests of the service of the Board.

30 · (1) The first day of an employee's leave is the working day succeeding that upon w hich he takes over charge.

31 · An employee shall, before proceeding on leave, intimate to the competent authority his address with telephone number (if any) while on leave, and shall keep the said authority informed of any change in the address previously furnished.

32 · . An employee on leave shall, unless otherwise instructed to the contrary , return for duty to the place at which he was last stationed.

33 · A competent authority may require an employee who has availed himself leave above three days for reasons of health to produce a medical certificate of fitness before he resumes duty even though such leave was not actually granted on a medical certificate .

34 · Leave may not be granted to an employee under suspension or against whom disciplinary proceedings are pending.

35 · (1) An employee shall be eligible for casual leave upto a maximum of 12 working days in each calendar year provided that no employee may take casual leave for less than ½ day or more than 5 days at a time .

36 · Notwithstanding anything contained in Regulation 35, the Chairman may permit the grant of special casual leave.

29 · [(6) Subject to the exigencies of work and approval by the competent authority, differently abled employees, as defined in the Rights of Persons with Disabilities Act, 2016, may be granted, in a calendar year, a maximum of ten days of special casual leave for participating in Conference, Seminars, Trainings or Workshops related to disability and development related programs and a maximum of four days of special casual leave for specific requirements relating to the disability of the employee:

30 · [Special hardship leave [***] 31

29 · Inserted by the SEBI (Employees' Service) (Third Amendment) Regulations, 2018, w.e.f. 13.08.2018.

30 · Regulation 36A substituted by the SEBI (Employees ' Service) (Amendment) Regulations,

36A · (1) Eligibility.

31 · The words "for female employees" omitted by the SEBI (Employees' Service) (Third Amendment) Regulations, 2022, w.e.f. 30.12.2022 .

32 · Substituted for "A female" by the by the SEBI (Employees' Service) (Third Amendment) Regulations, 2022, w.e.f. 30.12.2022 .

33 · Omitted by the SEBI (Employees' Service) (Third Amendment) Regulations, 2022, w.e.f. 30.12.2022 .

34 · Substituted for "A female" by the by the SEBI (Employees' Service) (Third Amendment) Regulations, 2022, w.e.f. 30.12.2022 .

35 · The word "female" omitted by the SEBI (Employees' Service) (Third Amendment) Regulations, 2022, w.e.f. 30.12.2022 .

36 · The word "female" omitted by the SEBI (Employees' Service) (Third Amendment) Regulations, 2022, w.e.f. 30.12.2022 .

37 · Substituted for "A female" by the by the SEBI (Employees' Service) (Third Amendment) Regulations, 2022, w.e.f. 30.12.2022 .

38 · The word "female" omitted by the SEBI (Employees' Service) (Third Amendment) Regulations, 2022, w.e.f. 30.12.2022 .

39 · The word "female" omitted by the SEBI (Employees' Service) (Third Amendment) Regulations, 2022, w.e.f. 30.12.2022 .

40 · The word "female" omitted by the SEBI (Employees ' Service) (Third Amendment) Regulations, 2022, w.e.f. 30.12.2022 .

41 · Inserted by the Securities and Exchange Board of India (Employees' Service) (Amendment) Regulations, 2019 w.e.f. May 08, 2019 .

42 · Substituted for "A female" by the by the SEBI (Employees' Service) (Third Amendment) Regulations, 2022, w.e.f. 30.12.2022 .

46 · [(ia) [An] 47 employee, who leaves the services of the Board by way of resignation or voluntary retirement during the special hardship leave or within five years after resuming office after availing such leave, shall be liable to pay to the Board, an amount equal to the entire house allowance and medical claims paid during such leave:

43 · Substituted for "A female" by the by the SEBI (Employees' Service) (Third Amendment) Regulations, 2022, w.e.f. 30.12.2022 .

44 · Substituted for "her" by the by the SEBI (Employees' Service) (Third Amendment) Regulations, 2022, w.e.f. 30.12.2022 .

45 · Substituted for "her" by the by the SEBI (Employees' Service) (Third Amendment) Regulations, 2022, w.e.f. 30.12.2022 .

46 · Inserted by the Securities and Exchange Board of India (Employees' Service) (Amendment) Regulations, 2019 w.e.f. May 08, 2019 .

47 · Substituted for "A female" by the by the SEBI (Employees' Service) (Third Amendment) Regulations, 2022, w.e.f. 30.12.2022 .

