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

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....ire pre-issue capital held by persons other than promoters shall be locked-in for a period of one year: Provided that nothing contained in this regulation shall apply to: (a) equity shares allotted to employees under an employee stock option or employee stock purchase scheme of the issuer prior to the initial public offer, if the issuer has made full disclosures with respect to such options or s....

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....lly paid-up, if the entire consideration payable thereon has been paid and no further consideration is payable at the time of their conversion. ****** 1 Substituted for the existing clause (b) by SEBI (Alternative Investment Funds) Regulations 2012, w.e.f. 21.5.2012. Prior to its substitution, this clause read as under: "(b) equity shares held by a venture capital fund or a foreign venture capi....