The Hindu Business Line : SEBI to oversee issue of ESOP by listed cos

THE Securities and Exchange Board of India (SEBI) will now govern the issue of Employees Stock Option Scheme (ESOP) by a listed company in the knowledge-based sectors, the RBI said today.

This issue of ESOP will be according to the SEBI (Employees Stock Option and Stock purchase Scheme) Guidelines, 1999, RBI said in a circular to all banks, which are allowed to deal in foreign exchange.

However, issue of ESOP by an unlisted company in the sector would be governed by the Government of India guidelines.

RBI's approval would not be required from now onwards for purchase of foreign securities under the ADR or GDR linked ESOP scheme up to US dollars aggregating $50,000, said the circular.

The remittance can also be made under the scheme in a block of five calendar years.

The central bank also said today that listed Indian companies might allot shares to their employees who are citizens of Bangladesh and Sri Lanka under ESOP.

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SEBI to oversee issue of ESOP by listed cos