Circular, CIR/CFD/POLICYCELL/3/2014,
dated 27th June, 2014
SEBI Circulars No. CIR/CFD/DIL/3/2013 dated January
17, 2013, CIR/CFD/DIL/7/2013 dated May 13, 2013 and CIR/CFD/POLICYCELL/14/2013
dated November 29, 2013 - Extension of time line for alignment
1. SEBI vide circular No.
CIR/CFD/DIL/3/2013 dated January 17, 2013, inter alia, made certain
amendments to the SEBI (Employee Stock Option Scheme and Employee Stock
Purchase Scheme) Guidelines, 1999 {"SEBI (ESOS and ESPS) Guidelines,
1999"} and employee benefit schemes involving securities of the company
were required to be aligned with the SEBI (ESOS and ESPS) Guidelines, 1999. The
time line for alignment was subsequently extended vide aforesaid circulars
dated May 13, 2013 and November 29, 2013.
2. Meanwhile, following a
consultative process, SEBI Board has approved certain proposals for framing a
new set of regulations concerning employee benefit schemes dealing in shares of
the company. The new regulations shall come into force as and when notified.
3. In view of the above, it has
been decided to modify the said circular dated November 29, 2013 to extend the
time line for aligning existing employee benefit schemes with the SEBI (ESOS
and ESPS) Guidelines, 1999 till the new regulations are notified. However, it
is reiterated that prohibition on acquiring securities from the secondary
market shall continue till the existing schemes are aligned with the new
regulations to be notified.
4. This circular is being issued in
exercise of the powers under Section 11 read with Section 11A of the Securities
and Exchange Board of India Act, 1992.
5. This circular is available on
SEBI website at www.sebi.gov.in under the
categories “Legal Framework” and “Issues and Listing”.
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