W.E.F.: 01 Oct 2014.

MOFSL AND ALL SUBSIDIARIES Version : 1/2014

Employee Separation Policy

PURPOSE To streamline and facilitate the process of separation of an associate.

SCOPE Motilal Oswal Tower, Prabhadevi
RESPONSIBILITY HR Department

Associate Separation:

An associate who is a bonafide associate of Motilal Oswal Financial Services Ltd or its subsidiaries is
required to raise his/her resignation through MyzOne alone (Resignation request raised offline i.e. through
mail or any other medium of communication will not be considered) the date of resignation captured from the
MyzOne will only be considered for notice period calculation. The separation process will start only when the
resignation is accepted by the immediate reporting manager through MyzOne with his remarks and with the
last date of working of an associate. Incase of retirement system will auto generate the mail and sent to line
manager for approval. Once the retirement is approved F&F would be processed as regular for the
employee. No extension would be given incase of Retirement, however HOD and enter into the contract with
the employee for 11 month which can be further extended as per the requirement. All such contract is to be
routed through HR.

It is the responsibility of the associate to initiate the process to record the date of resignation for calculating
the notice period as applicable. In case an associate has not attended office for three consecutive days it is
the responsibility of his immediate manager to intimate the HR immediately, about the absent associate.

In case the resignation is received by e-mail / letter, it is responsibility of the immediate manager to request
associate to raise same through MyzOne. In case an associate is not in a position to do so, his immediate
manger is required to raise his resignation on the behalf of him to initiate the separation process. However,
the e-mail/letter received is required to be forwarded to the HR department.

An associate who is severing notice period after his resignation is accepted by his/her immediate manager is
required to get in touch with “Employee Settlement Desk” at 022-30202525 or by e-mail at
empsett@motilaloswal.com for settling his/her dues.

General Rules:

• Once an associate has raised his/her resignation all salary related payments which are due to him/her
will be paid along with full & final settlement.

It is the responsibility of an associate to make sure that he clears all loans pending against him before
settlement; otherwise same shall be adjusted from his settlement dues.

• In case an associate is serving his two months notice period and would require his month’s salary to
be credited along with normal salary process, he is required to get same approved from his/her HOD
through e-mail before 22 of the month and forward the approval mail to “Payroll Desk” &
“Employee Settlement Desk”. Incase, the LWD is following in the succeeding month of the
retirement initiation month the salary for the same month would be processed as regular.
 • An associate is required to regularize his pending number of absent days, to enable him to claim
same during F&F settlement. Incase Paid Leave used is found to be excess of the earned leave till
the last working date, the excess leave taken will be recovered in F&F. LOP will not be applied in F&F
settlement of the retirement case.

• The settlement will be processed only if the below mentioned document are duly completed and send
to Employee settlement desk.

Documents to be submitted for settlement:

• Proof of all Investment declared, to avoid the TDS deduction from F &F.

• An associate is required to submit his/her reimbursement bills if not claimed till date, same will be
considered during F&F settlement. Incase no reimbursement bills are received at Employee
settlement desk, it will be understood that associate does not have any reimbursement claimable
pending and all pending reimbursement amount will be credited along with F&F as taxable income as
per IT rules.

• All pending loans are to be cleared by Demand Draft / Cheque / Online. In case loan is repaid by
Cheque the process will be initiated only once the Cheque is honored.

• Any other payment (Conveyance / Mobile reimbursement / Incentive... etc) pending to be claimed
from the company should be claimed along with F&F. The above said payment shall be paid only after
written approval of reporting manager.

Note: Once settlement is processed and closed, the reprocessing of same shall not be done.

• Settlement payment will be credited to an associate’s salary account on every Thursday or next day in
case Thursday is Bank holiday.

• The settlement will not be processed at vendors end between 23 to 30 / 31 every month. However,
all documentation work could be completed during this period to ensure earliest credit of dues.

• Form 16 for the financial year will be issued to an ex associate only after the completion of financial
year. It is the responsibility of the individual associate to collect same from HR department.

Notice period:

The calendar days notice period to be severed by the various grades is appended below.

Grade Notice Period

D1 to D5 90 Days
V1 to V5 90 Days
V1 90 Days
V2 90 Days
V3 90 Days
V4 90 Days
V6 60 Days
M1 & M2 60 Days
M3 and below 30 Days
The above notice period is for a confirmed associate. However, during probation period, notice period will be
15 days for V6 and below grades.

