On the 20th of October, 2023, the Securities and Exchange Board of India (SEBI) issued a significant notification, the Securities and Exchange Board of India (Employees’ Service) (Second Amendment) Regulations, 2023. These amendments bring about changes in the SEBI Employees’ Service Regulations, impacting age limits and educational qualifications for SEBI officers.
SECURITIES AND EXCHANGE BOARD OF INDIA
NOTIFICATION
Mumbai, the 20th October, 2023
SECURITIES AND EXCHANGE BOARD OF INDIA (EMPLOYEES’ SERVICE) (SECOND
AMENDMENT) REGULATIONS, 2023
No. SEBI/LAD-NRO/GN/2023/156.—In exercise of the powers conferred by section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following regulations to further amend the Securities and Exchange Board of India (Employees’ Service) Regulations, 2001, namely: –
1. These regulations may be called the Securities and Exchange Board of India (Employees’ Service) (Second Amendment) Regulations, 2023.
2. They shall come into force on the date of their publication in the Official Gazette.
3. In the Securities and Exchange Board of India (Employees’ Service) Regulations, 2001—
I. In the Table of the Schedule,
i. in row 3, the provisions in column 3 may be substituted with the following, namely,–
“Upper age of 45, 48 and 52 years for Grade D, E and F respectively.
For officers in the General Stream –
Master’s Degree/ Post Graduate Diploma* (minimum two years’ duration) in any discipline/ Bachelor’s Degree in Law/ Bachelor’s Degree in Engineering from a recognized University/ Institute or Chartered Accountant/ Chartered Financial Analyst/ Company Secretary/ Cost Accountant.
*(Equivalent to a Master’s Degree in that discipline as recognized by the Association of Indian Universities).
For officers in the Legal Stream –
Bachelor’s Degree in Law from a recognized University/ Institute.
For officers in the Research Stream –
Master’s Degree/ Post Graduate Diploma* (minimum two years’ duration) in Economics/ Commerce/ Business Administration/ Econometrics/ Quantitative Economics/ Financial Economics / Mathematical Economics/ Business Economics/ Agricultural Economics/ Industrial Economics/ Business Analytics; or
Master’s Degree/ Post Graduate Diploma* (minimum two years’ duration) in Finance/ Quantitative Finance/ Mathematical Finance/ Quantitative Techniques/ International Finance/ Business Finance/ International and Trade Finance/ Project and Infrastructure Finance/ Agri. Business Finance; or
Master’s Degree/ Post Graduate Diploma* (minimum two years’ duration) in Statistics/ Mathematical Statistics/ Statistics & Informatics/ Applied Statistics & Informatics/ Data Science/ Artificial Intelligence/ Machine Learning/ Big Data Analytics; or
Master’s Degree in Mathematics and one year post graduate diploma in Statistics or related subjects from a recognized University/ Institute.
*(Recognized equivalent to a Master’s Degree in that discipline by Association of Indian Universities).
For officers in the Information Technology Stream –
Bachelor’s Degree in Engineering in any branch or Bachelor’s Degree in any discipline with a post graduate qualification (minimum two years’ duration) in computer science/ computer application/ information technology from a recognized University / Institute.
For officers in the Engineering Stream –
Bachelor’s Degree in Civil Engineering or Bachelor’s Degree in Electrical Engineering from a recognized University / Institute.
For officers in the Official Language (Rajbhasha) Stream –
Master’s Degree in Hindi/ Hindi Translation with English as a subject at the Bachelor’s Degree level; or Master’s Degree in Sanskrit/ English/ Economics/ Commerce with Hindi as a subject at Bachelor’s Degree level; or Master’s Degree in both English and Hindi/ Hindi Translation from a recognized University/ Institute.”
ii. in row 4, the provisions in column 3 may be substituted with the following, namely,–
“Upper age of 30, 30 and 35 years for Grade A, B and C respectively.
For officers in the General Stream –
Master’s Degree/ Post Graduate Diploma* (minimum two years’ duration) in any discipline/ Bachelor’s Degree in Law/ Bachelor’s Degree in Engineering from a recognized University/ Institute or Chartered Accountant/ Chartered Financial Analyst/ Company Secretary/ Cost Accountant.
*(Equivalent to a Master’s Degree in that discipline as recognized by the Association of Indian Universities).
