Financial Daily from THE HINDU group of publications
Tuesday, Jul 27, 2004
Financial Daily from THE HINDU group of publications Tuesday, Jul 27, 2004 |
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Info-Tech
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ESOPs Markets - Regulatory Bodies & Rulings SEBI norms to govern ESOPs of listed cos Our Bureau
New Delhi , July 27 THE Government has said that henceforth, the issuance of employees' stock options by all listed companies in the knowledge-based sectors will be governed by the SEBI (Employee Stock Option and Stock Purchase Scheme) Guidelines, 1999. However, unlisted Indian companies in the knowledge-based sectors will continue to be governed under guidelines issued by Government for issuance of ADR/GDR linked stock options to its employees. The move has been taken in order to rationalise the guidelines governing issuance of stock options by Indian companies, an official release said. The above modification to the ADR/GDR linked stock options will come into force from the date of issuance of notification of the regulations. The Government had issued guidelines June 23, 1998 for issue of ADR/GDR linked stock options under the `Scheme for issue of Foreign Currency Convertible Bonds and Ordinary Shares (Through Depository Receipts Mechanism)'. Revisions or modifications of the guidelines are made from time to time in order to expand the scope of application, sectors on which it is applicable and eligible employees.
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