Section 13 in Securities and Exchange Board of India (Employees' Service) Regulations, 2001
13. Superannuation and Retirement.
(1)An employee shall retire at 60 years of age.Provided that the Board may retire any employee on, or at any time after the completion of 55 years of age or 30 years of total service, whichever is earlier, by giving him three months notice in writing.(2)An employee, who attains the age of supper-annuation on any day other than the first day of any calendar month, shall retire on the last day of the month in which he completed his age of retirement.(3)An employee may also, if he so desires, and subject to terms of appointment to the contrary, if any, retire from service on completion of 50 years of age or 20 years of service in the Board, by giving three months notice to the Board in writing.(3A)[ The Board may also offer a scheme subject to such terms and conditions as it may specify, to its whole-time employees for voluntary retirement from the services of the Board.] [Inserted by SEBI (Employees' Service) (Amendment) Regulations, 2011, w.e.f. 10-10-2011.](4)When an employee retires from service either under the provisions of the proviso to sub-regulation (1) or sub-regulation (3), the Board may consider grant of compensation on such scale and terms as may be determined by it from time to time.The Board while determining the terms shall take into account all relevant factors including the balance of service left to a retiring employee.(5)Notwithstanding anything contained in these Regulations, where an employee has ordinary leave earned but not availed of as on the date of retirement, he may, at his option,(a)be permitted to avail of leave subject to a maximum of ten months in respect of leave earned under these Regulations and in that case the employee will be deemed to have retired from service on the expiry of the leave;or(b)be paid a lump sum amount which would be equivalent to pay as defined in Regulation 3(1)(j) of these Regulations as on the date of his retirement, for the un-availed ordinary leave earned subject to maximum of ten months plus all allowances normally admissible to the employee concerned during ordinary leave, after which he shall retire.Explanation. - "Date of Retirement" means the date on which the employee attains the age of superannuation in accordance with the provisions of the Regulation or the date on which he is retired by the Board under sub-regulation (1) of the Regulation or the date on which the employee voluntarily retires in terms of sub-regulation (3) [or sub-regulations (3A)] [Inserted by SEBI (Employees' Service) (Amendment) Regulations, 2011, w.e.f. 10-10-2011.] of the Regulation as the case may be.Execution of Bond, etc.(6)Notwithstanding anything contained in these Regulations, the Board will have the right to obtain undertakings/bonds from an employee for payment of liquidated damages relating to deputation of training or his failure to complete the required number of years of service in a particular post, as may be determined by the Board from time to time.
