SEBI (Employees’ Service) (Third Amendment) Regulations, 2022.

SEBI (Employees’ Service) (Third Amendment) Regulations, 2022.

No. SEBI/LAD-NRO/GN/2022/111.—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, 2022.
   
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—
   
   II. In regulation 2,
   i. in sub-regulation (1), the words and symbols “clause (d)” shall be substituted by the words and symbols “clause (g)”; and
   ii. sub-regulation (2) shall be omitted.
   
   III. In regulation 3,
   i. in sub-regulation (1), in clause (e), in sub-clause (i), the words “The Chairman in the case of officers” shall be substituted by the words and symbol “In the case of officers, the Chairman”.
   ii. in sub-regulation (3), the words and symbols “the terms ‘he’, ‘him’, ‘his’ and ‘himself’ shall also refer to ‘she’, ‘her’ and ‘herself'” shall be substituted by the words “words importing the masculine gender shall be taken to include females and transgender persons”.
   
   IV. In regulation 5, in sub-regulation (1), before the words “The power”, the words and symbol “Subject to the provisions of these regulations,” shall be inserted.
   
   V. In regulation 6, in sub-regulation (4), in clause (b), the words “and promotion” shall be omitted.
   
   VI. In regulation 13,
   i. in sub-regulation (1), in the proviso, the words and symbols “three months notice in writing.” shall be substituted with the words and symbols “three months‘ notice in writing subject to due process as approved by the Competent Authority.”;
   ii. in sub-regulation (6), the word “will” shall be substituted by the word “shall”.
   
   VII. Regulation 16 shall be substituted with the following, namely,-
   “16. All promotions, upgradation and switchover shall be made at the discretion of the Board and
   governed by the policies laid down by the Competent Authority from time to time.”
   
   VIII. In regulation 36A,
   i. in the heading, the words “for female employees” shall be omitted;
   ii. in sub-regulation (1),
   a. in clause (a) and clause (d), the words “A female” shall be substituted with the word “An”;
   b. in the proviso to clause (a), clause (e), sub-clause (iii) of clause (e), the word “female” shall be omitted;
   iii. in sub-regulation (2), the words “A female” shall be substituted with the word “An”;
   iv. in sub-regulation (4), the word “female”, wherever occurring, shall be omitted;
   v. in sub-regulation (5),
   a. in clause (f), clause (i), clause (ia), clause (p) and clause (q), the words “A female” shall be substituted with the word “An”;
   b. in clause (i), the word “her”, wherever occurring, shall be substituted with the word “his”;
   c. in the first proviso to clause (ia), in clause (j) and in clause (n), the word “female” shall be omitted;
   d. in the first proviso to clause (ia), the word “she” shall be substituted with the word “he”;
   e. in clause (m), the word “Female” and “herself” shall be substituted with the word “An” and “himself” respectively;
   f. in clause (q), the word “her” shall be substituted with the word “his”;
   
   IX. In regulation 38, in sub-regulation (3), after the words “An employee of the Board who”, the words and symbols “upon completion of probation under sub-regulation (1) of regulation 10 of these regulations,” shall be inserted.
   
   X. In regulation 40, after sub-regulation (4), the following sub-regulations (5) and (6) shall be inserted, namely,—
   “(5) A commissioning mother having less than two surviving children, who commissions a child through the applicable legal process, may be granted maternity leave for a period not exceeding 18 days within the overall admissibility of 360 days of maternity leave.
   
   Explanation 1. – A “commissioning mother” has been defined in section 3(ba) of the Maternity Benefit Act, 1961 (53 of 1961) as “a biological mother who uses her egg to create an embryo implanted in any other woman”.
   
   Explanation 2. – For the purpose of this sub-regulation, the period of maternity leave shall be calculated from the date the custody of the child is given to the commissioning mother.
   
   (6) A female employee with less than two surviving children, on adoption of a child below the age of one year in accordance with the applicable law, may be granted maternity leave for a period of 180 days within the overall admissibility of 360 days of maternity leave, from the date the custody of the child is given to her.
   Provided that the employee furnishes to the Board, the adoption deed or any other document as may be sought by the Board.”
   
