(1) The Chairman and whole-time Members shall have an option to receive pay,—
(a) as admissible to a Secretary and Additional Secretary to the Government of India respectively; or 1 [ (b) a consolidated salary of Rs.4.50 lakh per month and Rs.3.75 lakh per month respectively, without house and car, as amended from time to time through orders of Department of Expenditure, Government of India.]
Provided that the Chairman and the whole-time Memberwho holds the office as such Chairman or, as the case may be, the Member, on the date of commencement of the Securities and Exchange Board of India (Terms and Conditions of Chairman and Members) Amendment Rules, 2009, shall have option under sub-rule (1) with effect from the 1st day of January, 2006.
(2) In the case of an appointment of a person as a Chairmanor a whole-time Member shall have an option to receive pay as admissible to a Secretary and Additional Secretary to the Government of India respectively who has retired from service under the Central Government or the State Government and who is in receipt of, or has received, or has become entitled to receive any retirement benefits by way of pension, gratuity, employer's contribution to the Contributory Provident Fund or other funds or retirement benefits the pay and allowances of such Chairman or member, as the case may be, shall be reduced by gross amount of pension and pension equivalent of gratuity or employer's contribution to the Contributory Provident Fund or any other form of retirement bene-fits, if any, drawn or to be drawn by him.
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5. The Chairman and a whole-time Member who has opted pay as admissible to a Secretary and Additional Secretary to the Government of India respectively shall receive Dearness Allowance and City Compensatory Allowance at the rates admissible to a Group 'A' Officer of the Central Government Entertainment Allowance
6. The Chairman and a whole-time Member shall be entitled to Entertainment Allowance subject to a maximum of Rs. 6,000 per annum.
Leave
7. The Chairman and a whole-time Member shall be entitled to a leave as follows :
(i) Earned Leave at the rate of thirty days (30 days) for every completed calendar year of service:
Provided that the leave account shall be credited with earned leave in advance in two instalments of fifteen days (15 days) each from the first day of January and July of every calendar year:
Provided further that the earned leave at the credit at the close of previous half year shall be carried forward to the next half year, subject to the condition that the leave so carried forward plus credited for half year do not exceed 240 days.
(ii) Half Pay Leave on medical certificate or on private affairs at the rate of twenty days (20 days) in respect of each completed year of service to be credited in advance in two instalments of ten days each on 1st January and 1st July of every calendar year and leave salary for half pay leave shall be equivalent to half of the leave salary admissible during the earned leave;
(iii) Leave on Half Pay may be commuted to full pay leave at the discretion of the Chairman or a whole-time Member, if it is taken on medical grounds and is supported by a Medical Certificate by a competent medical authority;
(iv) Causal Leave at the rate of twelve days in a calendar year;
(v) Extraordinary leave without pay and allowances up to a maximum period of 180 days in one term of office;
(vi) Extraordinary leave without pay and allowances in a calendar year out of the holidays notified by the Central Government.
Leave sanctioning authority
8. The Chairman shall be the authority competent to sanction leave to a whole-time Member and the President of India shall be the authority competent to sanction leave to the Chairman.
Provident Fund
9. The Chairman or a whole-time Member shall be entitled to subscribe to the General Provident Fund.
10. Travelling Allowance
(i) The Chairman, while on tour or on transfer (including the journey undertaken to join the Board or on the expiry of his term with the Board proceeds to his home town) shall be entitled to the travelling allowances, daily allowances, transportation of personal effects and other similar matters at the same scale and at the same rate as are prescribed for a Secretary to the Government of India.
(ii) A whole-time Member while on tour or on transfer (including the journey undertaken to join the Board or on the expiry of his term with the Board proceeds to his home town) shall be entitled to the travelling allowances, daily allowances, transportation of personal effects and other similar matters at the same scale and at the same rates as are prescribed for Group 'A' officer of equivalent rank of the Central Government.
Leave Travel Concession