22. Subject to the provisions of these regulations, pay and allowances shall accrue from the commencement of the service of an employee, and shall become payable on the afternoon of the last working day of each month in respect of the service performed during the said month; Provided that employee proceeding on ordinary leave other than extraordinary leave for a period not less than one month may be paid in advance one month's pay and allowance if she applies therefor. ============... ... ...

CHAPTER IV PAY, ALLOWANCES AND OTHER BENEFITS 21. (1) The Authority shall, at its discretion, determine from time to time, the pay and allowances applicable to different categories of employees. (2) The Authority may, at its discretion, frame, from time to time, such schemes and allow such other benefits for the welfare of the employees, at such terms and conditions, as it may determine. =============... ... ...

20. 20. Reversion An employee promoted from one grade to another shall be on probation for a period of one year and may, during such period, be reverted to the grade from which she was promoted, if her performance is found to be unsatisfactory or for any other reasons to be recorded in writing; Provided that the Competent Authority may, at its discretion, give one month's advance notice before effecting such reversion. An employee promoted from one grade to another shall be on pr... ... ...

19. (1) Subject to the provisions of these regulations, all promotions, upgradation and switchover shall be governed by the policies laid down by the Authority from time to time; Provided that an employee, who has put in a minimum of 3 years of service in any post or grade, when promotion opportunities arise, shall be eligible for consideration of promotion to a higher post; Provided further that an employee in any grade in the cadre of MTS who possesses requisite qualifications may be... ... ...

18. (1) An employee in the services of the Authority shall ordinarily rank for seniority in her grade as follows: (a) An employee who joins the Authority on direct recruitment, on the basis of all-India open competition or internal promotions through switch over to the officer cadre, and is on probation, shall ordinarily rank for seniority among the employees selected along with her in the same batch according to the ranking assigned to her at the time of selection; (b) An ... ... ...

CHAPTER III RECORD OF SERVICE, SENIORITY, PROMOTION AND REVERSION 17. A record of service shall be maintained by the Authority in respect of each employee at such place or places, and shall be kept in such form and contain such information as may be specified by the Competent Authority. =============... ... ...

16. Notwithstanding anything contained in these regulations, the Authority shall have the right to obtain undertakings/bonds from an employee for payment of liquidated damages relating to the expenses incurred by the Authority on her deputation or training or higher studies or her failure to complete the required number of years of service in a particular post, as may be specified by the Authority from time to time. =============... ... ...

15. (1) An employee shall superannuate at 60 years of age; Provided that the Competent Authority may retire any employee on, or at any time after the completion of 55 years of age or 30 years of total service, whichever is earlier, by giving her 90 days' notice in writing after giving the employee an opportunity to file written submissions against such proposal. (2) An employee, who attains the age of superannuation on any day other than the first day of any calendar month, shall r... ... ...

14. (1) An employee shall not leave or discontinue her service in the Authority without first giving notice to the Competent Authority, in writing of her intention to leave or discontinue the service. (2) The period of notice required shall be, - (a) In the case of employees holding the post on regular basis, 90 days; (b) In the case of employees holding the post on probation, 30 days; Provided that Chairperson may waive the notice period required under this sub-regul... ... ...

13. Except as otherwise provided by or under these regulations, "service" of an employee shall be deemed to commence from the working day on which an employee reports for duty in an appointment at the place and time intimated to her by the Competent Authority; Provided that if she reports in the afternoon, her service shall commence from the following working day. =============... ... ...

12. (1) An employee directly appointed in any of the specified scales of pay shall be on probation for a period of two years. (2) An employee promoted from one grade/scale to another shall be on probation for a period of one year. (3) Chairperson may, if considered it necessary, extend the period of probation up to a period of one year for unsatisfactory performance or reduce or dispense with period of probation for reason to be recorded in writing. (4) Save as otherwise provided in... ... ...

11. (1) No person who has ceased to be in the service of the Authority, may be re-employed without the specific sanction of, and on such terms and conditions as may be specified by the Authority; Provided that no person shall be re-employed in the Authority if she was removed or dismissed or compulsorily retired on the grounds of moral turpitude. (2) Except as otherwise determined by the Authority at the time of her re-employment, these regulations shall apply to a person who is re-emp... ... ...

10. (1) In case the appointment is made on deputation, the pay shall be fixed so as to protect the last drawn pay in the parent organisation. Explanation 1. - Where the pay structure in the Authority is similar to that of the parent organisation, pay may be fixed with one additional increment; and Explanation 2. - Where the pay structures are dissimilar, the total emoluments drawn in the parent organisation may be taken into account and pay may be fixed accordingly to ensure reasonable... ... ...

Initial appointments must be made at the minimum pay applicable to the relevant grade. The Competent Authority may exercise discretion to grant up to four additional increments within the corresponding pay scale based on higher academic qualifications, special experience that adds value, or total emoluments received in previous employment.

Contractual appointments may be made where work exigencies require, subject to directions and service conditions that are not more favourable than those for equivalent appointments. Employees in Grade B and above may be taken on deputation where internal candidates are unavailable, with possible permanent absorption after two years at the Competent Authority's discretion. Executive Director appointments on contract or deputation require prior approval before an offer is issued.

Recruitment of whole-time employees is governed by Schedule-I, with officers ordinarily appointed at entry-level Grade A. Higher-grade recruitment is allowed only where suitable internal candidates are unavailable or work exigencies require it. Selection is through competitive examination using written tests, interviews, group discussions, or a combination, except that interviews and group discussions do not apply to Multi-Tasking Staff. Recruitment procedures may be relaxed for recorded reasons while preserving fairness, transparency and merit-based selection. Executive Director appointments require Authority approval before an offer is issued.

CHAPTER II APPOINTMENTS, PROBATION AND TERMINATION OF SERVICE 6. (1) The whole-time employees of the Authority shall be classified as follows: (a) Officers (Grade A, B, C, D, E, F and Executive Director); and (b) Multi-Tasking Staff (Multi-Tasking Staff Grade A, B and C) (2) The Authority shall specify, from time to time, the pay of each post or group of posts and shall grant approval for sanction of posts at the level of Executive Director, while the Chairperson s... ... ...

5. (1) Subject to the provisions of these regulations, the power to implement these regulations shall vest with the Chairperson and she shall issue such administrative instructions as may be necessary to give effect to and carry out the purposes of these regulations or otherwise to secure effective management of human resources of the Authority. (2) The powers exercisable by the Competent Authority under these regulations shall also be exercisable by an authority superior to an authority ... ... ...

4. Chairperson's power to delegate The Chairperson may delegate to the whole-time member of the Authority, Executive Director, Committee of Executive Directors or any Officer of the Authority, subject to such conditions as she may think fit to impose, all or any of the powers conferred upon her under these regulations. =============... ... ...

3. (1) In these regulations, unless there is anything repugnant in the subject or context- (a) "Absorption" means an employee joined in the services of the Authority on Deputation and subsequently gets permanently absorbed in the services of the Authority. (b) "Appointing authority" for different categories of employees shall be as specified under Schedule-II. (c) "Act" means the International Financial Services Centres Authority Act, 2019. (d) "Authority"... ... ...