(1) These regulations shall apply to every whole-time employee appointed by the Board under sub-section (1) of section 9 of the Act and to every whole-time employee transferred to the Board under clause (d) of sub-section (1) of section 10 of the Act.
Provided that they shall not apply, except as otherwise provided in these regulations or to such extent as may be specifically or generally decided by the Board, to persons employed temporarily or on contracts.
(2) On and from the date of commencement of these regulations—
(a) the terms and conditions of the service of the existing whole-time employees of the Board shall stand modified in accordance with the provisions of these regulations.
(b) the Securities and Exchange Board of India Service Regulations, 1988 stand repealed. Notwithstanding such repeal, anything done or any action taken under the said Regulations, shall be deemed to have been done or taken under the corresponding provisions of these regulations.
Definitions