SEBI relaxes minimum vesting period in case of death of employee(s) under SBEB Regulations
Presently, regulation 18(1) and 24(1) of the SEBI (Share Based Employee Benefit) Regulations, 2014 (“SBEB Regulations”) provides that there shall be a minimum vesting period of one year in case of employee stock options (“options”) and stock appreciation rights (“SAR”).
Regulation 9(4) of the SBEB Regulations provides that in the event of death of the employee while in employment, all the options, SAR or any other benefit granted under a scheme till such date shall vest in the legal heirs or nominees of the deceased employee.
In view of the COVID-19 pandemic situation, SEBI has issued circular no. SEBI/HO/CFD/DCR2/CIR/P/2021/576 dated 15th June 2021 in order to provide relief to the families of the deceased employees of listed companies, has decided that the provisions under the SBEB Regulations relating to minimum vesting period of one year shall not apply in case of death (for any reason) of an employee and in such instances all the options, SAR or any other benefit granted to such employee(s) shall vest with his/her legal heir or nominee on the date of death of the employee.
The above relaxation shall be available to all such employees who have deceased on or after April 01, 2020.
In absence of mala fide intention bank should not be treated as assessee in default for late deduction and deposit…
Whether bank account was fraudulently open in the name of assessee is question of fact. High Court declined to entertain…
SBI Concurrent Auditor Empanelment of Chartered Accountant Firms for FY 2024-25 SBI Concurrent Auditor Empanelment of CA Firms for FY…
Change in the constitution of Appellate Authority for CAs CSs and Cost Accountants In 2015, the Ministry of Corporate Affairs…
Trade Tax Department was unjustified in retaining refund beyond stipulated period and adjusting it against default notices issued subsequently. In…
Notice issued u/s 143(2) prior to filing of return of income by the assessee was invalid. Before filing ITR provisions…