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The <keyword id="19895371" type="General" weightage="20" keywordseo="Congress" source="keywords" meta.keywordsubtype="org" meta.entityname="Congress" meta.hostid="261" meta.entityid="Congress">Congress</keyword> party has levied fresh allegations against <keyword id="20914154" type="General" weightage="100" keywordseo="SEBI-Chairperson" source="keywords">SEBI Chairperson</keyword> <keyword id="19922107" type="General" weightage="20" keywordseo="Madhabi-Puri-Buch" source="keywords">Madhabi Puri Buch</keyword>, calling her a perfect case of the office for profit. This refers to a position that brings some financial gain, or advantage to the office holder, which in this case was Buch's position as a whole-time member of <keyword id="19901201" type="General" weightage="20" keywordseo="SEBI" source="keywords" meta.keywordsubtype="org" meta.entityname="SEBI" meta.hostid="261" meta.entityid="SEBI">SEBI</keyword>, and then post 2022, as the regulatory body's chairperson. In a press conference in New Delhi on Monday, Pawan Khera, Chairman, Media and Publicity Department, Congress, charged Buch of receiving regular income from private lender <keyword id="19900482" type="General" weightage="20" keywordseo="ICICI-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="ICICI Bank" meta.hostid="261" meta.entityid="ICICI Bank">ICICI Bank</keyword> and <keyword id="47860" type="General" weightage="20" keywordseo="ICICI-Prudential" source="Orion">ICICI Prudential</keyword>, India's second largest asset management company, all while being the whole-time member and later Chairperson of the capital markets regulatory body. "She (SEBI Chairperson Madhabi Puri Buch) between 2017 and 2024 was taking regular income of Rs 16 crore 80 lakhs from ICICI Bank," alleged Pawan Khera, at the press briefing. The congress spokesperson also alleged that Buch received a total of Rs 16.80 crore between 2017-18 to 2023-24, from ICICI Bank, ICICI Prudential, <keyword id="20043663" type="General" weightage="20" keywordseo="ESOPs" source="keywords">ESOPs</keyword>, and <keyword id="19948097" type="General" weightage="20" keywordseo="TDS" source="keywords">TDS</keyword> on ESOPs. According to the Congress' allegations, in 2017-18 the SEBI chief allegedly received Rs 2.06 crore from ICICI Bank as salary and Rs 7 lakh from ICICI Prudential. In 2018-19, she received Rs 4.71 crore from ICICI Bank, Rs 2.17 lakh from ICICI Prudential. In 2019-20, Rs 1.21 crore from ICICI Bank and Rs 2.17 lakh from ICICI Prudential. In 2020-21, she was alleged of having received Rs 4.64 crore from ICICI Bank and Rs 2.17 lakh ICICI Prudential. In 2021-22, Congress asserted that the salary stopped from ICICI Bank but she continued to receive Rs 2.17 lakh from ICICI Prudential, also same year she received ESOP and TDS on ESOP from ICICI Bank. In 2022-23, she was alleged to have received Rs 4.44 lakh from ICICI Prudential, in addition to ESOP and TDS on ESOP, In 2023-24, she was alleged to have received Rs 2.17 from ICICI Prudential. The Congress further alleges that during this period, Buch also drew a salary from SEBI as a whole-time member and later as the Chairperson. Khera further added that several probes on ICICI Bank were being adjudicated during this period when Madhabi Puri Buch was receiving income from the group. He also cited unnamed reports to claim that the SEBI chief has relaxed norms for the ICICI Bank. "The person sitting at the top of the regulator is taking salaries from another entity," Khera alleged, adding it was a perfect case of "office for profit". "So we want to know why you were taking your salary from ICICI despite being a full-time member of SEBI?," Khera asked what service she as the SEBI Chairperson provided the bank when she was part of SEBI. "This is a direct violation of Section 54 of SEBI. Therefore, if Madhabi Puri Buch has any shame, she should resign from her post," Khera added. The SEBI Chief is yet to react to the charges made by the Congress in Monday's news conference. Madhabi Puri Buch was a whole-time member of SEBI from April 5, 2017 to October 4, 2021. Then on March 2, 2022, Madhabi Puri Buch became the Chairperson of SEBI. Recently, US-based short seller Hindenburg Research made allegations against her accusing her of conflict of interest. Last month, Hindenburg Research alleged that SEBI Chairperson Madhabi Puri Buch and her husband Dhaval Buch had stakes in "both the obscure offshore entities used in the Admoney siphoning scandal." Hindenburg Research said it has made the new allegations based on documents provided by a whistleblower and