(4)For the purpose of this rule,-(a)"closing price" of a share on a recognised stock exchange on a date shall be the price of the last settlement on such date on such stock exchange:Provided that where the stock exchange quotes both "buy" and "sell" prices, the closing price shall be the "sell" price of the last settlement;(b)"merchant banker" means category I merchant banker registered with Securities and Exchange Board of India established under section 3 of the Securities and Exchange Board of India Act, 1992 (15 of 1992);(c)"opening price" of a share on a recognised stock exchange on a date shall be the price of the first settlement on such date on such stock exchange:Provided that where the stock exchange quotes both "buy" and "sell" prices, the opening price shall be the "sell" price of the first settlement;(d)"recognised stock exchange" shall have the same meaning assigned to it in clause (f) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956);(e)"specified date" means,-(i)the date of vesting of the option; or(ii)any date earlier than the date of the vesting of the option, not being a date which is more than 180 days earlier than the date of the vesting;(f)[***]