48 · The word "female" omitted by the SEBI (Employees' Service) (Third Amendment) Regulations, 2022, w.e.f. 30.12.2022 .

49 · Substituted for "she" by the by the SEBI (Employees' Service) (Third Amendment) Regulations, 2022, w.e.f. 30.12.2022 .

50 · The word "female" omitted by the SEBI (Employees' Service) (Third Amendment) Regulations, 2022, w.e.f. 30.12.2022 .

51 · Substituted for "female" by the by the SEBI (Employees' Service) (Third Amendment) Regulations, 2022, w.e.f. 30.12.2022 .

52 · Substituted for "herself" by the by the SEBI (Employees' Service) (Third Amendment) Regulations, 2022, w.e.f. 30.12.2022 .

37 · (1) 57 [ ( i) ]Every employee shall be entitled to ordinary leave at the rate of 30 days for every year of service subject to a maximum accumulation of 58 [300 days] .

53 · Word "female" omitted by the SEBI (Employees' Service) (Third Amendment) Regulations, 2022, w.e.f. 30.12.2022 .

54 · Substituted for "A female" by the by the SEBI (Employees' Service) (Third Amendment) Regulations, 2022, w.e.f. 30.12.2022 .

55 · Substituted for "A female" by the by the SEBI (Employees' Service) (Third Amendment) Regulations, 2022, w.e.f. 30.12.2022 .

56 · Substituted for "her" by the by the SEBI (Employees' Service) (Third Amendment) Regulations, 2022, w.e.f. 30.12.2022 .

57 · Clause numbered by the SEBI (Employees' Service) (Amendment) Regulations, 2018, w.e.f. 27.4.2018.

58 · Substituted in place of the words, figure and symbols "ten months (300 days)" by the SEBI (Employees' Service) (Amendment) Regulations, 2018, w.e.f. 27.4.2018.

59 · [(ii) ]The leave so earned shall be credited to the ordinary leave account of the employee half yearly on 1st April and 1st October respectively in each year at the rate of 15 days for every 6 months of service rendered by such employee.

60 · [(iii) Where an employee has to his credit 286 days or more of ordinary leaves, the further credit of 15 days ordinary leave shall be done at the beginning of each half year (on 1st April or 1st October) to the employee's additional ordinary leave account and the ordinary leaves availed during the six month period thereafter ending on 30th September or 31st March shall be deducted from such account:

61 · [(iv)] No employee, shall earn ordinary leave when he is on leave other than casual leave for a continuous period of more than 6 months. If an employee renders less than 6 months of service in any half year, he shall be credited with one day for every 11 days of duty .

62 · [(v)] Fractions of a day of earned leave shall be taken as full day if amounting to half a day or more , and shall be ignored if amounting to less than half a day .

38 · (1) An employee may be permitted to encash ordinary leave once 63 [every calendar year] for a minimum period of 10 days and a maximum period of 30 days:

64 · [Provided the employee has to his credit a balance of 180 days ordinary leaves or more after encashment.]

59 · Clause numbered by the SEBI (Employees' Service) (Amendment) Regulations, 2018, w.e.f. 27.4.2018.

60 · Inserted ibid.

61 · Clause numbered ibid.

62 · Clause numbered ibid.

63 · Substituted in place of the words "in two years" by the SEBI (Employees' Service) (Amendment)

64 · Substituted ibid for the following provisos-

65 · [(3) An employee of the Board who [upon completion of probation under subr egulation (1) of regulation 10 of these regulations,] 66 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.]

39 · (1) Every employee shall be entitled to sick leave, on production of medical certificate, at the rate of 20 days for every calendar year of service subject to a maximum of 540 days during the full period of his service. Additional sick leave may be granted if it is considered necessary and advisable in the interest of the Board.

40 · (1) Maternity leave, which shall be on leave pay , may be granted to a female employee upto a period of 180 days on full pay at a time and not more than 360 days during the entire period of service.

65 · Inserted by SEBI (Employees ' Services) (Amendment) Regulations, 2010 , w . r . e.f. 3 -5 -2003 .

66 · Inserted by SEBI (Employees' Services) (Third Amendment) Regulations, 2022, w.e.f. 30-12-2022.

68 · [Paternity Leave

40A · . (1) Paternity Leave may be granted to a male Staff member (natural father), with less than two surviving children, during the confinement of his wife for child birth, for a period of fifteen days per child, from fifteen days prior to the delivery or up to six months from the date of such delivery .

41 · (1) Accident leave may be granted to an employee who sustains an injury in the course of the performance of his duties , for the period for which leave is certified by the Medical Officer of the Board to be necessary for recovery from the injury .

