Lock-in period for ESPS shares requires minimum one year from allotment, with merger adjustments and public-issue exceptions.

Regulation 22 permits a company to determine ESPS share pricing consistent with accounting policy requirements and mandates a minimum one-year lock-in from allotment, allowing credit for prior lock-in following merger or amalgamation; shares issued to employees at the same price as a concurrent public issue are exempt from lock-in.

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