Regulation 38 - Encashment of Ordinary Leave - Securities and Exchange Board of India (Employees’ Service) Regulations, 2001

Encashment of Ordinary Leave 38. (1) An employee may be permitted to encash ordinary leave once 1 [every calendar year] for a minimum period of 10 days and a maximum period of 30 days: 2 [Provided the employee has to his credit a balance of 180 days ordinary leaves or more after encashment.] (2) If an employee dies during the Board's service or who is declared by the Medical Officer of the Board to be completely and permanently incapacitated for further service, he (legal heirs in case of death of an employee) may be granted by the competent authority, cash equivalent to unavailed earned leave to his credit on the date of death, invalidation from service, as the case may be. 3 [(3) An employee of the Board who 4 [ upon completion of probation under sub-regulation (1) of regulation 10 of these regulations, ] resigns from service after giving proper notice of resignation, in terms of regulation 12, may be permitted encashment of half of the period of ordinary leave at his/her credit as on the date of resignation subject to a maximum of five months ordinary leave.] ********* 1 Substituted in place of the words in two years by the SEBI (Employees' Service) (Amendment) Regulations, 2018, w.e.f. 27.4.2018. 2 Substituted ibid for the following provisos- Provided that at the time of such encashment the employee avails of ordinary leave for a minimum period of 10 days and also has to his credit a balance of leave which shall not be less than the leave so encashed. Provided further that availing of ordinary leave for a minimum period of 10 days is not required in the case of resignation by the employee subject to the condition that the employee gives required notice, as the case may be, under these regulations. 3 Inserted by SEBI (Employees' Services) (Amendment) Regulations, 2010, w.r.e.f. 3-5-2003. 4. Inserted vide Notification No. SEBI/LAD-NRO/GN/2022/111 dated 30-12-2022