 "Sebi amends employee service rules; clarifies date of increment")
Markets regulator Sebi has amended the services regulations, providing clarity on the effective date of increment for employees once they get promotions.
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 next increment in the new grade would be same as the existing schedule.
The norm would be applicable for employees promoted to a higher grade on or after November 1, 2012.
"... Before reaching the maximum of the incremental scale in the pre-promotional grade, the date of the next increment in the promotional grade shall be the date of increment as existing in the pre-promotional grade," Sebi said in a notification issued on Thursday.
For employees who got promoted after receiving the maximum of the incremental scale in the pre-promotional grade, the date of the next increment in the new grade would be one year after the date of promotion.
This would be subject to certain conditions.
In instances where the officer promoted was due to receive any post scale benefits such as personal allowance within one year of actual promotion, then the "date of increment in the promotional grade shall be the date of accrual of such post scale benefit".
The regulator has notified the Sebi (Employees' Service) (Third Amendment) Regulations, 2017.
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