Transcription of Recent RBI Circular Modifying Regulatory …
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Recent RBI Circular Modifying Regulatory …
Recent RBI Circular Modifying Regulatory Requirements in connection with Grant of ESOPs/ Sweat Equity Shares to Non-residents 1. Background Foreign Exchange Management (Transfer or issue of Security by a Person Resident outside India) Regulations, 2000 ( Regulations ) read with Foreign Direct Investment ( FDI ) Policy as updated from time to time used to govern the Regulatory and compliance aspects of Employee Stock Options ( ESOPs ) being issued by an Indian Company to its employees resident outside India ( Non-resident employees ). These Regulations provided that: (i) An Indian Company can issue shares under esop scheme , to its employees or employees of its joint venture or wholly owned overseas subsidiary/ subsidiaries who are resident outside India, directly or through a Trust, provided that the scheme has been drafted as per regulations issued under the SEBI Act, 1992 in case of listed Company or the relevant Companies Act provisions in case of an unlisted Company, as the case may be.
2 (i) The ESOP Scheme has been drawn either in terms of regulations issued under the Securities Exchange Board of India Act, 1992 or the Companies (Share Capital and
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