THE GAZETTE OF INDIA — THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992

THE GAZETTE OF INDIA EXTRAORDINARY PART – – – II – – – SECTION 3 – – – SUB SECTION (II) PUBLISHED BY AUTHORITY SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION the 24 September, 2002 SECURITIES AND EXCHANGE BOARD OF INDIA (ISSUE OF SWEAT EQUITY) REGULATONS, 2002 S.O. No.1031 (E) In exercise of the powers conferred by Section 30 of the Securities and Exchange Board of India, 1992 read with Clause (d) of sub sections (1) of Section 79A as inserted by the Companies (Amendment) Act, 1998 (1 of 1999), the Board, hereby makes the following regulations, namely:- CHAPTER – – – I PRELIMINARY Short title and commencement . 1 (a) These regulations shall be called the Securities and Exchange Board of India (Issue of Sweat Equity) Regulations, 2002. (b) These regulations shall come into force on the date of their publication in the Official Gazette. Definitions . (1) In these regulations, unless the context otherwise requires: - (a) ' Act' means the Securities and Exchange Board of India Act, 1992; (b) ' associate' includes a person, (i) who directly or indirectly by himself or in combination with relatives, exercise control over the company; or, (ii) whose employee, officer or director is also a director, officer or employee of the company; (c) ' Board' means the Board as defined in clause (a) of sub section (1) of section 2 of the Act; (d) ' control' shall include the right to appoint majority of the directors or to control the management or policy decisions exercisable by a person or persons acting individually or in concert, directly or indirectly, including by virtue of their shareholding or management rights or shareholders or voting agreements or in any other manner; (e) ' company' means a company as defined in Companies Act, 1956; (f) ' director' means, a director as defi