Sebi amends law to allow employees to encash ordinary leaves annually

Markets regulator Sebi has amended the service regulations allowing its employees to encash ordinary leaves annually as compared to once in two years permitted currently.

Further, the Securities and Exchange Board of India (Sebi) said that an employee should have a minimum leave balance of 180 days after encashment.

It said that ordinary leave can be accumulated up to a maximum of 300 days.

"Where an employee has to his credit 286 days or more of ordinary leaves, the further credit of 15 days ordinary leave shall be done at the beginning of each half year (on April 1 or October, 1 ) to the employee's additional ordinary leave account and the ordinary leaves availed during the six month period thereafter ending on September, 30 or March, 31 shall be deducted from such account," Sebi said in a notification dated April 27.

This is will be applicable provided that if ordinary leaves sanctioned is for less than 15 days, the balance will be credited to the ordinary leave account subject to the ceiling of 300 days at the close of that half year.

Earlier, an employee was permitted to encash ordinary leave once in two years for a minimum of 10 days and maximum of 30 days, provided that at the time of encashment, the person needed to avail such holiday for at least 10 days and also has to his credit a balance of leaves which should not be less than the leave so encashed.