Chiefs of regulatory bodies including SEBI and TRAI will now get a consolidated pay package of Rs 4.5 lakh per month, while their full-time members will get Rs 4 lakh each.
Besides, their consolidated pay package will be raised by 25 per cent as and when Dearness Allowance goes up by 50 per cent, the Finance Ministry has said in its latest notification implementing the recommendations of the Seventh Central Pay Commission.
The pay panel’s recommendation of consolidated pay package of Rs 4.5 lakh for Chairpersons of Telecom Regulatory Authority of India (TRAI), Central Electricity Regulatory Commission (CERC), Insurance Regulatory and Development Authority (IRDA), Securities and Exchange Board of India (SEBI) and Competition Commission of India (CCI) has been “accepted”, it said.
The chiefs of Pension Fund Regulatory and Development Authority (PFRDA), Petroleum and Natural Gas Regulatory Board (PNGRB), Warehousing Development and Regulatory Authority (WDRA) and Airports Economic Regulatory Authority of India (AERAI) will also get the same pay.
The members of these nine regulators will get a consolidated pay of Rs four lakh per month, as per the notification.
The consolidated pay package is to be raised by 25 per cent as and when Dearness Allowance goes up by 50 per cent, the Ministry added.
“All other benefits, including Travelling Allowance or Daily Allowance on tour etc, to be provided by the regulatory bodies as per their rules and regulations,” it said.
These pay recommendations do not apply to the Reserve Bank of India (RBI) which regulates the banking sector.