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Regulation 61 of the International Financial Services Centres Authority (Employees' Service) Regulat...
Employees cannot use their position or influence to secure employment with regulated IFSC Units for relatives by blood or marriage of themselves or their spouses, whether dependent or not. They must report family members' employment with an IFSC Unit with which they have official dealings, its parent entity, or another entity having official dealings with the Authority. A parent entity has controlling or majority interest and operational control over the IFSC Unit.
Regulation 60 of the International Financial Services Centres Authority (Employees' Service) Regulat...
Post-retirement employment during the one-year cooling-off period requires prior written approval for commercial employment and for employment or association with entities regulated by the Authority. Commercial employment includes specified private-sector roles, cooperative society offices, and certain advisory or consulting practices linked to official knowledge, unfair advantage, or liaison activity. Approval may be conditioned, including by restricting representation before the Authority. Fresh approval is required for another regulated entity, and approval is deemed granted if no decision is communicated within 30 days; refusal requires an opportunity for written submissions.
Regulation 59 of the International Financial Services Centres Authority (Employees' Service) Regulat...
Employees may not accept or solicit outside employment or office without previous sanction of the Competent Authority. This requirement applies equally to paid and honorary engagements, making prior approval mandatory before an employee undertakes any external professional or official role.
Shareholder intervention in Section 7 insolvency proceedings is unavailable where the corporate debtor can raise defences to a corporate guarantee.
Shareholder intervention in financial creditor-initiated insolvency proceedings is not maintainable merely to challenge the validity of a corporate guarantee. Objections to the financial creditor's material and all legally permissible defences to the insolvency application must be raised by the corporate debtor itself. The corporate debtor, rather than an individual shareholder, is entitled to contest the corporate guarantee and defend the insolvency proceedings.
Regulation 58 of the International Financial Services Centres Authority (Employees' Service) Regulat...
Employee contributions to public-domain media and the publication of official-capacity information require prior approval from the Competent Authority. Prior approval is also required for authored books or similar content and for public talks or lectures. Purely literary, artistic, scientific, professional, cultural, educational, religious, or social contributions and publications are exempt from approval. Where approval is granted, the employee must state that the expressed views are personal and not endorsed by the Authority.
Regulation 57 of the International Financial Services Centres Authority (Employees' Service) Regulat...
Employee association and strike restrictions prohibit an employee from becoming, continuing as, or serving as an office bearer of a trade union of employees of the Authority, a federation of such trade unions, or being directly or indirectly associated with them. Employees are also barred from resorting to or abetting any strike, or participating in violent, unseemly, or indecent demonstrations concerning their own or another employee's service conditions.
Regulation 56 of the International Financial Services Centres Authority (Employees' Service) Regulat...
Political neutrality and electoral participation are mandated for employees: no employee may actively participate in politics or political demonstrations, or contest elections for a Municipal Council, District Board, other local body, or legislative body.
Regulation 55 of the International Financial Services Centres Authority (Employees' Service) Regulat...
Employees must serve the Authority honestly and faithfully, promote its interests, and maintain courtesy in dealings with the public, government officers and the Authority. They must uphold integrity, good conduct, discipline, devotion and diligence to duty, and avoid conduct unbecoming of an employee or public servant. Dilatory tactics and wilful delays in assigned work are prohibited. Official duties and powers must be exercised according to the employee's best judgment unless acting under a superior's direction. Employees must also seek to ensure integrity and devotion to duty among persons under their control.
Regulation 54 of the International Financial Services Centres Authority (Employees' Service) Regulat...
Employees must preserve secrecy concerning the Authority's affairs and confidential operational information, subject only to disclosure compelled by judicial or law-enforcement agencies or authorised in writing by a superior officer. Information acquired through official duties cannot be used for personal benefit or for the benefit of others. Unpublished price sensitive information may be communicated only when required for official duties. Employees must execute a declaration of fidelity and secrecy before taking charge.
Regulation 53 of the International Financial Services Centres Authority (Employees' Service) Regulat...
Employee conduct and discipline require every employee to conform to and abide by the applicable service regulations. Each employee must also observe, comply with and obey all orders and directions issued from time to time by any person or persons under whose jurisdiction, superintendence or control the employee is placed.
Regulation 52 of the International Financial Services Centres Authority (Employees' Service) Regulat...
Unless otherwise specified or directed, an employee's whole time must remain at the Authority's disposal. Employees must serve the Authority's business in the capacity and at the place directed from time to time, with service governed by directions concerning assigned roles and service locations.