investigations carried out by other entities. Soon after, the SEBI Chairperson and her husband, in their personal capacity, issued a detailed statement rejecting the allegations. In the joint statement released to the media they said, "In the context of allegations made in the Hindenburg Report dated August 10, 2024, against us, we would like to state that we strongly deny the baseless allegations and insinuations made in the report. The same are devoid of any truth. Our life and finances are an open book. All disclosures as required have already been furnished to SEBI over the years. We have no hesitation in disclosing any and all financial documents, including those that relate to the period when we were strictly private citizens, to any and every authority that may seek them. Further, in the interest of complete transparency, we would be issuing a detailed statement in due course." "It is unfortunate that Hindenburg Research against whom SEBI has taken an Enforcement action and issued a show cause notice has chosen to attempt character assassination in response to the same," the statement from Madhabi Buch and her husband Dhaval Buch read.

Congress alleges SEBI Chairperson Madhabi Puri Buch of office for profit

Market regulator <keyword id="19901201" type="General" weightage="100" keywordseo="Sebi" source="keywords">SEBI</keyword> has issued notice to fintech firm <keyword id="20253123" type="General" weightage="20" keywordseo="One97-Communications" source="keywords" meta.keywordsubtype="org" meta.entityname="One97 Communications" meta.hostid="261" meta.entityid="One97 Communications">One97 Communications</keyword>, which owns the <keyword id="19898109" type="General" weightage="20" keywordseo="Paytm" source="keywords">Paytm</keyword> brand, for the employee <keyword id="20410988" type="General" weightage="20" keywordseo="stock-options" source="keywords">stock options</keyword> (<keyword id="20043663" type="General" weightage="20" keywordseo="ESOPs" source="keywords">ESOPs</keyword>) allocated to MD and CEO <keyword id="20004114" type="General" weightage="20" keywordseo="vijay-shekhar-sharma" source="keywords">Vijay Shekhar Sharma</keyword>, according to the company filing on Monday. In response to a query from stock exchanges, Paytm said the notice is not a new development, and it is in regulatory contact with the market regulator to make required representations. According to Paytm's financial year 2024 annual result filing, it had issued 2.1 crore employee stock options (ESOP) to Sharma in the financial year 2022. SEBI had issued a show cause notice to Paytm on ESOP issued to Sharma. "This is not a new development, as the Company had already made relevant disclosures on this matter in its financial results for the quarter and year ended March 31, 2024, as well as the quarter ended June 30, 2024. The Company is in regular communication with the <keyword id="19970553" type="General" weightage="20" keywordseo="securities-exchange-board-of-india" source="keywords">Securities Exchange Board of India</keyword> (SEBI) and making necessary representations regarding this matter," Paytm said in response to a stock exchange query. The disclosure made on May 22 and July 19 said that Paytm has submitted its preliminary response and is in the process of seeking further information from the regulator in this regard. "Based on an independent legal opinion obtained by the management, it believes that the Company is compliant with the relevant regulations. Accordingly, there is no impact on the financial results for the year ended March 31, 2024," the filing said. Shares of One97 Communications Ltd, which owns the Paytm brand, on Monday dropped over 4% amid reports that SEBI has issued show-cause notices to Vijay Shekhar Sharma and board members who served during its IPO in November 2021 for alleged misrepresentation of facts. The stock tanked 4.41 % to settle at Rs 530.05 apiece on the BSE. During the day, it plunged 8.88 % to Rs 505.25. On the NSE, shares of the firm dropped 4.47 % to Rs 530. Intra-day, the stock tumbled 8.88 % to Rs 505.55. The company's market valuation declined by Rs 1,534.23 crore to Rs 33,731.56 crore. Earlier in the day, BSE sought clarification from One 97 Communications Ltd with reference to news that Vijay Shekhar Sharma, Paytm directors face SEBI show-cause notices over initial public offering (IPO) breaches, particularly on ESOPs allotted to MD and CEO Vijay Shekhar Sharma. In response to a query from stock exchanges, Paytm said the notice is not a new development, and it is in regulatory contact with the markets regulator to make required representations.

