Securities And Exchange Board Of India - Subsection
Section 12(1) in Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014
(1)No company shall make any fresh grant which involves allotment or transfer of shares to its employees under any schemes formulated prior to its IPO and prior to the listing of its equity shares ('pre-IPO scheme') unless:(i)Such pre-IPO scheme is in conformity with these regulations; and(ii)Such pre-IPO scheme is ratified by its shareholders subsequent to the IPO.Provided that the ratification under clause (ii) may be done any time prior to grant of new options or shares or SAR under such pre-IPO scheme.
