SEBI Modifies Framework For Offer For Sale (Ofs) Of Shares To Employees Through Stock Exchange Mechanism

SEBI has issued Master Circular and circular for stipulating the framework and procedure for offering of shares to employees in Offer for Sale through stock exchange mechanism. Based on the feedback received from certain stakeholders and deliberations in the Secondary Market Advisory Committee of SEBI (SMAC), it has been decided that the employees shall place bids on T+1 day at cut-off price of T day. The allotment price shall be based on the cut-off of the T day, subject to discount, if any. The amendments have been effectuated vide a circular dated June 14, 2024 bearing No. SEBI/HO/MRD/MRD-PoD-3/P/CIR/2024/82.