SEBI (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999
9. Lock-in period and rights of the option-holder
9.1 There shall be a minimum period of one year between the grant of options and vesting of option.
9.2 The company shall have the freedom to specify the lock-in period for the shares issued pursuant to exercise of option.
9.3 The employee shall not have right to receive any dividend or to vote or in any manner enjoy the benefits of a shareholder in respect of option granted to him, till shares are issued on exercise of option.