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

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....BI (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 himself or through his relative or through any body corporate, directly or i....

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....is 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 representative on the Board of Directors of the company - (i) the contract/ agreement entered into between the institution nominating ....