SEBI announces deadline extension for complying with new ESOP norms

In January, Securities and Exchange Board of India (SEBI) issued a circular stating that trusts formed under employee benefit schemes are being used to deal in the company's own shares. The new norms prevent listed entities from framing any ESOP scheme to acquire their own shares from the secondary market. SEBI has decided to extend the deadline from the earlier proposed 30.06.2013 to 31.12.2013.