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CS Executive · Capital Market and Securities Laws · Securities and Exchange Board of India

Mr. Iyer was employed by the existing Securities and Exchange Board immediately before the statutory Board was established. Which statement correctly describes his position?

Mr. Iyer continues in the Board on the same tenure and terms of remuneration, leave, provident fund and retirement benefits, unless he opts within six months not to become the Board's employee. No fresh appointment is required and benefits are protected.

  1. AHe must be re-appointed by the Board on fresh terms within six months
  2. BHe loses accrued leave and provident fund benefits on transfer
  3. CHe holds office in the Board on the same tenure and terms, unless he opts out within six monthsCorrect
  4. DHe automatically ceases to be an employee after six months

Explanation

Section 10(1)(g) provides that an employee holds office in the Board by the same tenure and on the same terms as to remuneration, leave, provident fund, retirement and other terminal benefits. He continues unless he opts not to be an employee within six months. Fresh appointment or loss of benefits is not required.

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