In a bonanza for its female employees, Sebi on Thursday said they will be entitled for a 'special hardship leave' for up to two years once they complete five years of service.
A female employee may avail special hardship leave as extension of maternity leave irrespective of completion of service of five years with the Securities and Exchange Board of India (Sebi).
According to a Sebi notification, "a female employee confirmed in the services of the Board and having completed five years of service in the Board, is eligible to apply for special hardship leave".
"The 'special hardship leave' can be applied for "the purposes of taking care of the family or children or health grounds of self or dependent family members," Sebi said.
"Special hardship leave may be availed for a period not exceeding two years during the entire service, and may be availed for a minimum period of three months once in a year," it added.
The approval of the special hardship leave would be at the sole discretion of Sebi and would depend upon the grounds including the administrative exigencies of the regulator, reason for which the leave is sought for and merits of individual cases.
"A female employee shall not proceed on special hardship leave without the approval of approving authority," Sebi said.
Budget 2015: Complete Coverage
However, special hardship leave would not be available to female employees who are serving abroad under special arrangements or who have executed service bonds and have not completed the tenure and those appointed on contract basis.
Besides, female employees against whom disciplinary proceedings are proposed or pending or who are under suspension, cannot avail the hardship leave.
These employees would include those against whom action has been initiated by government agencies or other law enforcement authorities. The special hardship leave would be without pay and once approved would be "irrevocable".
Among others, the special hardship leave would not be granted for avoiding transfer or posting or placement.
A female employee on such a leave would be allowed to retain the accommodation provided by the Board or receive the house allowance.
Earlier in 2013, Sebi had proposed a special casual leave for child care of 15 days per annum per child for female staff members for taking care of up to two children of upto age of 12 years. This was for natural as well as adoptive mothers.
Later in November 2014, Sebi board approved introduction of special hardship leave for female employees in place of 'special casual leave for child care'.
Sebi Board had also introduced paternity leave for its male employees in 2013.