67 · Inserted by SEBI (Employees' Services) (Third Amendment) Regulations, 2022, w.e.f. 30-12-2022.

68 · Inserted by SEBI (Employees Service) (Amendment) Regulations , 2012 , w.e . f. f. 2 -5 -2012.

69 · Inserted by SEBI (Employees' Services) (Third Amendment) Regulations, 2022, w.e.f. 30-12-2022.

42 · (1) Extraordinary leave may be granted to an employee when no other leave is due to him and when, having regard to his length of service, sick or special leave is not considered justified by the competent authority . Except in exceptional circumstances , the duration of extraordinary leave shall not exceed 90 days on any one occasion and 360 days during the entire period of an employee's service.

43 · (1) During the full period of his service an employee may be granted special leave on private affairs for a period not exceeding 360 days. Special leave may not be availed of if ordinary leave is admissible;

44 · Special leave shall be on half leave pay , w hich shall be reduced, except with the special sanction of the Chairman, to one quarter of leave pay after six months .

45 · (1) Joining time may be granted to an employee by the Chairman to enable the employee—

46 · An employee who does not join his post within the joining time allowed to him shall be deemed to have committed a breach of Regulation 60.

47 · Unless it be otherwise distinctly provided, the whole time of an employee shall be at the disposal of the Board and he shall serve the Board in its business in such capacity and at such place as he may from time to time be directed.

48 · Every employee shall conform to and abide by these Regulations and shall observe, comply with and obey all orders and directions which may from time to time be given to him by any person or persons under whose jurisdiction , superintendence or control he may for the time being be placed.

49 · (1) Every employee shall maintain strictest secrecy regarding the Board's affairs and shall not divulge or disclose , directly or indirectly , any information of a confidential nature or relating to the working of the Board to a member of the public or of the Board's employees or to his friends or relatives, unless compelled to do so by judicial or other authority , or unless instructed to do so by a superior officer in the discharge of his duties.

50 · (1) Every employee shall serve the Board honestly and faithfully and shall use his utmost endeavors to promote the interests of the Board and shall show utmost courtesy and attention in all transactions and dealings with the public, between the officers of Government and the Board.

51 · No employee shall take active part in politics or in any political demonstration, or stand for election as member, of a Municipal Council, District Board or any other Local Body or any Legislative Body .

52 · No employee who is not a ' workman' within the meaning of the Industrial Disputes Act, 1947 shall—

53 · (1) No employee may contribute to [print, social and digital / electronic media or any other media available in the public domain] 71 without the prior sanction of the Competent Authority or without such sanction make public or publish any document, paper or information which may come in his possession in his official capacity .

54 · No employee shall accept, solicit, or seek any outside employment or office,

70 · Substituted for "the press" by the SEBI (Employees' Service) (Third Amendment) Regulations, 2022, w.e.f. 30.12.2022 .

71 · Substituted for "the press" by the SEBI (Employees' Service) (Third Amendment) Regulations, 2022, w.e.f. 30.12.2022 .

72 · Inserted by the SEBI (Employees' Service) (Third Amendment) Regulations, 2022, w.e.f. 30.12.2022 .

55 · (1) No employee of the Board who has retired from service shall, within a period of 73 [one] years from the date when he finally ceases to be in the Board's service , accept or undertake a commercial employment except with the previous approval in writing of the competent authority .

75 · [Provided that the employee would be required to seek fresh approval from the Board in the event of seeking employment with another intermediary registered with the Board or associating in any other manner with another intermediary registered with the Board, within the period of one year:]

73 · Substituted for "two" by SEBI (Employees' Service) (Third Amendment) Regulations, 2018, w.e.f. 13.08.2018.

74 · Substituted for "two" by the SEBI (Employees' Service) (Third Amendment) Regulations, 2018, w.e.f. 13.08.2018.

75 · Inserted ibid.

77 · [(4)]The competent authority while granting such approval shall satisfy itself regarding the appropriateness of granting the approval, having regard to dealing which the employee may have had with the said intermediary while in the services of the Board; and may impose such conditions as may be necessary having regard to the circumstances of the case including 78 [prohibiting the employee from representing the intermediary in any manner before the Board.]

79 · [***]

80 · [(5)] The approval/refusal under this regulation shall be communicated to the employee by the Competent Authority within a period of 90 days from the date of receipt of the application for such approval, failing which the approval shall be deemed to have been granted .

