SEBI revises ‘Offer for Sale’ framework, mandates employees to place bids on T+1 at T day’s cut-off price
Editorial Note : SEBI has revised the framework for the ‘offer for sale’ of shares to the employees via the stock exchange mechanism. SEBI now mandates that employees must place bids on T+1 day at the cut-off price of T day. Further, all Market Infrastructure Institutions (MIIs) are advised to take the necessary steps to implement the circular. The circular shall be effective from the 30th day of its issuance, i.e., July 14, 2024.