Employee eligibility changes expand covered personnel, tighten exclusions and modify transfer and trustee voting provisions under SEBI amendment. Amendments redefine employee to include permanent employees and non-independent directors while excluding promoters and directors holding more than ten per cent of equity; specify that share transfers may occur whether off-market or on the platform of a stock exchange; remove the word 'associate' from a restriction provision; and modify trustee voting rules by shortening a prescribed period and allowing trustees to continue voting for a transitional period commencing from 28th October, 2014, with these regulations effective upon Gazette publication.
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Provisions expressly mentioned in the judgment/order text.
Employee eligibility changes expand covered personnel, tighten exclusions and modify transfer and trustee voting provisions under SEBI amendment.
Amendments redefine employee to include permanent employees and non-independent directors while excluding promoters and directors holding more than ten per cent of equity; specify that share transfers may occur whether off-market or on the platform of a stock exchange; remove the word "associate" from a restriction provision; and modify trustee voting rules by shortening a prescribed period and allowing trustees to continue voting for a transitional period commencing from 28th October, 2014, with these regulations effective upon Gazette publication.
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