Definitions

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....e, other allowances, bonus and commissions including the value of all perquisites provided, but does not include: (a) the fair value of the option granted under an Employee Stock Option Scheme; and (b) the discount at which shares are issued under an Employee Stock Purchase Scheme. ^[1][(2A)"employee stock option" means the option given to the whole-time Directors, Officers or employees of a company which gives such Directors, Officers or employees, the benefit or right to purchase or subscribe at a future date, the securities offered by the company at a predetermined price.] ^[2][(3) "employee stock option scheme (ESOS)" means a scheme under which a company grants employee stock option.] (4) "employee stock purchase scheme (....

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....any are listed. If the shares are listed on more than one stock exchange, then the stock exchange where there is highest trading volume on the said date shall be considered."] ^[9][(11) "option grantee "means an employee having right but not an obligation to exercise in pursuance of the ESOS.] (12) "promoter" means; (a) the person or persons who are in over-all control of the company; (b) the person or persons who are instrumental in the formation of the company or programme pursuant to which the shares were offered to the public; (c) the persons or persons named in the offer document as promoter(s). Provided that a director or officer of the company if they are acting as such only in their professional capacity will not b....

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....ted vide circular no. SEBI/PMD/MBD/ESOP/2/2003/30/06 dated June 30, 2003, w. e. f. June 30, 2003. [2] Substituted vide circular no. SEBI/PMD/MBD/ESOP/2/2003/30/06 dated June 30, 2003, w. e. f. June 30, 2003. Prior to its substitution, sub-clause (3) read as under: "(3) "employee stock option scheme (ESOS)" means a scheme under which a company grants option to employees." [3] Inserted vide circular no. SEBI/PMD/MBD/ESOP/2/2003/30/06 dated June 30, 2003, w. e. f. June 30, 2003. [4] Inserted vide circular no. SEBI/PMD/MBD/ESOP/2/2003/30/06 dated June 30, 2003, w. e. f. June 30, 2003. [5] Inserted vide circular no. SEBI/PMD/MBD/ESOP/2/2003/30/06 dated June 30, 2003, w. e. f. June 30, 2003. [6] Inserted vide circular no. SEBI/P....