SEBI tightens rules to curb corrupt activities of employees

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Capital markets regulator SEBI has tightened rules to deal with irregularities and corrupt activities of its employees. SEBI has amended the rules governing the services of its employees. Under which the financial loss incurred by SEBI will be compensated from the concerned employee.

New Delhi . Capital markets regulator SEBI has tightened rules to deal with irregularities and corrupt activities by its employees. The Securities and Exchange Board of India (SEBI) has amended the rules governing the services of its employees for this. Under this, a competent authority can directly recover the amount from the concerned employee to compensate the financial loss caused to SEBI under the law. This amount can be taken from the salary of the employees and other amounts received by them.

According to SEBI, this step can be taken when an employee has allegedly acted for an improper purpose or in a corrupt manner or has exercised his powers with corrupt intentions. The market regulator, in its notification dated May 6, said that the new system will also be applicable to those employees who have resigned or retired or have completed the tenure of deputation. New rules have come into effect. Under the amended rule, during the pendency of any proceeding initiated against an employee, the gratuity payable to the concerned employee can be withheld in whole or in part. Gratuity will be paid to the employee after the completion of the proceedings.

Disclaimer: CricketInFocus has not edited this news. This news has been published from PTI-language feed.



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