56 · (1) No employee shall use his position or influence directly or indirectly to secure employment in any intermediary registered with the Board, of any person related , w hether by blood or marriage to the employee or to the employee's wife or husband, w hether such a person is dependent on the employee or not .

57 · (1) Save as provided in sub-regulation (3) no employee shall, except with the previous approval of the competent authority , give evidence in connection with any enquiry conducted by any person, committee or authority .

76 · Substituted for ", however" by the SEBI (Employees' Service) (Third Amendment) Regulations, 2018, w.e.f. 13.08.2018.

77 · Numbered by the SEBI (Employees' Service) (Third Amendment) Regulations, 2018, w.e.f. 13.08.2018.

78 · Clause (a) added to the provision by the SEBI (Employees' Service) (Third Amendment) Regulations, 2018, w.e.f. 13.08.2018.

79 · Omitted by the SEBI (Employees' Service) (Third Amendment) Regulations, 2018, w.e.f. 13.08.2018. Prior to the omission, clause (b) read as –

80 · Renumbered by the SEBI (Employees' Service) (Third Amendment) Regulations, 2018, w.e.f. 13.08.2018.

58 · No employee shall bring or attempt to bring any political or other outside influence to bear upon any superior authority to further his interests in respect of matters pertaining to his services in the Board.

59 · No employee shall undertake part-time work for a private or public body or a private person, or accept any fee therefor , without the sanction of the competent authority which shall grant the sanction only in exceptional cases when it is satisfied that the work can be undertaken without detriment to his official duties and responsibilities . The competent authority may , in cases in which it thinks fit to grant such sanction, stipulate that any fees received by the employee for undertaking the w ork shall be paid, in whole or in part, to the Board .

60 · (1) An employee shall not absent himself from his duties without having first obtained the permission of the competent authority , nor shall absent himself in case of sickness or accident without submitting a requisite medical certificate .

61 · An employee , if so required by the competent authority , must not absent himself from his station overnight without obtaining previous sanction of his superior.

62 · (1) An employee shall not solicit or accept any gift or permit any member of his family or any person acting in his behalf to accept any gift from any person with w hom the employee is likely to have official dealings either directly or indirectly or from any subordinate employee . Trivial gifts like small packets of sweets, diaries , calendars on the occasion of Diwali and New Year may , however, be exempted.

63 · No employee shall engage in any commercial business or pursue it either on his own account or as agent for others, nor act as an agent for an insurance company nor shall he be connected with the formation or management of a joint stock company .

64 · No employee shall make any direct or indirect investment in [ commodity derivatives , ] 81 equity and equity related instruments including convertible debentures and warrants except units of Mutual Funds, non convertible bonds and nonconvertible debentures, and in rights issues in respect of the shares already held by them . These restrictions would apply to

65 · (1) An employee shall not indulge in badla trading or trade , speculate in stock , shares , securities or commodities of any description.

66 · 83 [(1) Every employee shall make a declaration of his assets and liabilities as

81 · Inserted by SEBI (Employees' Services) (Third Amendment) Regulations, 2022, w.r.e.f. 30-12-2022.

82 · Substituted for the words, numbers and symbols "sub-section (e) of Section (2) of the Securities and Exchange Board of India (Insider Trading) Regulations, 1992 and the provisions of the Securities and Exchange Board of India (Insider Trading) Regulations, 1992" by the SEBI (Employees' Service) (Second Amendment) Regulations, 2018, w.e.f. 1.6.2018.

83 · Substituted by SEBI (Employees' Service) (Third Amendment) Regulations, 2022, w.e.f. 30-122022. Prior to substitution, the sub -regulation read as under:

67 · No employee shall in his individual capacity -

68 · No employee shall engage himself or participate in any demonstration which is prejudicial to the interests of the Board sovereignty and integrity of India, the security of the State, friendly relations with foreign States, public order, decency or morality, or which involves contempt of court, defamation or incitement of an offence.

69 · No employee shall join, or continue to be a member of an association, the objects or activities of which are prejudicial to the interests of the Board sovereignty and integrity of India or public order or morality .

70 · No employee shall, except with the previous sanction of the competent authority , ask for or accept a contribution to or otherwise associate himself with the raising of any funds or other collections in cash or in kind in pursuance of any objective w hatsoever.

71 · (1) No employee , shall ;

85 · [Prohibition on participating in auction conducted by the Board in pursuance of recovery proceedings.

