International Financial Services Centres Authority (Employees’ Service) Regulations, 2022
On 12th November 2020, the International Financial Services Centres Authority (IFSCA) issued a Notification No. IFSCA/2020-21/GN/REG001, titled “International Financial Services Centres Authority (Employees’ Service) Regulations, 2020”.
The IFSCA Employees’ Service Regulations 2020 are designed to specify the operating framework of employees’ services in an IFSC. These regulations are applicable to every whole-time employee appointed by the Authority under the IFSCA Act, 2019.
The regulations provide provisions regarding the appointment of employees, probation, and termination of service for such employees. They also cover aspects such as record of service, seniority, promotion, and reversion.
The regulations lay down a framework regarding pay, allowances, and other benefits provided to the employees. Also specifies provisions regarding leaves and joining times for the employees. Conducts, discipline, and appeals for the scope of employees’ services are mentioned in the regulations.
Furthermore, the regulations release two annexures. The first annexure of these regulations provides recruitment rules for various appointments in the IFSCA. The second annexure provides details on the IFSCA New Pension Scheme (NPS).
