SECURITIES AND EXCHANGE BOARD OF INDIA (TERMS AND CONDITIONS OF SERVICE OF CHAIRMAN AND MEMBERS) RULES , 1992

rules · 1992 · State unknown

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

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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 Act, 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. (2) They shall come into force on the date of publication of this Notification. Definitions 2. In these rules, unless the context otherwise required:— (a) " Act" means the Securities and Exchange Board of India Act, 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 3. (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 . (2) 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: 1 [Provided that no person shall hold office as the Chairman or a 2 [whole-time member] after he attains the age of sixty-five years.] (3) 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, member in whose place he is appointed. (4) The Chairman or whole time Member shall not accept any employment before 

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.

2 · In these rules, unless the context otherwise required:—

3 · (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 .

1 · [Provided that no person shall hold office as the Chairman or a 2 [whole-time member] after he attains the age of sixty-five years.]

1 · Substituted w.e.f. March 27, 1992 vide the SEBI (Terms and Conditions of Service of Chairman and Members) Rules, 1992. Prior to substitution, the proviso read as follows:

2 · Substituted for "Member" by the SEBI (Terms and Conditions of Service of Chairman and Members) Amendment Rules, 2018, w.e.f. 12-9-2018.

3 · [ (5) The Chairman and every whole time Member shall be appointed by the Central Government on the recommendation of 4 [the Financial Sector Regulatory Appointments Search Committee] consisting of the following, namely:—

3 · Sub -rule (5) substituted by the SEBI (Terms and Conditions of Service of Chairman and Members) Amendment Rules, 2015, w.e.f. 23-12-2015. Prior to its substitution, said sub -rule read as under :

4 · Substituted for "a Search -cum-Selection Committee" by the SEBI (Terms and Conditions of Service of Chairman and Members) Amendment Rules, 2016, w.e.f. 5-1-2016 .

5 · Substituted for "three experts" by the SEBI (Terms and Conditions of Service of Chairman and Members) Amendment Rules, 2016, w.e.f. 5-1-2016 .

6 · [Pay

4 · (1) The Chairman and Whole Time Members shall have the option to receive pay as admissible to a Secretary to the Government of India in the case of a Chairman and an Additional Secretary in the case of a Whole Time Member; or a consolidated salary of such amount, as may be determined by order of the Central Government, without house and car.

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 :

6 · Rule 4 substituted by the SEBI (Terms and Conditions of Service of Chairman and Members) Amendment Rules, 2018, w.e.f. 22 -3 -2018. Prior to its substitution, said Rule, as amended by the SEBI (Terms and Conditions of Service of Chairman and Members) Amendment Rules, 2013, w.e.f. a date yet to be notified, read as under :

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 Fund.

10 · Travelling Allowance

11 · (1) The Chairman shall be entitled to Leave Travel Concession at the same rates and at the same scales as are applicable to a Secretary to the Government of India.

12 · (1) The Chairman and a whole-time Member shall be entitled to rent free unfurnished house and the Board shall approve the type of accommodation, purchase price or rent of the house to be used for residence by the Chairman or a whole-time Member.

13 · (1) The Chairman and a whole-time Member shall be entitled to a staff car of the Board for official purpose.

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 .

7 · [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.

8 · [Provided that no person shall hold office as the part-time member after he attains the age of seventy years.]

19B · (1) A part-time Member shall be entitled to receive remuneration by way of a fee of 9 [rupees ten thousand] only for each meeting of the Board attended by him.

7 · Inserted by the Securities and Exchange Board of India (Terms and Conditions of Service of Chairman and Members) Rules, 1992 vide notification dated 7 -02 -1994.

8 · First proviso inserted by the SEBI (Terms and Conditions of Service of Chairman and Members) Amendment Rules, 2018, w.e.f. 12 -9 -2018 .

9 · Substituted for "rupees one thousand" by the SEBI (Terms and Conditions of Service of Chairman and Members) Amendment Rules, 2015, w.e.f. 30-12-2015 .

20 · The Central Government shall have power to relax the provisions of any of these rules with respect to any class or category of persons.