The notice period which is indicated above are calendar days, the leaves availed during this notice period
shall not be considered as notice period.

Note : To facilitate smooth handing and taking over process, all confirmed associate are required to
serve minimum 15 days of the notice period post acceptance of resignation by his/her immediate
manger. This is irrespective of the balance leave accumulated in his/her account.

General Guidelines:

• Associate is ready to serve full notice period: In this case salary will be paid till his/her last
working day and remaining leaves will be lapsed.

• Associate is not ready to serve part of his notice period: In this case salary will be paid till
his/her last working day and the balance days not served will be recovered from balance leave
days. Balance notice period, if any, needs to be paid or will be recovered from Full & Final
settlement. However min 15 days notice period is must for smooth handing and take over. (Eg:
Notice period 60 working days - 45 days served, balance leave is 20 days, then in this case 15
days will be adjusted).

• Associate is not ready to serve full notice period: Salary will be paid till his last working day
and full notice period would be adjusted from his balance leave. Post adjustment, if still there are
days to be served, then the same will be recovered from Full & Final settlement.

• Associate is ready to serve his notice period, but the company asks him to leave on same
day: In this case salary will be paid till his last working day and notice period is not recovered
subject to handing over his duties & responsibilities. Balance leaves if any will not be enchased,
the company will not be liable to pay notice pay as associate had asked for separation.

• Associate is ready to serve full notice period but the company asks him to leave after
some day: In this case salary will be paid till his last working day and notice period is not
recovered.

• Balance Leaves if any will not be enchased; the company will not be liable to pay notice pay
as associate had asked for separation.

Note: - Incase of transfer associates from Kshetra to on roll of the company, balance leaves on role of
Kshetra will not be considered for adjustment against Notice Period.

Associate separation In case Death of an Associate.

• All dues of ex-associate will be paid to the next of kin of the associate.

• The life insurance claim will be facilitated by Admin department as per policy the amount of the
claim and unpaid wages will be kept in fixed deposited on the name of his/her kids in case
married and blessed with kids, on the name of wife in case married and does not have any kid,
 on the name of parents if not married.

• The company will pay additional salary of three months to the next of kin with his settlement.

• However, TDS and all statutory deductions applicable will be deducted from full and final amount.

Associate separation In case of unfit to work due to permanent disability of an Associate.

• In this case salary will be paid till his/her last working day with organization.

• The medical insurance claim will be facilitated by Admin department as per policy the amount of
the claim and unpaid wages will be paid to him/her.

• The company will pay additional salary of three months to the next of kin with his settlement.
However, TDS and all statutory deductions applicable will be deducted from full and final amount.

Associate separation due to retirement of the Associate.

• Mediclaim should be provided for another 1 years from date of retirement of employee and
spouse. No benefit for dependent. Mediclaim eligibility would be same as per the eligibility on
the date of retirement.
• Felicitation programme should be held on LWD in department. Budget will be finalized by HOD.
Team member can claim the same through TNE with proper supporting of the bills. Flower
Bouquet would to be given along by the department on the LWD of the associate.
• F&F process will start one month in advance, No LOP will be applied in F&F. F&F and letter
should be given to them on last working day. This should be handed over by department head.
• Employee should be given Holiday stay voucher for two days of Rs. 20000 for 2 person along
with the F&F settlement and letter.

Once resignation is approved in MyzOne by reporting, IT would act on the following:

• Internet Access to Level 3 Category: Internet access category will be moved to lower most
internet category i.e. “C” category which has limited access, i.e. access to NSE/BSE and Banking
portals only.

• Disconnect access to Common Drive: IT would disconnect access to Dept/ Business common
drive. If HOD is open to give access to Business Common drive to resigned employee, then
based on HODs approval IT would activate the same.

• Deactivate official email Id on mobile: IT to disconnect access to official email on handset

(Exceptional will be approved by HOD’s wherever applicable)

• Deactivate Wi-fi connection on mobile: IT to disconnect wi-fi connection on handset

(Exceptional will be approved by HOD’s wherever applicable)

• Deactivate sending mail to external email id like gmail/rediff/yahoo/hotmail etc.: IT to

disconnect this.
 FULL & FINAL SETTLEMENT

Check List

Please go through the Check List given below and provide us documents / approvals as required.

• Resignation acceptance mail with the last date of working and date of resignation from the immediate
Superior.

• Proof of all Investment declared, to avoid the TDS deduction from F & F.

