TThe Securities and Exchange Board of India (“SEBI”) introduced the SEBI (Share Based Employee Benefits) Regulations, 2014 (“New ESOP Regulations”) on 28 October 2014 for regulating all schemes introduced by companies for the benefit of their employees involving dealing in shares (directly or indirectly) which are listed on a recognized stock exchange in India.
The New ESOP Regulations provided for certain processes/disclosure requirements to be specified by SEBI. SEBI has now notified these requirements on 16 June 2015 by way of a circular.
The additional disclosure requirements as per the present notification include those relating to trusts, trust deed, contents of Explanatory Statement to Notice and Resolution for shareholders meeting, statement to be filed with stock exchange, disclosure by the Board of Directors including disclosures relating to secondary acquisition by trusts.
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