(1) No employee of the Authority who has retired from service shall, within a period of two years from the date when he finally ceases to be in the Authority's service, accept or undertake a commercial employment except with the prior approval in writing of the Competent Authority.
(2) For the purpose of this regulation, "commercial employment" means:
(a) Employment in any capacity including that of an agent under a company, cooperative society, firm or individual engaged in trade or commercial, industrial or professional business and also includes a directorship of such a company and partnership of such firm but does not include employment under a body wholly or substantially held or controlled by the Central or State Government.
(b) Setting up a practice, either independently or as partner of a firm, as adviser or consultant in matters in respect of which the retired employeei. has no professional qualifications and the matters in respect of which the practice is to be set up or is carried on are relatable to his official knowledge or experience, or ii. the matters in respect of which such practice is to be set up are such as are likely to give his clients an unfair advantage by reason of his previous official position, or
(c) Undertaking work involving liaison or contact with the offices or officers of the Authority.
Explanation.—For the purpose of this clause, “employment under a cooperative society” includes the holding of any office, whether elective or otherwise such as that of President, Chairman, Manager, Secretary, Treasurer and the like, by whatever name called in such society.
(3) Notwithstanding anything contained in sub-regulation (1), no employee of the Authority shall within a period of two years from the date that he finally ceases to be in the Authority's service, accept or undertake an employment or be in any manner associated with an intermediary registered with the Authority, except with the prior written approval of the Competent Authority:
Provided that before refusing approval, the Competent Authority shall give an opportunity of being heard to the concerned employee. A copy of such decision shall be communicated by the Competent Authority to the said employee.
(4) The Competent Authority while granting such approval shall satisfy itself regarding the appropriateness of granting the approval, having regard to the dealings which the employee may have had with the said intermediary while in the services of the Authority; and may impose such conditions as may be necessary having regard to the circumstances of the case including:
(a) Prohibiting the employee from representing the intermediary in any manner before the Authority.
(b) Seeking a fresh approval from the Authority in the event of the employee accepting or undertaking employment or associating in any manner with another intermediary registered with the Authority, during the period of two years.
(5) The approval/refusal under this regulation shall be communicated to the employee by the Competent Authority within a period of 90 days from the date of receipt of the application for such approval, failing which the approval shall be deemed to have been granted.