Amendment in employee service regulations: SEBI

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After having maxed the incremental scale  in  the  pre-promotional grade, the date of the next increment in promotional grade shall be one year from the date of promotion.

The Securities and Exchange Board of India (SEBI) recently amended the service regulations, specifying the effective date of increment for employees once they get promotions. The markets regulator, declared in an official statement that in case an employee is promoted before he or she has received the maximum of the incremental scale in the pre-promotion grade, then the date of the next increment in the new grade would be the same as the date of increment as existing in the pre-promotional grade.

The statement mentioned that the norm would be applicable for employees promoted to a higher grade on or after November 1, 2012.

In addition, the statement clarified, “after  having  reached  the  maximum  of  the  incremental  scale  in  the  pre-promotional grade, the date of the next increment in promotional grade shall be one year from the date of promotion.”

It further stated that having reached the maximum of the incremental scale in the pre-promotional   grade, in cases where the officer promoted was due to receive any post-scale benefits, such as personal allowance and stagnation increment in the pre-promotional grade within one year from the date of actual promotion, the date of increment in the promotional grade shall be the date of accrual of such post-scale benefit.

This would be subject to certain conditions.

The regulator has notified the SEBI (Employees’ Service) (Third Amendment) Regulations, 2017.

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