Regulation 17M - Variation of terms of the scheme - Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014

1 [Variation of terms of the scheme. 17M. (1) The investment manager may vary the terms of the unit based employee benefit scheme offered pursuant to an earlier resolution of the unitholders but not yet exercised by the employees, if such variation is not prejudicial to the interests of the employees. (2) The investment manager shall obtain the approval of unitholders as per sub-regulation (5) of regulation 22 of these regulations before varying the terms of the unit based employee benefit scheme. (3) Notwithstanding the provisions of sub-regulation (1), the investment manager may vary the terms of the unit based employee benefit scheme to fulfil any legal or regulatory obligation without seeking unitholders approval. (4) The explanatory statement to the notice for passing a resolution for variation of terms of a unit based employee benefit scheme and the resolution proposed to be passed by the unitholders shall disclose complete details of the variation, the rationale therefor, details of any employees that may be the beneficiaries of such variation and information as specified in Part C of Schedule IX of these regulations or as otherwise specified by the Board. (5) The investment manager may reprice the options which are not exercised, whether or not they have been vested, if the scheme was rendered unattractive due to fall in the price of the units in the stock market: Provided that the investment manager shall ensure that such repricing is not detrimental to the interests of the employees and approval of the unitholders has been obtained for such repricing as per sub-regulation (5) of regulation 22 of these regulations. ] ************** NOTES:- 1. Inserted vide Notification No. SEBI/LAD-NRO/GN/2024/192 dated 09-07-2024