SEBI (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999

16. Eligibility to participate in ESPS

16.1 An employee shall be eligible to participate in the ESPS.

16.2 An employee who is a promoter or belongs to the promoter group shall not be eligible to participate in the ESPS.

16.3 A director who either by himself or through his relatives or through any body corporate, directly or indirectly holds more than 10% of the outstanding equity shares of the company shall not be eligible to participate in the ESPS.