Employment in Financial Services
Contributing Editor
In a rapidly evolving regulatory landscape, employers in the financial services sector must ensure they are fully compliant with local employment rules and procedures. Helping to mitigate risk, IEL’s guide provides clear answers to the key issues facing employers in the sector
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01. What is the primary regulatory regime applicable to financial services employees in your jurisdiction?
01. What is the primary regulatory regime applicable to financial services employees in your jurisdiction?
India
India
- at AZB & Partners
The important labour laws that may apply to financial services employees are:
- Industrial Disputes Act, 1947 (IDA)
- Contract Labour (Regulation & Abolition) Act, 1970
- Payment of Gratuity Act, 1972
- Payment of Bonus Act, 1965
- Equal Remuneration Act, 1976
- Maternity Benefit Act, 1961
- Apprentices Act, 1961
- Employees’ Compensation Act, 1923
- Employment Exchanges (Compulsory Notification of Vacancies) Act, 1959
- The Employees' Provident Funds and Miscellaneous Provisions Act, 1952
- Shops and Establishments Act(s)[1].
In addition, there are financial services regulations in India such as the Banking Regulation Act, 1949; Reserve Bank of India Act, 1934; Securities and Exchange Board of India Act, 1992 (and the regulations thereunder); Insurance Act, 1938; Income-tax Act, 1961; and the Foreign Exchange Management Act, 1999 (and the regulations thereunder). There are also multiple regulators established under these laws.
[1] State-specific.