Securities And Exchange Board Of India - Subsection
Section 12(4) in Securities and Exchange Board of India (Employees' Service) Regulations, 2001
(4)Notwithstanding anything contained in sub-regulation (1), the resignation of an employee shall not be effective unless it is accepted by the competent authority. The competent authority may refuse to accept a resignation;(a)If disciplinary proceedings have been instituted against or are proposed to be instituted against the employee;(b)If the employee is under an obligation to serve the ) Board for a specified period which has not yet expired;(c)The employee owes the Board any sums of money; or(d)For any other sufficient ground to be recorded in writing.Explanation 1. - Disciplinary proceedings shall be deemed to be instituted against an employee for the purposes of this sub-regulation if he has been placed under suspension under these Regulations or any notice has been issued to him asking him to show cause why disciplinary proceedings should not be instituted against him or any charge-sheet has been issued to him under these Regulations and will be deemed to be pending till final orders are passed by the competent authority.Explanation 2. - The expression "month" used in this Regulation shall be reckoned according to the English calendar and shall commence from the day following that on which notice is given by the employee or the Board as the case may be.Explanation 3. - A notice given by an employee under sub-regulation (1) above shall be deemed to be proper only if he remains on duty during the period of the notice.
