Digital payments major One97 Communications (Paytm) has filed a settlement application with the Securities and Exchange Board of India (Sebi) for a potential violation of norms related to the issuance of employee stock options (ESOP), said people in the know.
The move follows a show-cause notice (SCN) issued by the market watchdog earlier this year.
“The company has received an SCN from Sebi related to the 21 million ESOP granted to the managing director and chief executive officer of the company (which is subject to the achievement of specified milestones) regarding compliance with Sebi SBEB (Share Based Employee Benefits