IAS, IPS and All India Service officers to disclose their investments in stocks
Author: BI Bureau
New Delhi: IAS, IPS and all other officers belonging to the All-India services will now have to disclose their investments in shares, debentures and other securities if these add up to more than their combined basic salary of six months.
The Department of Personnel & Training, Ministry of Personnel, Public Grievances & Pension, has issued a note to this effect to all Chief Secretaries earlier this month.
Citing Rule 14(1) of AIS (Conduct) Rules 1968, the DoPT note also said that with these investments being considered as movable assets, if an individual transaction exceeds the basic salary for two months, disclosures would still be required.
A special proforma was also shared for the officers to use for submitting this information. The disclosure requirements are in addition to existing rules which bars these officers for "speculating" in stocks and other investments. "Frequent purchase or sale or both of shares, securities, or other investments shall be deemed to be speculation," the department said in the explanation.
The declaration for every calendar year has to be made by January 31 of the subsequent year. The Chief Secretaries have been advised to bring this to the notice of all concerned.
Sources said that the new instructions should be construed as a clarification as several officers already disclose their holdings in their annual returns and are being viewed to be a step towards bringing greater transparency.
