Sebi plans to reduce cooling off period to 1-year for former employees

Sebi plans to reduce the cooling off period to one year for its former employees before they take up jobs elsewhere as well as introduce special casual leaves for staff with physical disabilities, according to a senior official.

Besides, the watchdog has proposed a comprehensive review of its recruitment policy.

The Sebi board, which is scheduled to meet on June 21, is expected to discuss these proposals, the official said.

At present, an employee who has retired or ceased to be in the service at the regulator is barred from taking up jobs with Sebi-registered intermediaries or any other commercial employment for a period of two years.

This period is proposed to be reduced to one year.

Once approved, the reduced time period will also be applicable to officials who have retired or have resigned but have not completed two years after being relieved from the services of the Securities and Exchange Board of India.

The reduction in cooling off period will also bring the condition applicable for Sebi employees in line with the RBI and the central government.

It would amend the Sebi (Employee's Service) Regulations, the official said.

According to him, there is also a proposal to introduce special casual leaves for persons with disabilities at the Sebi in line with provisions made by the Department of Personnel and Training and the RBI.

The official noted that the recruitment policy will be reviewed comprehensively as it is a dynamic environment where qualifications and skills expected from employees is changing.

One of the proposals is to increase the probation period for candidates hired for certain grades to two years from one year.

Securities and Exchange Board of India ( SEBI )