Yes, well.. more or less along those lines.
That was the uniform of
El Movimiento Nacional ("The National Movement"), which was the official name for what previously had been called
Falange Española Traditionalist y de las JONS, or FET y de las JONS (Traditionalist Spanish Falange). The very name invokes a question..
... Falange was a revolutionary movement, whereas Traditionalism (Carlism) was a reactionary one. No matter that I would agree in that José Antonio Primo de Rivera was Traditionalist at heart.
In any case, FET y de las JONS (or
El Movimiento later) was the place to be if you seeked a career in the Administration. The value of it in the last years is a different question.
For example, in this picture you have Adolfo Suárez (aka The Perjurer) with the same uniform, taking his oath as Vice-Secretary of The Movement in April 1975. On July 1976 he took his second oath this time as President of the Government, betraying his previous oath, and step by step dismantling all vestiges of Franco's Regime and even using the information services in the most infamous ways to destroy any possibility of resistance.

__________________
'Dardanidae duri, quae uos a stirpe parentum
prima tulit tellus, eadem uos ubere laeto
accipiet reduces. Antiquam exquirite matrem:
hic domus Aeneae cunctis dominabitur oris,
et nati natorum, et qui nascentur ab illis.'
We can easily forgive a child who is afraid of the dark; the real tragedy of life is when men are afraid of the light.
–Plato–
'Many people, I believe, wish for a society where faith, decency, pro-life convictions and national self-determination within Europe can flourish; and not be swallowed up in a dictatorial EU bureaucracy.'
–Gerry McGeough, Irish Nationalist and POW–