Securities And Exchange Board Of India - Subsection
Section 9(2) in Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014
(2)No person other than the employee to whom the option, SAR or other benefit is granted shall be entitled to the benefit arising out of such option, SAR, benefit etc. :Provided that in case of ESOS or SAR, under cashless exercise, the company may itself fund or permit the empanelled stock brokers to fund the payment of exercise price which shall be adjusted against the sale proceeds of some or all the shares, subject to the provisions of the applicable law or regulations.
