I have not heard of any rules or regulations supporting it. A paternity leave is as important as a maternity leave in the West. In the West, they have long paternity leaves, which help the new father take care of his newborn and his newly delivered wife. He can spend quality time with both and keep himself away from office tension for those few days.
However, in India, this is not yet a mandatory requirement. But when we look at the trend, there are many organizations that give paternity leave to their male employees, which ranges from a basic 1 day to as long as 10-15 days. This depends on the type of organization and its growth in the sector.
Reasons for Introducing Paternity Leave
These companies have introduced this policy for the following reasons:
1. They are adapting to certain policies from the West, which would help enhance employee-employer relations.
2. Better employee satisfaction and hence better engagement.
3. Support their staff and let them know "We do care" so that they too reciprocate with the same care.
Honestly, a firm that cares for its employees is always rewarded with employees who want to give their best back to the firms they work for. There's practically no harm in introducing (if you're planning to) paternity leave in your firm. Surely, you may negotiate how many leaves to be granted. But if you bring this into your policy, I'm sure your staff is going to love that.
Hope it helped :)