SEBI Settles Employee Stock Options Case Against One97 Communications

The Securities and Exchange Board of India (SEBI) has settled an employee stock options violation case against One97 Communications and its Managing Director and Chief Executive Officer, Vijay Shekhar Sharma, for ₹11.12 million each, the regulator informed on Thursday. The case was also settled for One97 Communications’ Chief Business Officer, Ajay Shekhar Sharma, for ₹5.7 million.

As part of the settlement, Vijay Shekhar Sharma has been prohibited from accepting fresh employee stock options from any listed company for three years. SEBI has also cancelled 21 million employee stock options granted to Vijay Shekhar Sharma and 222,862 employee stock options granted to Ajay Shekhar Sharma.

The settlement order, which will come into effect immediately, stated that SEBI will not initiate any further enforcement action against the three individuals for the violations "alleged in the show cause notice."