SEBI issues notice to Paytm on ESOPs given to CEO Sharma; firm says disclosure already made

<ul><li>When exercising your ESOP options, you need to pay for the shares at the exercise price. </li><li>There may be an additional tax burden if the <keyword id="173739" type="General" weightage="20" keywordseo="esops" source="Orion">ESOPs</keyword> are provided at a value lower than the fair <keyword id="6463972" type="General" weightage="20" keywordseo="market-value" source="Orion">market value</keyword> at the time of vesting. </li><li>If the company fails to perform well, or lacks successful liquidity events, the potential returns on ESOPs may remain unrealised. </li></ul>When talking about the glitzy world of start-ups, a discussion on employee stock ownership plan (ESOPs), always comes up. In recent news Swiggy announced that it will buy back shares worth $50 million from employees. Also, Paytm granted 1.7 million new ESOPs to employees. A few weeks ago Flipkart announced a $700 million ESOPs payout. However, the world of ESOPs may not all be as rosy as it seems at first glance. ESOPs work in a certain way and there are a lot of factors which need to fall into place before an employee can make a profit out of them. Therefore, one needs to understand that with start-ups coming under a lot of pressure due to an uncertain economic scenario and a funding crunch, have ESOPs lost their charm? “ ESOPs are often offered to outstanding performers to foster a sense of ownership, and nowadays, start-ups use them as a means to attract and retain top talent. However, it is essential to be aware that some companies might also offer ESOPs to compensate for situations when they cannot offer competitive salaries,’ says Anjali Raghuvanshi, Chief People Officer, Randstad India, a HR consulting firm. What this essentially means is that when taking up a job offer, do note if ESOPs are a part of the salary package as this may come at the cost of foregoing some salary. It is important to understand two major risks associated with ESOPs. Let us take a look. <cmsannotation type="cmsannotation" annotationid="You would need to fork out money upfront" comment="subhead" text="You would need to fork out money upfront">You would need to fork out money upfront</cmsannotation> Here is where owning ESOPs can get tricky. “There are two up-front costs you have to bear when you are exercising your ESOP options. The first cost is the amount you pay the company for those ESOPs,” says BM Singh, ESOP Expert &amp; Managing Partner, BMSA, a consulting firm. Suppose an employee is granted 1,000 ESOP options by a company. The exercise price or strike price of each option is ₹100. This means that the employee can purchase the company's shares at ₹100 per share at a future date, regardless of the market price at that time. Now, let's assume that the market price of the company's shares increases to ₹150 when the employee decides to exercise their ESOP options. To exercise the options, the employee needs to pay the exercise price, which is ₹100 per share. The cost to the employee to exercise their ESOP options would be ₹100,000. <cmsannotation type="cmsannotation" annotationid="Additionally, there may be a tax implication" comment="subhead" text="Additionally, there may be a tax implication">Additionally, there may be a tax implication</cmsannotation> The next is the tax implication that arises here. If the ESOPs are granted at a value lower than the fair market value during vesting, there could be an extra tax burden, resulting in potential tax liabilities before fully realising the value of the ESOPs. “ESOPs are taxable in the hands of the employees as perquisite u/s 17(2) of the IT Act. The taxable amount of such perquisite would be the fair market value (FMV) of the shares (computed in accordance with Rule 3(8) of the IT Act) on the date of exercising such option less any amount paid by the employee for such ESOPs,” says Suresh Surana, Founder, RSM India, an audit, tax and consulting firm. In the above example, the employee would need to pay tax on the taxable amount of ₹50,000 at the applicable tax rate. The exact tax amount will depend on the individual's income tax slab rate. <cmsannotation type="cmsannotation" annotationid="A bigger concern" comment="subhead" text="A bigger concern">A bigger concern</cmsannotation> Poor company performance and uncertainty of liquidity events may render ESOPs worthless. “If the company fails to perform well or lacks successful liquidity events, the potential returns on ESOPs may remain unrealised, potentially impacting the value of the