71A · No employee shall participate, either directly or indirectly, in an auction conducted by the Board for sale of movable or immovable properties in pursuance of recovery proceedings initiated under section 28A of the Act or section 23JB of the Securities Contracts (Regulation) Act, 1956 or section 19-IB of the Depositories Act, 1996.]

85 · Inserted vide the SEBI (Employees' Service) (Amendment) Regulations, 2017, w.e.f. 27.7.2017.

72 · (1) An employee shall strictly abide by any law relating to intoxicating drinks or drugs in force in any area in which he may happen to be posted for the time being.

73 · (1) An employee shall so manage his private affairs as to avoid habitual indebtedness or insolvency . An employee against whom any legal proceeding is instituted for the recovery of any debt due from him or for adjudging him as an insolvent, shall forthwith report the full facts of the legal proceedings to the competent authority .

74 · (1) An employee who is arrested for debt or on a criminal charge or is detained in pursuance of any process of law may , if so directed by the competent authority , be considered as being or having been under suspension from the date of his arrest or, as the case may be, of his detention, upto such date or during such other period as the competent authority may direct. In respect of the period in regard to which he is so treated, he shall be allowed the payment admissible to an employee under suspension under sub -regulation (6) of Regulation 86.

75 · (1) No employee shall, except with the previous sanction of the competent authority have recourse to any Court or to the press for the vindication of any official act which has been the subject matter of adverse criticism or an attack of a defamatory character.

76 · No employee shall address any appeal, representation or petition to any outside authority or person in respect of a matter pertaining to the employees service in the Board. Addressing such appeals, representations or petitions shall be deemed a breach of discipline.

77 · No employee shall, in any radio broadcast, telecast through any electronic media or any document published in his own name or anonymously , pseudonymously or in the name of any other person or in any communication to the press or in any public utterance, make any statement of fact or opinion which has the effect of an adverse criticism of any current or recent policy or action of the Board or Government.

78 · (1) An employee shall not misuse the residential accommodation or any other facility or concession granted by the Board .

86 · [Prohibition of Sexual Harassment of Women Employee at Work Place

78A · . (1) No employee shall indulge in, any act of sexual harassment of any women employee at the work place.

86 · Inserted by SEBI (Employees ' Service) (Amendment) Regulations , 2007 , w.e . f. f. 11 -4 -2007.

79 · Without prejudice to the other provisions of these Regulations, an employee who commits a breach of any regulation of the Board or who displays negligence , inefficiency or indolence, or who knowingly does anything detrimental to the interests of the Board or in conflict with its instructions, or who commits a breach of discipline or is guilty of any other act of misconduct, shall be liable to the following penalties:

87 · [Provided that nothing contained in this regulation shall limit the power of the Competent Authority to direct recovery from an employee of the amount of pecuniary loss caused to the Board by all means available to the Board under the law including, to the extent permissible, from such amounts due from the Board and payable to the employee, in addition to recovery of such loss from the pay, howsoever that the total amount so recovered does not exceed the amount of pecuniary loss quantified.]

88 · [Explanation 1 ] : The following shall not amount to a penalty within the meaning of this regulation namely :—

87 · Inserted by the Securities and Exchange Board of India (Employees' Service) (Second Amendment) Regulations, 2024 w.e.f. 06-05-2024 .

88 · Renumbered as Explanation 1 by the Securities and Exchange Board of India (Employees' Service) (Second Amendment) Regulations, 2024 w.e.f. 06-05-2024 .

89 · [Explanation 2: For the purpose of this regulation, proceedings if instituted while the employee was in service whether before retirement/ repatriation to the parent cadre/ completion of contract period or during re-employment shall, after the final retirement/ repatriation to the parent cadre/ completion of contract period of the employee, be deemed to be a proceeding under this regulation and shall be continued and concluded by the authority before which it commenced in the same manner as if the employee had continued in service.]

80 · (1) No order imposing any of the major penalties specified in regulation 79 (2) shall be made except after an inquiry is held in accordance with this regulation.

89 · Inserted by the Securities and Exchange Board of India (Employees' Service) (Second Amendment) .

90 · Inserted by SEBI (Employees ' Service) (Amendment) Regulations , 2004 , w.e . f. f. 24 -5 -2004.

81 · (1) The Competent Authority , if it is not itself the Inquiry Officer, may , for reasons to be recorded by it in writing, remit the case to the inquiry for fresh or further inquiry and report and the Inquiry Officer shall thereupon proceed to hold the further inquiry according to the provisions of regulation 80 as far as may be.

