SEBI, through its Master Circular dated October 16, 2023, and circular dated January 23, 2024, established the framework for OFS of shares via stock exchanges, including provisions for employee participation. Initially, employees were to place bids at the cut-off price on T+1 day. Based on feedback and deliberations, SEBI has decided that employees shall now place bids at the cut-off price on T day. Consequently circular is amended accordingly. All other provisions remain unchanged. This circular takes effect 30 days from issuance, and MIIs are advised to implement necessary changes and inform stakeholders.

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