effort and time invested over the years, “ says Raghuvanshi. The value of ESOPs is closely tied to the company's performance and growth potential. If the company's value decreases, it can negatively impact the value of your stock options, potentially making it challenging to sell your shares at a profit. Hence, it is important for an employee to evaluate the future prospects and growth of a company before making a decision to exercise the option. When an employee exercises the options, he should have trust in the company's future growth and performance. “The employee should also be aware about the exit possibilities in case of unlisted shares i.e. buyback track record, funding rounds etc,” says Akhil Chandna, Partner, Tax, Grant Thornton Bharat, a professional services firm. When exercising ESOPs, it is thus essential to conduct a thorough assessment of the company's current performance and financial well-being. This evaluation helps the employee make informed decisions about exercising their options. “Any significant changes since joining could impact the decision,” says Raghuvanshi. <cmsannotation type="cmsannotation" annotationid="Risk of ESOPs are higher in an early stage start-up" comment="subhead" text="Risk of ESOPs are higher in an early stage start-up">Risk of ESOPs are higher in an early stage start-up</cmsannotation> If a start-up is bootstrapped or in the idea phase, the risks are higher. In that case ESOPs are merely paper money. As the different rounds happen, the value of the ESOPs and the probability of liquidity increases. “You should see at which stage of the start-up you are entering. At each phase the value of ESOPs is different. So if you are joining a company just on the basis of ESOPs and not getting a reasonable salary and the company is in its early stages, then you should also focus on the cash component,” says Singh. If it has reached the Series A or Series B funding stage, then you can consider the value of ESOPs when joining and can consider it an important part of your salary package.

Explained: What accepting ESOPs, especially if joining a start-up, might entail

<ul><li>In case of listed companies where the market value of the share is lower than the predetermined price in <keyword id="120103" type="General" weightage="80" keywordseo="esop" source="Orion">ESOP</keyword>, the employee should not exercise the option.</li><li>It is crucial to consider the company's financial health and growth prospects when assessing the worth of ESOPs.</li><li>You can sell a portion of the shares obtained through exercising your ESOPs right away to cover the costs associated with exercising, including any taxes owed.</li></ul>A few days ago, Infosys offered 5.11 lakh shares to its employees under Employee Stock Ownership Plans (ESOPs). ESOPs are extensively employed by corporations worldwide to incentivize employees to become stakeholders in the company. By offering employees the opportunity to own equity in the company, ESOPs aim to align their performance and dedication with the organization's success. In recent years, ESOPs have gained significant popularity, particularly among startups, as an effective tool for attracting and retaining top talent. Startups leverage ESOPs to not only reward employees but also to create a sense of ownership and motivation, driving their commitment and contribution to the company's growth.We take a look at what you need to keep in mind when exercising your stock options. “Under ESOP, employers grant options to its employees which are exercisable against company’s shares at future date, on fulfillment of defined vesting conditions. For this purpose, the employee pays the exercise price (set as zero or less than fair market value (FMV)) at the time of exercise of shares in future. Therefore, no upfront costs are associated with ESOPs at the time of grant,” says Akhil Chandna, Partner, Tax, <keyword id="10410446" type="General" weightage="50" keywordseo="grant-thornton-bharat" source="Orion">Grant Thornton Bharat</keyword>, a professional services firm. <cmsannotation type="cmsannotation" annotationid="Understanding exercise options" comment="subhead" text="Understanding exercise options">Understanding exercise options</cmsannotation> “Most reputed companies have a vesting period of four years, with 25% of the ESOPs becoming eligible for exercise each year after the initial one-year cliff. This means that after the first year, employees can exercise 25% of their ESOPs and subsequently exercise 25% over the following three years on a monthly pro-rata basis,” says Ajinkya Kulkarni, Co-Founder, and