Securities and Exchange Board of India

On 06-05-2024, in exercise of the powers conferred by Section 30 of the Securities and Exchange Board of India Act, 1992, the Board made certain regulations namely — Securities and Exchange Board of India (Employees’ Service) (Second Amendment) Regulations, 2024 to amend the Securities and Exchange Board of India (Employee’s Service) Regulations, 2001. These regulations shall come into force from their date of publication in the Official Gazette, i.e. 06-05-2024.

Key Points:

  1. A proviso to Regulation 79(2) has been inserted which states that the Competent Authority shall have the power to recover the monetary loss caused to the Board by an employee. Such recovery may be made by all lawful means available to the Board but only to the extent of the loss suffered. The Board shall not recover any amount in excess of the loss suffered.

  2. An explanation has also been added to Regulation 79 which states that if proceedings are instituted against an employee while he was in service, these proceedings will be considered to be under this regulation even after he has stopped being an employee. These proceedings shall be concluded by the authority before which it started and they shall be conducted in the same manner as if the employee was still in service.

  3. A new regulation — 87A has been inserted which provides for actions to be taken against employees who have left the services of the Board.

  4. An explanation was also added to Regulation 87A which states that an allegation shall be deemed to indicate corrupt practice if the employee is alleged to have committed an act of criminal misconduct under Section 13 of the Prevention of Corruption Act, 1988, or is alleged to have acted improperly or refrained from exercising his powers with a corrupt motive.

  5. A new sub-regulation — 93(4) has been inserted which states that the gratuity payable to an employee may be withheld if any proceedings are pending against him and the same shall be paid upon the completion of the same, subject to the decision of the proceedings.

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