Amendments to SEBI (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999

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....e Board of India Act, 1992, it has been decided to amend the SEBI (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999 (hereinafter referred to as the "SEBI (ESOS & ESPS) Guidelines"). 2. The full text of the amendments is given in Annexure I and the amendments are explained in brief as under: (i) Eligibility of nominee directors for ESOS (a) Presently, as per SEBI (ESOS & ESPS) Guidelines, an employee (including a director of a company / its holding company / its subsidiary, whether such director is a whole-time director or not) is eligible to participate in the ESOS of the company, if such employee is not a promoter, does not belong to the promoter group and is not a director, who, either by hi....

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...., for options granted under graded vesting, in line with the accounting treatment provided by ICAI in this regard. 3. The amendments made vide this circular shall come into force with immediate effect. 4. This circular and the entire text of SEBI (ESOS & ESPS) Guidelines, including the amendments issued vide this circular, are available on SEBI website at www.sebi.gov.in under the categories "Legal Framework" and "Issues and Listing". Yours faithfully, Neelam Bhardwaj Encl.: Annexure I   ANNEXURE I AMENDMENTS TO SEBI (ESOS & ESPS) GUIDELINES, 1999 1. After clause 4.1, the following Explanation shall be inserted, namely:- "Explanation: Where such employee is a director nominated by an institution as its rep....