Securities And Exchange Board Of India - Subsection
Section 3(4) in Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014
(4)A person shall not be appointed as a trustee, if he-(i)is a director, key managerial personnel or promoter of the company or its holding, subsidiary or associate company or any relative of such director, key managerial personnel or promoter; or(ii)beneficially holds ten percent or more of the paid-up share capital of the company.Provided where individuals or 'one person companies' as defined under the Companies Act, 2013 are appointed as trustees, there shall be a minimum of two such trustees, and in case a corporate entity is appointed as a trustee, then it may be the sole trustee.
