Regulation 23 - Administration and implementation. - Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021

PART C : STOCK APPRECIATION RIGHTS SCHEME (SAR SCHEME) 23. Administration and implementation. (1) Subject to the provisions of these regulations, a SAR scheme shall contain the details of the manner in which the scheme will be implemented and operated. (2) Subject to the provisions of these regulations, a company shall be free to implement cash settled or equity settled SAR scheme: Provided that in case of equity settled SAR scheme, if the settlement results in fractional shares, then the consideration for fractional shares should be settled in cash. (3) No SAR shall be offered under any SAR scheme unless the disclosures, as specified in Part G of Schedule I of these regulations, are made by the company to the prospective SAR grantees.