For officers in the Legal Stream – Bachelor’s Degree in Law from a recognized University/ Institute.
For officers in the Legal Stream in Grade ‘A’ – In addition to the qualification specified for the Legal Stream, two years’ post qualification experience as an Advocate (including as an associate in an Advocate’s or Solicitor’s Office or Law Firm) after being enrolled under the Advocates Act, 1961 (25 of 1961) shall be a desirable qualification.
For officers in the Research Stream –
Master’s Degree/ Post Graduate Diploma* (minimum two years’ duration) in Economics/ Commerce/ Business Administration/ Econometrics/ Quantitative Economics/ Financial Economics / Mathematical Economics/ Business Economics/ Agricultural Economics/ Industrial Economics/ Business Analytics; or
Master’s Degree/ Post Graduate Diploma* (minimum two years’ duration) in Finance/ Quantitative Finance/ Mathematical Finance/ Quantitative Techniques/ International Finance/ Business Finance/ International and Trade Finance/ Project and Infrastructure Finance/ Agri. Business Finance; or
Master’s Degree/ Post Graduate Diploma* (minimum two years’ duration) in Statistics/ Mathematical Statistics/ Statistics & Informatics/ Applied Statistics & Informatics/ Data Science/ Artificial Intelligence/ Machine Learning/ Big Data Analytics; or
Master’s Degree in Mathematics and one year post graduate diploma in Statistics or related subjects from a recognized University / Institute.
*(Recognized equivalent to a Master’s Degree in that discipline by Association of Indian Universities).
For officers in the Information Technology Stream –
Bachelor’s Degree in Engineering in any branch or Bachelor’s Degree in any discipline with a post graduate qualification (minimum two years’ duration) in computer science/ computer application/ information technology from a recognized University / Institute.
For officers in the Engineering Stream – Bachelor’s Degree in Civil Engineering or Bachelor’s Degree in Electrical Engineering from a recognized University/ Institute.
Desirable Experience for Civil Engineers – (i) Experience in maintenance of Office and Residential properties/ colonies. (ii) Experience of administering construction projects in all its aspects and knowledge of PERT/ CPM techniques. (iii) Working knowledge of Computer in Structural Design in CAM/ CAD/ MS Project or Primavera evaluation and analyzing of tenders with special references. (iv) Working knowledge in structural rehabilitation works. (v) Experience in Construction and Project Management.
Desirable Experience for Electrical Engineers – (i) Working knowledge of electronic systems like CCTV surveillance systems, Addressable Security Alarm and Fire Alarm systems, EPABX, UPS system, etc. (ii) Experience in maintenance of lifts, pumps, air-conditioning plants, etc. (iii) Experience of administering construction projects in all its aspects and knowledge of PERT/CPM techniques.
For officers in the Official Language (Rajbhasha) Stream –
Master’s Degree in Hindi/ Hindi Translation with English as a subject at the Bachelor’s Degree level; or Master’s Degree in Sanskrit/ English/ Economics/ Commerce with Hindi as a subject at Bachelor’s Degree level; or Master’s Degree in both English and Hindi/ Hindi Translation from a recognized University / Institute.
Minimum four years’ post Qualification experience for Grade C in the applicable field as an advocate or as an officer in reputed Institution preferably in the area of financial services, stock
exchanges and other self-regulatory organizations or any such similar experience.”
BABITHA RAYUDU, Executive Director
[ADVT.-III/4/Exty./503/2023-24]
Footnotes:
1. The Securities and Exchange Board of India (Employees’ Service) Regulations, 2001, were published in the Gazette of India on 6th September, 2001 vide S.O. No. 857(E).
2. They were subsequently amended –
(a) On 23rd December, 2003 by the Securities and Exchange Board of India (Employees’ Service) (Amendment) Regulations, 2003 vide F. No. SEBI/LE/15/2003.
(b) On 25th May, 2004 by the Securities and Exchange Board of India (Employees’ Service) (Amendment) Regulations, 2004 vide S.O. No.623 (E).
(c) On 11th April, 2007 by the Securities and Exchange Board of India (Employees’ Service) (Amendment) Regulations, 2007 vide F. No.11/LC/GN/2006/2143.
(d) On 14th January, 2010 by the Securities and Exchange Board of India (Employees’ Service) (Amendment) Regulations, 2010 vide notification No. LADNRO/GN/2009-10/28/190983.