82 · (1) Where it is proposed to impose any of the minor penalties specified in clauses (a) to (e) of regulation 79(1), the employee concerned shall be informed in writing of the imputations of lapses against him and given an opportunity to submit his written statement of defence within a specified period not exceeding 15 days or such extended period as may be granted by the Competent Authority and the defence statement, if any , submitted by the employee shall be taken into consideration by the Competent Authority before passing orders.

83 · Orders made by the Competent Authority under regulation 81 or regulation 82 shall be communicated to the employee concerned, who shall also be supplied with a copy of the report of inquiry , if any .

84 · Where two or more employees are concerned in a case, the Competent Authority may make an order directing that the disciplinary proceedings against all of them may be taken in a common proceedings.

85 · Notwithstanding anything contained in Regulation 80 or Regulation 81 or Regulation 82, the Competent Authority may impose any of the penalties specified in Regulation 79 if the facts on the basis of which action is to be taken have been established in a Court of Law or Court Martial or where the employee has absconded or where it is for any other reason impracticable to communicate with him or where there are other difficulties in observing the requirements contained in Regulation 80 , 81 and 82 and the requirements can be waived without injustice to the employee . In every case where all or any of the requirements of Regulation 80, 81 and 82 are waived, the reasons for so doing shall be recorded in writing.

86 · . (1) An employee may be placed under suspension by the competent authority :—

87 · Notwithstanding anything contained in Regulations 79 to 86 or any other Regulation, the following additional provisions shall apply where it is alleged that an employee has been guilty of corrupt practices , namely:

91 · [Action against employees who have left the services of the Board.

87A · Where an employee who has resigned or retired from the services of the Board or has completed the tenure of deputation/contract with the Board is alleged to have indulged in corrupt practices during the period of service, then the said allegation shall be dealt with as per the procedure approved by the Competent Authority from time to time.

91 · Inserted by the Securities and Exchange Board of India (Employees' Service) (Second Amendment) Regulations, 2024 w.e.f. 06-05-2024.

88 · (1) An employee may appeal against an order imposing upon him any of the penalties specified in Regulation 79 or order of suspension under Regulation 86. The appeal shall lie to the Appellate Authority .

89 · (1) Medical aid and facilities shall be provided by the Board for its employees and such of their dependents in accordance with such guidelines as may be approved by the Board from time to time . The said guidelines , may , 'inter alia', provide for illness , injuries arising out of accidents, hospitalisation and domicile treatment.

90 · Travelling and halting allowances shall be paid to the employees according to such rates and on such terms and conditions as may be approved by the Board from time to time .

91 · The terms and conditions subject to which an employee may be 92 [deputed to the] m ilitary service shall be determined by the Board.

93 · [Deputation and External Assignment

92 · An employee of the Board may be sent on deputation or on external assignment to serve under any other employer:

93 · (1) Every employee, shall be eligible for gratuity on :- (a)

94 · [(2) The amount of gratuity payable shall be determined by the Board from time to time .

92 · Substituted for the words "permitted to join" by the SEBI (Employees' Service) (Second Amendment) Regulations, 2018, w.e.f. 1.6.2018.

93 · Substituted ibid. Prior to the substitution, regulation 92 read as follows:

92 · (1) Without prejudice to the provisions of Regulation 91, no employee of the Board may be deputed to serve under any other employer without the approval of the Chairman who shall determine the duration of such deputation and the terms and conditions on which the deputation shall take effect ;

97 · [(3) Without prejudice to the sub-regulations (1), (2) and (2A), the Board may create a gratuity trust.]

98 · [(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.]

99 · [Subscription to the SEBI Provident Fund or the SEBI New Pension Scheme

94 · (1) Unless otherwise specified in these regulations, every employee shall become a member of the SEBI Employee's Provident Fund and shall agree to be bound by the Rules of the Fund.

94 · 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:

95 · Inserted by SEBI (Employees' Services) (Third Amendment) Regulations, 2022, w.e.f. 30-12-2022.

96 · Substituted for "Rules" by SEBI (Employees' Services) (Third Amendment) Regulations, 2022, w.e.f. 30-122022.

97 · Substituted SEBI (Employees ' Service) (Amendment) Regulations, 2010 , w . r.e . f. f. 28 -3 -2003 .

98 · Inserted by the Securities and Exchange Board of India (Employees' Service) (Second Amendment) Regulations, 2024 w.e.f. 06 -05 -2024.