   XI. In regulation 40A, after sub-regulation (2) and before sub-regulation (3), the following sub-regulation (2A) shall be inserted, namely,—
   
   “(2A) Paternity Leave for a period of fifteen days may also be granted to a male employee with less than two surviving children in a case where fatherhood is a result of surrogacy, within six months from the day the custody of the child is given to him.”
   
   XII. In regulation 53,
   
   i. in the heading, the words “the press” shall be substituted by the words and symbols “print, social and digital / electronic media or any other media in public domain”;
   
   ii. in sub-regulation (1), the words “the press” shall be substituted by the words and symbols “print, social and digital / electronic media or any other media available in the public domain”;
   
   iii. in sub-regulation (2), after the proviso, the following proviso shall be inserted, namely,—
   “Provided further that wherever such sanction is granted by the Competent Authority for employee‘s contribution to any print, social and digital / electronic media or any other media available in the public domain, he shall provide a disclaimer to the effect that the view expressed therein are his own and are not endorsed by the Board.”
   
   XIII. In regulation 64, after the words “direct or indirect investment in”, the words and symbol “commodity derivatives,” shall be inserted.
   
   XIV. In regulation 66, sub-regulation (1) shall be substituted by the following, namely,—
   “(1) Every employee shall make a declaration of his assets and liabilities as specified from time to time under the Lokpal and Lokayuktas Act, 2013 (1 of 2014).
   Provided that till the time the manner of such declaration is specified under Lokpal and Lokayuktas Act, 2013 (1 of 2014), the employees shall declare their assets and liabilities in the manner as specified from time to time with the approval of the Competent Authority.”
   
   XV. In regulation 93,
   i. in sub-regulation (2A), before the words “an employee”, the words “In the case of” shall be inserted;
   ii. in the first proviso to sub-regulation (2A), the word “Rules” appearing before the symbol and
   number “, 2003” shall be substituted by the word “Scheme”.
   
   XVI. In regulation 96, after the words “Forms A to C”, the words “as provided in the Appendix of these regulations” shall be inserted.
   
   XVII. After regulation 96, the following regulation 97 shall be inserted, namely,—
   
   “Repeal and Savings
   
   (1) On and from the date of commencement of these regulations—
   (a) the terms and conditions of the service of the existing whole-time employees of the Board shall stand modified in accordance with the provisions of these regulations;
   (b) the Securities and Exchange Board of India Service Regulations, 1988 stand repealed.
   
   (2) Notwithstanding the repeal of Securities and Exchange Board of India Service Regulations, 1988, anything done or any action taken thereunder shall be deemed to have been done or taken under the corresponding provisions of these regulations.”
   
   XVIII. In the Schedule,
   
   i. Column 4 with the heading Length of service for Promotion‘ shall be omitted;
   
   ii. in rows 1 and 2, in column 2, the words and symbol “In case of non-availability in any category i.e. internal and deputation/ contract, the post may be filled from other categories.” shall be substituted with the words and symbol “In case of non-availability of candidates in any of the two categories i.e., either in internal or in deputation/ contract category, the available vacancy of one category may be filled up with a suitable candidate from the other category.”;
   
   iii. in row 3,
   a. in column 1, the words and symbol “investigation, finance,” shall be omitted;
   b. in column 2, the words and symbol “Deputation & Internal Promotion” shall be substituted with the words and symbols “(a) Promotion; (b) Deputation”;
   
   iv. in row 4, in column 2, the words “Direct Recruitment and Internal Promotion” shall be substituted with the words and symbols “(a) Promotion; (b) Direct Recruitment”; and
   
   v. after the table, in clause 1, under the heading “General / Relaxation”, sub-clause (a) shall be omitted and sub-clauses (b), (c) and (d) shall be renumbered as sub-clauses (a), (b) and (c) respectively;

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