Privity and joint-contractor limitation rules bar creditor enforcement and prevent unauthorised co-contractor payments from extending limitation.
Privity of contract prevents a creditor from enforcing a purchaser's promise in an absolute conveyance to discharge the vendors' debts unless the arrangement creates a trust or identifies a fund for the creditor. A personal covenant forming consideration for the sale, without property, sale proceeds, or an earmarked fund, creates no enforceable trust for the creditor; the vendors retain enforcement rights. For joint contractors, payment by one contractor does not extend limitation against another who neither made nor authorised it. A claim against a non-paying co-contractor is therefore time-barred when that contractor's own last payment falls outside the limitation period.
Regulation 51 of the International Financial Services Centres Authority (Employees' Service) Regulat...
Joining time may be granted to employees transferred to a different centre and is capped at seven days, excluding entitled journey time. Pay and allowances during joining time remain equal to those drawn in the previous post. Unavailed or service-curtailed joining time may be converted into Special Casual Leave or credited to the Ordinary Leave account. Failure to report within the allowed joining time constitutes a breach of the applicable service regulation.
Regulation 50 of the International Financial Services Centres Authority (Employees' Service) Regulat...
Study leave may be sanctioned to a whole-time employee for upgrading knowledge and skills in relevant fields, for up to twenty-four months during the employee's entire service. Eligibility requires at least three years of continuous service. Study leave may be combined with other leave, subject to an aggregate absence limit excluding extraordinary leave. An employee granted study leave may be required to execute a bond to serve for a specified period after the leave expires.
Regulation 49 of the International Financial Services Centres Authority (Employees' Service) Regulat...
Special leave may be granted for private affairs up to the prescribed cumulative service limit, subject to restrictions where ordinary leave is available. It may be granted for prolonged-treatment illness where ordinary and sick leave are unavailable and no other leave is admissible. Non-medical special leave does not count for increment or seniority. Quarantine absence may be treated as ordinary, sick or special leave if otherwise permissible. Special leave is paid at half leave pay, reducing after six months unless specially sanctioned.
Regulation 48 of the International Financial Services Centres Authority (Employees' Service) Regulat...
Extraordinary leave may be granted when no other leave is due and sick or special leave is not justified, subject to prescribed limits. It may be combined with other admissible leave or used to retrospectively regularise unauthorised absence. The leave is unpaid and ordinarily does not count for increments. Where illness or extraordinary circumstances beyond the employee's control justify the absence, the prescribed limits may be exceeded and the period may count for increments.
Regulation 47 of the International Financial Services Centres Authority (Employees' Service) Regulat...
Accident leave may be granted for injuries sustained during duty performance or official travel connected with the Authority's work, subject to medical certification of the recovery period. A registered medical practitioner's certificate may be accepted if the Authority's Medical Officer is unavailable. At the employee's option, other admissible leave may be granted in combination with or following accident leave. Leave pay applies for the first four months, followed by half leave pay for the remaining period.
Regulation 46 of the International Financial Services Centres Authority (Employees' Service) Regulat...
Paternity leave is available to eligible male natural fathers with fewer than two surviving children for 15 days per child around childbirth, and to adoptive fathers within six months of legal adoption. A 15-day entitlement also applies where fatherhood results from surrogacy, within six months after custody is given. Leave pay is payable, leave may be combined except with Casual Leave and Special Casual Leave, and the leave must ordinarily be taken at one time.
Regulation 45 of the International Financial Services Centres Authority (Employees' Service) Regulat...
Female employees may be granted maternity leave on leave pay for up to 180 days on full pay at a time, subject to a cumulative service ceiling of 360 days. Within that ceiling, leave may be claimed for hysterectomy, miscarriage or abortion, with medical certification required for miscarriage or abortion. Other admissible leave may be combined with or continued after maternity leave on requisite medical certification.
Regulation 44 of the International Financial Services Centres Authority (Employees' Service) Regulat...
Sick leave accrues at twenty days per year of service, subject to a cumulative ceiling, and ordinarily requires a medical certificate unless the leave does not exceed three days. It is generally available on half pay. After three years of service, an employee may seek full-pay sick leave within the prescribed aggregate limit, with full-pay leave debited at twice the period taken. Leave is credited half-yearly, cannot be taken for a half day, and first-year pro-rata leave requires prior permission.