Lock-in of specified securities held by persons other than the promoters

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.... other than the promoters shall be locked-in for a period of one year from the date of allotment in the initial public offer: Provided that nothing contained in this regulation shall apply to: a) equity shares allotted to employees, whether currently an employee or not, under an employee stock option or employee stock purchase scheme ^2[or a stock appreciation right scheme] of the issu....

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.... fund or alternative investment fund of category I or Category II or a foreign venture capital investor: Provided that such equity shares shall be locked in for a period of at least one year from the date of purchase by the venture capital fund or alternative investment fund or foreign venture capital investor. ^4[Explanation I]: For the purpose of clause (c), in case such equity share....

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..... Substituted vide Notification No. SEBI/LAD-NRO/GN/2023/130 dated 23-05-2023 before it was read as, "Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014" 2.  Inserted vide F. No. SEBI/LAD-NRO/GN/2025/233 dated 03-03-2025 w.e.f. 03-03-2025 (For effective date in certain cases see Notification) 3.  Inserted vide....