99 · Substituted by SEBI (Employees' Service) (Amendment) Regulations, 2013, w.e.f. 23.12.2003. Prior to substitution, it read as :

94 · Unless otherwise directed by the Board or the Chairman, every employee shall become a member of the SEBI Employee's Provident Fund and shall agree to be bound by the Rules of the Fund. "

95 · It shall be incumbent on every employee bound by these Regulations to subscribe to any insurance scheme or fund that may be instituted by the Board for the benefit of its employees and their families and to be bound by the rules of the said scheme or fund;

96 · Every employee to whom these Regulations apply , or who exercises his option to come under them shall subscribe to declarations in Forms A to C [as provided in the Appendix of these regulations] 100 .

101 · [Repeal and Savings

97 · (1) On and from the date of commencement of these regulations—

100 · Inserted by the SEBI (Employees' Service) (Third Amendment) Regulations, 2022, w.e.f. 30.12.2022 .

101 · Inserted by the SEBI (Employees' Service) (Third Amendment) Regulations, 2022, w.e.f. 30.12.2022 .

102 · Column with the heading 'Length of service for Promotion' omitted by the SEBI (Employees' Service) (Third Amendment) Regulations, 2022, w.e.f. 30.12.2022.

103 · Inserted by the SEBI (Employees' Service) (Third Amendment) Regulations, 2018, w.e.f. 13.08.2018.

104 · Inserted by the SEBI (Employees' Service) (Second Amendment) Regulations, 2017, w.e.f 17.5.2017

105 · Inserted by the SEBI (Employees' Service) (Amendment) Regulations, 2024, w.e.f 07.02.2024

106 · Substituted by Securities and Exchange Board of India (Employees' Service) (Amendment) Regulations, 2020 (w.e.f. August 05, 2020). Prior to the substitution, row 2 read as follows: —

108 · Inserted by the Securities and Exchange Board of India (Employees' Service) (Amendment) Regulations, 2025 w.e.f. 18 . 06.2025 .

111 · Substituted by SEBI (Employees' Service) (Amendment) Regulations , 2024 , w . e . f. f. 07 -02 -2024 . Prior to substitution, it read as under: -

107 · Inserted by the Securities and Exchange Board of India (Employees' Service) (Amendment) Regulations, 2025 w.e.f. 18.06.2025 .

109 · Substituted by the Securities and Exchange Board of India (Employees' Service) (Amendment) Regulations, 2025 w.e.f. 18.06.2025 . Prior to substitution, it read as " 2/3 rd of the total posts from internal candidates and 1/3 rd posts, not more than 3, to be filled up by deputation/contract".

110 · Substituted for "In case of non -availability in any category i.e. internal and deputation/ contract, the post may be filled from other categories" by the SEBI (Employees' Service) (Third Amendment) Regulations, 2022, w.e.f. 30.12.2022 .

112 · Inserted by the Securities and Exchange Board of India (Employees' Service) (Amendment) Regulations, 2025 w.e.f. 18.06.2025 .

113 · Inserted by the Securities and Exchange Board of India (Employees' Service) (Amendment) Regulations, 2025 w.e.f. 18.06.2025 .

114 · Inserted by the Securities and Exchange Board of India (Employees' Service) (Amendment) Regulations, 2025 w.e.f. 18.06.2025 .

115 · Inserted by the Securities and Exchange Board of India (Employees' Service) (Amendment) Regulations, 2025 w.e.f. 18.06.2025 .

116 · Inserted by the Securities and Exchange Board of India (Employees' Service) (Amendment) Regulations, 2025 w.e.f. 18.06.2025 .

117 · Substituted for "Deputation & Internal Promotion" by the SEBI (Employees' Service) (Third Amendment) Regulations, 2022, w.e.f. 30.12.2022 .

118 · Substituted by the Securities and Exchange Board of India (Employees' Service) (Second Amendment) Regulations, 2023, w.e.f. 23.10.2023. Prior to substitution, it read as:

119 · Substituted for "Direct Recruitment and Internal Promotion" by the SEBI (Employees' Service) (Third Amendment) Regulations, 2022, w.e.f. 30.12.2022 .

120 · Substituted by the Securities and Exchange Board of India (Employees' Service) (Second Amendment) Regulations, 2023, w.e.f. 23.10.2023. Prior to substitution, it read as:

121 · Inserted by SEBI (Employees ' Service) (Second Amendment) Regulations, 2016 , w . e.f. 15 -12 -2016 .

122 · Words and symbols "Minimum three members – two internal and one external." omitted by SEBI (Employees ' Service) (Second Amendment) Regulations, 2016 , w . e.f. 15 -12 -2016 .

