The Securities and Exchange Board of India (SEBI) on December 03, 2025, issued the Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) (Second Amendment) Regulations, 2025, to further amend the Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021.
The following has been stated:
• In regulation 2, in sub-regulation (1), the existing clause (ww) shall be substituted with the following clause, namely, - “ww. “valuer” shall have the same meaning as assigned to it under section 247 of the Companies Act, 2013 (18 of 2013) as amended from time to time;”.
• In regulation 34, -
o i. in sub-regulation (1), the words and symbol “a merchant banker.” shall be substituted with the words and symbol “an independent registered valuer:”, and thereafter the following proviso shall be inserted, - “Provided that a merchant banker shall complete the ongoing valuation assignment which has been undertaken prior to the coming into force of the Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) (Amendment) Regulations, 2025 within a period of nine months from the date of coming into force of the said regulations.”;
o ii. The existing sub-regulations (2) and (3) shall be omitted.
[F. No. SEBI/LAD-NRO/GN/2025/284]
