Securities And Exchange Board Of India - Subsection
Section 55(3) in Securities and Exchange Board of India (Employees' Service) Regulations, 2001
(3)Notwithstanding anything contained in sub-regulation (1), no employee of the Board, including employees on contract shall within a period of [one year] [Substituted 'two years' by Notification No. SEBI/LAD-NRO/GN/2018/29, dated 13.8.2018.] from the date that he finally ceases to be in the Board's service, accept or undertake an employment or be in any manner associated with an intermediary registered with the Board, except with the prior written approval of the Competent Authority.[Provided that the employee would be required to seek fresh approval from the Board in the event of seeking employment with another intermediary registered with the Board or associating in any other manner with another intermediary registered with the Board, within the period of one year.] [Inserted by Notification No. SEBI/LAD-NRO/GN/2018/29, dated 13.8.2018.]Provided [further that,] [Substituted ', however,' by Notification No. SEBI/LAD-NRO/GN/2018/29, dated 13.8.2018.] before refusing approval the competent authority shall give a hearing to the concerned employee. A copy of the decision taken shall be communicated by the Competent Authority to the concerned employee.