CEO, <keyword id="12504599" type="General" weightage="50" keywordseo="wint-wealth" source="Orion">Wint Wealth</keyword>, an online investment platform focussed on fixed income products. There are two common types of approaches when it comes to exercise prices. The first approach sets the exercise price as the face value of the shares. Thus it is significantly cheaper for employees to purchase the shares. The second approach involves the employee paying the market value of the shares at the time of exercising the option, where the exercise price would be higher. Employee-friendly companies may offer an exercise period of up to 10 years after the employee leaves the organization, providing greater liquidity opportunities for employees. “A sufficient exercise window is crucial since the notional gains from exercising an option are immediately taxable for employees, even though the actual wealth is realized upon liquidation of the shares,” says Kulkarni. <cmsannotation type="cmsannotation" annotationid="What to keep in mind when exercising options" comment="subhead" text="What to keep in mind when exercising options">What to keep in mind when exercising options</cmsannotation> When exercising an option see if there is a condition that the option will lapse if you do not exercise. “Then you should exercise. But if there is an option that it will be carried forward, there is no need to exercise immediately,” says <keyword id="5754055" type="General" weightage="50" keywordseo="bm-singh" source="Orion">BM Singh</keyword>, ESOP Expert &amp; Managing Partner, BMSA Consultancy. The actual value of ESOPs in a company is closely tied to its future performance and market valuations. Even if ESOPs hold a significant monetary value on paper, if the company's performance is poor, their true benefits may be limited. It is crucial to consider the company's financial health and growth prospects when assessing the worth of ESOPs. Ultimately, ESOPs are most advantageous when granted by companies with strong performance and promising future prospects.Therefore, employees should conduct thorough background research before accepting an offer that includes a substantial ESOP component. Chandna says that in the case of listed companies where the market value of the share is lower than the predetermined price in ESOP, the employee should not exercise the option. For unlisted companies, the employee should also research the company’s buyback track record during the vesting period and whether the company will raise capital through a funding round etc, to know the exit possibilities. <cmsannotation type="cmsannotation" annotationid="Tax implications at the time of exercise" comment="subhead" text="Tax implications at the time of exercise">Tax implications at the time of exercise</cmsannotation> Taxability of ESOPs first occurs at the time of exercising the options, where the perquisite value of the ESOPs is deemed taxable under the category of 'salary' in the hands of the employees. When employees exercise their ESOPs, the difference between the fair market value of the shares at the time of exercise and the exercise price is treated as a taxable perquisite. This value is added to the employee's salary and subject to applicable income tax regulations. “Please note that the taxable value of perquisite would be computed basis the date of exercise of options /units, however, the same would be taxable in the year in which shares are actually allotted/ transferred to the employees,” says Chandna. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Name of employee </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">A </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Grant date of ESOP </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1 April 2023 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Vesting date of ESOP </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1 April 2024, 1 April 2025 (50% at each date) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Exercise date of ESOP/date of allotment of shares </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1 April 2026 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FMV as on Exercise date i.e. 1 April 2026 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,000 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Exercise price </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹100 </td></tr></tbody><tbody></tbody><tbody></tbody></table> In the above illustration, the taxability would arise in the hands of Mr. A on exercise date i.e. 1 April 2026 (FY 2026-27). The