Relaxation of minimum vesting period: options and SAR vest immediately on employee death to legal heirs or nominees. The circular provides that the one year minimum vesting period under the SEBI (Share Based Employee Benefit) Regulations shall not apply in case of an employee's death and that all options, SAR or other benefits granted to the employee shall vest in the legal heir or nominee on the date of death; this relaxation applies to employees who died on or after April 1, 2020 and is issued under Section 11(1) of the SEBI Act.
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Provisions expressly mentioned in the judgment/order text.
Relaxation of minimum vesting period: options and SAR vest immediately on employee death to legal heirs or nominees.
The circular provides that the one year minimum vesting period under the SEBI (Share Based Employee Benefit) Regulations shall not apply in case of an employee's death and that all options, SAR or other benefits granted to the employee shall vest in the legal heir or nominee on the date of death; this relaxation applies to employees who died on or after April 1, 2020 and is issued under Section 11(1) of the SEBI Act.
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