International Financial Services Centres Authority (Employees’ Service) Regulations, 2020

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International Financial Services Centres Authority (Employees’ Service) Regulations, 2020

International Financial Services Centres Authority (Employees’ Service) Regulations, 2020 INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY NOTIFIC

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International Financial Services Centres Authority (Employees’ Service) Regulations, 2020

INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY

NOTIFICATION

Gandhinagar, the 12th November, 2020

International Financial Services Centres Authority (Employees’ Service) Regulations, 2020 IFSCA/2020-21/GN/REG001.—In exercise of the powers conferred by section 28 read with section 11(2) of the International Financial Services Centres Authority Act, 2019, the Authority hereby makes the following regulations defining the terms and conditions of service of its employees:

CHAPTER I
PRELIMINARY

Short Title and Commencement

1. (1) These regulations may be called the International Financial Services Centres Authority (Employees’ Service) Regulations, 2020.

(2) They shall come into force on the date of their publication in the Official Gazette.

Applicability

2. These regulations shall apply to every whole-time employee appointed by the Authority under sub-section 1 of section 11 of the IFSCA Act, 2019. Provided that they shall not apply, except as otherwise provided in these regulations or to such extent as may be specifically or generally decided by the Authority, to persons employed temporarily or on contracts.

Definitions

3. (1) In these regulations, unless there is anything repugnant in the subject or context-

(a) “Act” means the International Financial Services Centres Authority (IFSCA) Act, 2019.
(b) “Authority” means the International Financial Services Centres Authority constituted under Section 4 of the Act.
(c) “Chairperson” means the Chairperson of the Authority and, in relation to the powers exercisable by him, includes whole-time member of the Authority or a Committee of Executive Directors or Executive Director or any other officer to whom the power under these regulations may be delegated by the Chairperson.
(d) “Compensatory allowance” means an allowance granted to meet expenditure necessitated by the special
circumstances in which the duty is performed.
(e) “Competent Authority” means,

(i) The Chairperson in the case of officers, which expression shall also include whole-time member of the Authority or Executive Director, in regard to any matter or power to be dealt with or exercisable by the Chairperson under these Regulations or which are delegated to him.
(ii) In the case of all other employees, concerned Executive Director, which expression shall include, any officer lower in rank, in regard to any matter or power to be dealt with or exercised by the Executive Director under these Regulations or which are delegated to him.

(f) “Dependent” means a person who is wholly dependent upon the employee and whose monthly income doesn’t exceed the limits as may be specified by the Chairperson from time to time.
(g) “Deputation” means temporary posting to another organization wherein the accrual and disbursement of remuneration including pay, allowances and perquisites would be borne by the borrowing organization. “Absorption” means an employee joined in the services of the Authority on Deputation and subsequently gets permanently absorbed in the services of the Authority.

(h) “duty” includes-

(i) Service as a probationer:

(ii) Period during which an employee is on joining time or training authorized by the Authority;
(iii) Period spent on casual leave duly authorized by the competent authority.
(i) “external assignment” means the temporary posting to another organization, including secondment, tour on duty and staff exchange programme, wherein the accrual and disbursement of remuneration including pay, allowances and perquisites would be borne by the Authority.

(j) “family” means

(i) In the case of male employee, his wife, whether residing with him or not but does not include a legally separated wife and in case of a woman employee her husband, whether residing with her or not, but does not include a legally separated husband.
(ii) Children or step children of the employee whether residing with him or not and dependent wholly on such employee but does not include children or step children of whose custody the employee has been deprived of by or under any law; and
(iii) Any other person related to, by blood or marriage to the employee or to his spouse and wholly dependent upon such employee.

(k) “leave pay” means the monthly pay which the employee would have drawn while on duty but before proceeding on leave

international-financial-services-centres-authority-employees-service-regulations-2020

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