Securities And Exchange Board Of India - Subsection
Section 3(14) in Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014
(14)The trust shall be permitted to undertake off-market transfer of shares only under the following circumstances:(a)transfer to the employees pursuant to scheme(s);(b)when participating in open offer under the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, or when participating in buy-back, delisting or any other exit offered by the company generally to its shareholders.
