Section 6(3) in The Insurance Regulatory And Development Authority (Conditions Of Service Of Officers And Other Employees) Regulations, 2000
(3)In the case of failure by an officer or an employee to give notice in accordance with the provisions specified in sub-regulation (2), he shall be liable to pay the Authority as compensation a sum equal to his substantive pay for the period of notice required under these regulations:Provided that such notice or the payment of such compensation may, by reasons to be recorded in writing, be reduced or waived by the chairperson:Provided further that the officer and other employee shall not be entitled to set off any leave earned and not availed of by him against the period of such notice.
