Sebi tweaks OFS norms to encourage employees' participation
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Relaxing its offer-for-sale (OFS) norms, markets regulator Sebi today allowed companies' promoters to sell shares within two weeks from the OFS transaction to their employees.
Currently, promoters cannot buy or sell the company's shares for 12 weeks after the OFS.
In order to streamline the process of OFS with an objective to encourage greater participation by employees, Sebi has modified the existing provision with respect to restriction on sale of shares by promoters post-OFS.
"Promoters of eligible companies shall be permitted to sell shares within a period of two weeks from the OFS transaction to the employees of such companies. The offer to employee shall be considered as a part of the said OFS transaction," Sebi said in a circular.
At their discretion, promoters can offer shares to employees at the price discovered in the OFS transaction or at a discount to the price discovered.
Besides, promoters would have to make necessary disclosures in the OFS notice to the exchange including number of shares offered to employees and discount offered, if any.
OFS through stock exchange mechanism was introduced in February 2012 as a fast-track mode for sale of shares by promoters.
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