• Reimbursement if not claimed, submit bills along with the online voucher and hard copy claim form to
MOT, Prabhadevi office, failing with all reimbursements will be treated as taxable components of
salary and TDS will be deducted on same.

• If Loan outstanding, confirm the outstanding amount with Payrolldesk & arrange for payment by
Demand Draft.

• Share transfer form (In case of share are lien to trust or company as per agreement).

• Any Conveyance Voucher pending, if not claimed in TNE, can be claimed however only with the
approval of the Reporting Manager.

• Proof of all Investment declared, to avoid the TDS deduction from F & F.

• Reimbursement if not claimed, submit bills along with the online voucher and hard copy claim form to
Malad office, failing with all reimbursements will be treated as taxable components of salary and TDS
will be deducted on same.

• If Loan outstanding, confirm the outstanding amount with Payrolldesk & arrange for payment by
Demand Draft.

• Share transfer form (In case of share are lien to trust or company as per agreement).

• Any Conveyance Voucher pending, if not claimed in TNE, can be claimed however only with the
approval of the Reporting Manager.

• Mobile Reimbursement if not claimed.

• Ref. Bonus pending.

• Any other payment due to be claimed from company, pls. specify.

• Salary deducted for LOP and attendance update for same before the resignation.
Points to Note:

• Once full & final settlement has been calculated it will not be revised. Thus request you to complete the
procedures without any errors/ miss outs.

• All associates are required to serve the notice period; failing associates will be required to pay notice
pay as per the contract on appointment.

• The associate will not be paid incentive once he resigns.

• Associate are not allowed to take leaves during the notice period, if taken for any reasons salary for
those days would be deducted.

• Please note that no settlement would be done from 23 to 31 of every month.

• TAT for the full & final Settlement is 15 days after the team receives all the above mentioned
documents.

• In case of any clarification, pls. contact on:-

For MOFSL & all subsidiaries Associates: - 022 - 30102525 or mail us at empsett@motilaloswal.com

For Kshetra Associates: - 022 - 33124944 or mail us at kshetrahelpdesk@motilaloswal.com

Address:
Motilal Oswal Tower,
8th Floor, HR Department,
Junction of Gokhale & Sayani Road,
Prabhadevi, Mumbai – 400 025
 FULL & FINAL SETTLEMENT PROCESS

• Associate has to raise the resignation through MyzOne.

(MyzOne>>>> Self Task >>>> Record Resignation)

• The resignation mail will go to the 1st reporting for approval; also the HR will receive resignation
intimation mail.

• Once the resignation is approved, Associate settlement team will raise the clearance for the
associate who has resigned. The Associate and the clearance activity owner will receive a system
generated mail from MyzOne that clearance had been raised for him/her.

• With clearance, Associate settlement team will also raise for the Schedule Interview, for which
associate will receive the system generated mail.

• Associate has to fill up and submit the Exit interview feedback form in MyzOne mandatorily. Once the
associate submits the exit interview form, a system generated mail will be sent to associate and to
the Employee settlement desk.

• The clearance would be required from the following department.

Activity Owner
Department Contact Number Email-id
Name
Accounts Vishaka Bahadkar 022-30784724 vishakab@motilaloswal.com
Administration Shweta Vishwas Patil 022-30896878 admin.helpdesk@motilaloswal.com
Back Office Nayana Suvarna 022-30801390 nayana@motilaloswal.com
Compliance & Audit Shyam Bahadur Singh 022-30801630 shyamsingh@motilaloswal.com
Exit Interview Sahana Udyawar 022-30896695 sahana.udyawar@motilaloswal.com
IT Assets Sabu V 022-39825407 sabuv@motilaloswal.com
NCFM Savli Rane 022-30784723 savli.rane@motilaloswal.com
Telehelp Sachin Durgekar 022-39825550 telehelp@motilaloswal.com
Library Clearance Nideen Merchant 022- 39825406 mpower@motilaloswal.com
• The clearance activity owner from the above departments will approve the clearance and the
associate will receive a system generated mail. (Subject to all the formalities completed)

• The responsibility to follow up with the respective activity owners for the clearance rests with the
associate.

Authority:

Should there be ambiguity or difference in interpretation of this policy with regard to Associate Full & Final
settlement or applicability, the Head HR is the company’s authorized final authority to interpret the same.

Amendments:

The company may at its discretion review, add, delete, alter, modify, expand or rescind any of the any of the
Associate Settlement rules with or without any notice. Modifications and reviews will take place once in year
or at such periodical intervals as it may be necessary.