123 · Inserted by SEBI (Employees ' Service) (Second Amendment) Regulations, 2016 , w . e.f. 15 -12 -2016 .

124 · Words and symbols "Minimum three members – two internal and one external." omitted by SEBI (Employees ' Service) (Second Amendment) Regulations, 2016 , w . e.f. 15 -12 -2016 .

125 · Inserted by SEBI (Employees ' Service) (Second Amendment) Regulations, 2016 , w . e.f. 15 -12 -2016 .

126 · Words and symbols "Minimum three members – two internal and one external." omitted by SEBI (Employees ' Service) (Second Amendment) Regulations, 2016 , w . e.f. 15 -12 -2016 .

127 · Inserted by SEBI (Employees' Service) (Second Amendment) Regulations, 2010, w.e.f. 12.10.2010.

128 · Inserted by SEBI (Employees ' Service) (Second Amendment) Regulations , 2016 , w . e.f. 15 -12 -2016 .

129 · Words and symbols "Minimum three members – two internal and one external." omitted by SEBI (Employees ' Service) (Second Amendment) Regulations, 2016 , w . e.f. 15 -12 -2016 .

130 · Inserted by SEBI (Employees ' Service) (Second Amendment) Regulations, 2016 , w . e.f. 15 -12 -2016 .

131 · Words and symbols "Minimum three members – two internal and one external." omitted by SEBI (Employees ' Service) (Second Amendment) Regulations, 2016 , w . e.f. 15 -12 -2016 .

132 · Inserted by SEBI (Employees ' Service) (Second Amendment) Regulations, 2016 , w . e.f. 15 -12 -2016 .

133 · Words and symbols "Minimum three members – two internal and one external." omitted by SEBI (Employees ' Service) (Second Amendment) Regulations, 2016 , w . e.f. 15 -12 -2016 .

134 · Inserted by SEBI (Employees' Service) (Second Amendment) Regulations, 2012, w.e.f. 02.05.2012.

135 · Inserted by SEBI (Employees ' Service) (Second Amendment) Regulations, 2016 , w . e.f. 15 -12 -2016 .

136 · Words and symbols "Minimum three members – two internal and one external." omitted by SEBI (Employees ' Service) (Second Amendment) Regulations, 2016 , w . e.f. 15 -12 -2016 .

137 · Omitted by SEBI (Employees' Service) (Amendment) Regulations, 2010, w.e.f. 30.01.2008. Prior to omission, it read as following:

138 · Words and symbols "Minimum three members – two internal and one external." omitted by SEBI (Employees ' Service) (Second Amendment) Regulations, 2016 , w . e.f. 15 -12 -2016 .

139 · Inserted by SEBI (Employees ' Service) (Second Amendment) Regulations, 2016 , w . e.f. 15 -12 -2016 .

140 · Words and symbols "Minimum three members – two internal and one external." omitted by SEBI (Employees ' Service) (Second Amendment) Regulations, 2016 , w . e.f. 15 -12 -2016 .

1 · General / Relaxation :

142 · Words and symbols "Minimum three members – two internal and one external." omitted by SEBI (Employees ' Service) (Second Amendment) Regulations, 2016 , w . e.f. 15 -12 -2016 .

141 · Inserted by SEBI (Employees ' Service) (Second Amendment) Regulations, 2016 , w . e.f. 15 -12 -2016 .

143 · Inserted by SEBI (Employees ' Service) (Second Amendment) Regulations, 2016 , w . e.f. 15 -12 -2016 .

144 · Words and symbols "Minimum three members – two internal and one external." omitted by SEBI (Employees ' Service) (Second Amendment) Regulations, 2016 , w . e.f. 15 -12 -2016 .

145 · The words "In the event of non -availability of adequate number of candidates for interview, the minimum eligible service of three years for promotion to the next higher grade or post may be relaxed by the competent authority upto a period not exceeding six months . " omitted by SEBI (Employees' Service) (Third Amendment) Regulations, 2022, w.e.f. 30.12.2022 .

146 · [d)The Board may, after recording the reasons in writing, relax the minimum qualifications and experience required for various posts.]

2 · Reservations:

3 · Advertisement of Vacancies:

4 · Medical Fitness and Verification of Antecedents on initial appointment in the Board:

146 · Inserted by SEBI (Employees' Service) (Amendment) Regulations, 2010, w.e.f. 10.11.2003.

147 · Inserted by SEBI (Employees' Service) (Amendment) Regulations, 2010, w.e.f. 17.02.2007.