(e) On 12th October, 2010 by the Securities and Exchange Board of India (Employees’ Service) (Second Amendment) Regulations, 2010 vide notification No. LAD-NRO/GN/2010-11/17/22954.
(f) On 10th October, 2011 by the Securities and Exchange Board of India (Employees’ Service) (Amendment) Regulations, 2011 vide notification No. LAD-NRO/GN/2011-12/26/31671.
(g) On 2nd May 2012 by the Securities and Exchange Board of India (Employees’ Service) (Amendment) Regulations, 2012 vide notification No. LADNRO/GN/2012-13/03/5290.
(h) On 19th November 2012 by the Securities and Exchange Board of India (Employees’ Service) (Second Amendment) Regulations, 2012 vide notification No. LAD-NRO/GN/2012-13/223/5429.
(i) On 8th October, 2013 by Securities and Exchange Board of India (Employees’ Service) (Amendment) Regulations, 2013 vide notification No. LADNRO/GN/2013 -14/27/6721.
(j) On 26th February, 2015 by Securities and Exchange Board of India (Employees’ Service) (Amendment) Regulations, 2015 vide notification No. LAD-NRO/GN/2014-15/22/366.
(k) On 21st April, 2015 by Securities and Exchange Board of India (Employees’ Service) (Second Amendment) Regulations, 2015 vide notification No. SEBINRO/OIAE/GN/2015-16/002.
(l) On 30th November, 2016 by Securities and Exchange Board of India (Employees’ Service) (Amendment) Regulations, 2016 vide notification No. SEBI/LAD/NRO/GN/2016-17/016.
(m) On 15th December, 2016 by Securities and Exchange Board of India (Employees’ Service) (Second Amendment) Regulations, 2016 vide notification No. SEBI/LAD/NRO/GN/2016-17/024.
(n) On 27th April, 2017 by Securities and Exchange Board of India (Employees’ Service) (Amendment) Regulations, 2017 vide notification No. SEBI/LAD/NRO/GN/2017-18/001.
(o) On 17th May, 2017 by Securities and Exchange Board of India (Employees’ Service) (Second Amendment) Regulations, 2017 vide notification No. SEBI/LAD/NRO/GN/2017-18/002.
(p) On 13th July, 2017 by Securities and Exchange Board of India (Employees’ Service) (Third Amendment) Regulations, 2017 vide notification No. SEBI/LAD-NRO/GN/2017-18/010.
(q) On 27th April, 2018 by Securities and Exchange Board of India (Employees’ Service) (Amendment) Regulations, 2018 vide notification No. SEBI/LAD-NRO/GN/2018/09.
(r) On 31st May, 2018 by Securities and Exchange Board of India (Employees’ Service) (Second Amendment) Regulations, 2018 vide notification No. SEBI/LAD-NRO/GN/2018/18.
(s) On 13th August, 2018 by Securities and Exchange Board of India (Employees’ Service) (Third Amendment) Regulations, 2018 vide notification No. SEBI/LAD-NRO/GN/2018/29.
(t) On 8th May 2019 by Securities and Exchange Board of India (Employees’ Service) (Amendment) Regulations, 2019 vide notification No. SEBI/LAD-NRO/GN/2019/15.
(u) On 5th August, 2020 by Securities and Exchange Board of India (Employees’ Service) (Amendment) Regulations, 2020 vide Notification No. SEBI/ LAD-NRO/GN/2020/26.
(v) On 24th January, 2022 by Securities and Exchange Board of India (Employees’ Service) (Amendment) Regulations, 2022 vide Notification No. SEBI/ LAD-NRO/GN/2022/65.
(w) On 22nd June, 2022 by Securities and Exchange Board of India (Employees’ Service) (Second Amendment) Regulations, 2022 vide Notification No. SEBI/LAD-NRO/GN/2022/87.
(x) On 30th December, 2022 by Securities and Exchange Board of India (Employees’ Service) (Third Amendment) Regulations, 2022 vide Notification No. SEBI/LAD-NRO/GN/2022/111.
(y) On 15th May, 2023 by Securities and Exchange Board of India (Employees’ Service) (Amendment) Regulations, 2023 vide Notification No. SEBI/LAD-NRO/GN/2023/129.
