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Mar 30, 2020

SEBI Informal Guidance in the Matter of Infosys Limited

Regulation 24(i)(f) of the SEBI (Buy-back of Securities) Regulations, 2018 (‘Buyback Regulations’) restricts further issue of capital for a period of 1 year from the expiry of buyback period, except in discharge of its ‘subsisting obligations’. Infosys Limited (‘Infosys’) had requested SEBI for informal guidance as to whether Infosys can consider restricted stock units (‘RSUs’) granted during the buy-back period as a ‘subsisting obligation’ for the purpose of the Buyback Regulations. SEBI, relying on Section 68(8) of the Companies Act which includes ‘stock option schemes’ as subsisting obligations for the purpose of buyback, has noted in its informal guidance dated February 3, 2020 that issuance of shares pursuant to conversion of RSUs would be considered as ‘subsisting obligation’ under the Buyback Regulations.

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These are the views and opinions of the author(s) and do not necessarily reflect the views of the Firm. This article is intended for general information only and does not constitute legal or other advice and you acknowledge that there is no relationship (implied, legal or fiduciary) between you and the author/AZB. AZB does not claim that the article's content or information is accurate, correct or complete, and disclaims all liability for any loss or damage caused through error or omission.

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