Rule 4 - Pay - SECURITIES AND EXCHANGE BOARD OF INDIA (TERMS AND CONDITIONS OF SERVICE OF CHAIRMAN AND MEMBERS) RULES, 1992

Pay 4. (1) The Chairman and whole-time Members shall have an option to receive pay,- (a) as admissible to a Secretary and Additional Secretary to the Government of India respectively; or (b) a consolidated salary of ₹ 4.50 lakh per month and ₹ 3.75 lakh per month respectively, without house and car, as amended from time to time through orders of Department of Expenditure, Government of India. Provided that the Chairman and the whole-time Member who holds the office as such Chairman or, as the case may be, the Member, on the date of commencement of the Securities and Exchange Board of India (Terms and Conditions of Chairman and Members) Amendment Rules, 2009, shall have option under sub-rule (1) with effect from the 1st day of January, 2006. (2) In the case of an appointment of a person as a Chairman or a whole-time Member shall have an option to receive pay as admissible to a Secretary and Additional Secretary to the Government of India respectively who has retired from service under the Central Government or the State Government and who is in receipt of, or has received, or has become entitled to receive any retirement benefits by way of pension, gratuity, employer's contribution to the Contributory Provident Fund or other funds or retirement benefits the pay and allowances of such Chairman or member, as the case may be, shall be reduced by gross amount of pension and pension equivalent of gratuity or employer's contribution to the Contributory Provident Fund or any other form of retirement benefits, if any, drawn or to be drawn by him.