Securities and Exchange Board of India (Employees' Service) (Second Amendment) Regulations, 2018

The Securities and Exchange Board of India, on May 31, 2018, has made the Securities and Exchange Board of India (Employees' Service) (Second Amendment) Regulations, 2018 to further amend the Securities and Exchange Board of India (Employees' Service) Regulations, 2001, in the following manner–

(A) in Regulation 3(1), -

(i)                 after the existing clause (f), the following new clause shall be inserted, namely, -

"(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."

(ii)               after the existing clause (g), the following clause shall be inserted, namely,-

"(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."

(B) in Regulation 65(3), 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", the words, numbers and symbols "clause (g) of sub-regulation (1) of regulation 2 of the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015 and the provisions of the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015" shall be substituted.

(C) in Regulation 91, the words “permitted to join” shall be substituted with the words “deputed to the”.

(D) the existing regulation 92 shall be substituted with the following new regulation, namely, -

"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:

Provided that such deputation or external assignment shall be pursuant to the approval of the Board and shall be in accordance with such terms and conditions as may be specified by the Board from time to time:

Provided further that an employee shall not be sent on deputation or on external assignment against his will.”

[No. SEBI/LAD-NRO/GN/2018/18]

URL: http://www.egazette.nic.in/WriteReadData/2018/186080.pdf