Acquisition of foreign securities by resident employees allowed without prior central approval if issuer complies with ESOP guidelines. Authorised Dealer banks may remit funds for resident employees to acquire foreign securities under ADR/GDR-linked ESOP schemes up to the existing per-employee limit in a block of five calendar years without prior Reserve Bank approval, after satisfying themselves that the issuing company has followed the relevant SEBI or Government guidelines; listed knowledge-based sector companies' ESOPs will be governed by SEBI guidelines, while unlisted companies remain under Government ADR/GDR guidelines.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Acquisition of foreign securities by resident employees allowed without prior central approval if issuer complies with ESOP guidelines.
Authorised Dealer banks may remit funds for resident employees to acquire foreign securities under ADR/GDR-linked ESOP schemes up to the existing per-employee limit in a block of five calendar years without prior Reserve Bank approval, after satisfying themselves that the issuing company has followed the relevant SEBI or Government guidelines; listed knowledge-based sector companies' ESOPs will be governed by SEBI guidelines, while unlisted companies remain under Government ADR/GDR guidelines.
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