taxable value would be ₹900 (i.e. ₹1000 as reduced by ₹00) on 1 share. Source: <keyword id="131240" type="General" weightage="80" keywordseo="grant-thornton" source="Orion">Grant Thornton</keyword> <cmsannotation type="cmsannotation" annotationid="How to minimize out of pocket expenses when exercising ESOPs" comment="subhead" text="How to minimize out of pocket expenses when exercising ESOPs">How to minimize out of pocket expenses when exercising ESOPs</cmsannotation> “To minimize the duration between tax obligations on notional gains and the actual gains, it is advisable to exercise ESOPs closer to liquidity events,” says Kulkarni. You can sell a portion of the shares obtained through exercising your ESOPs right away. The proceeds from the sale can be used to cover the costs associated with exercising, including any taxes owed. This strategy effectively lowers your out-of-pocket expenses by utilizing the funds generated from selling the shares. “Let us say that you are entitled to exercise 50 shares. If you get a chance to sell 10 shares in the secondary market, then you can sell the shares and cover the expenses from the proceeds,” says Singh. By creating a budget and developing a financial plan, you can ensure that you have the necessary funds for exercising ESOPs while minimizing your out-of-pocket expenses. Through careful financial management, such as setting aside money in advance or reallocating your financial resources, you can mitigate the impact on your personal expenses when it comes time to exercise your ESOPs.

What you need to know when you exercise your stock option plan

Budget 2023: The need of clarity on ESOPs taxation

<ul><li>The buyback will include over 270 employees globally and eligible employees will participate in the repurchase and liquidate 40 per cent of their vested <keyword id="120103" type="General" weightage="100" keywordseo="esop" source="Orion">ESOP</keyword> units.</li><li>The company said that at 5x the book price of each unit, this programme provides liquidity options and will be a wealth-creation opportunity for the organization's leading employees.</li></ul>Data science and AI solutions company Tredence on Thursday announced its largest ESOP (employee stock ownership plan) buyback programme worth $30 million (about Rs 240 crore) on the heels of a Series B funding of $175 million from <keyword id="312345" type="General" weightage="50" keywordseo="advent-international" source="Orion">Advent International</keyword>. The buyback will include over 270 employees globally and eligible employees will participate in the repurchase and liquidate 40 per cent of their vested ESOP units. The company said that at 5x the book price of each unit, this programme provides liquidity options and will be a wealth-creation opportunity for the organization's leading employees. "The buyback programme will recognise and reward employees who strive every day to make Tredence the most indispensable analytics company on the planet," said <keyword id="6941917" type="General" weightage="50" keywordseo="shub-bhowmick" source="Orion">Shub Bhowmick</keyword>, CEO and Co-founder, Tredence. Tredence currently employs 2,000 people, with 80 per cent of the workforce in India. By the end of 2023, the company plans to expand its workforce to 3,000 and nearly 700 of new employees will be hired in India. Additionally, the expansion will create jobs in North America, Canada and the UK. The company also plans to open a near-shore delivery centre in Latin America. "This investment is a testament to our commitment to creating value for our employees and providing them with meaningful wealth-creation opportunities," said <keyword id="16449269" type="General" weightage="50" keywordseo="pratap-daruka" source="Orion">Pratap Daruka</keyword>, Chief Financial Officer, Tredence. In 2022, Tredence doubled its revenue while raising $175 million in Series B funding from Advent International to strengthen vertical capabilities and reach a broader customer base. Headquartered in San Jose, California, the company embraces a vertical-first approach and an outcome-driven mindset to help clients win and accelerate value realization from their analytics investments. SEE ALSO: <a href="https://www.businessinsider.in/science/news/china-clones-three-super-cows-to-produce-milk-by-the-gallons/articleshow/97570773.cms">Holy Cow! China clones three 'Super Cows' to produce milk by the gallons</a> <a href="https://www.businessinsider.in/tech/mobile/news/rumors-suggest-oneplus-is-testing-v-fold-and-v-flip-foldable-smartphones/articleshow/97448675.cms">Rumors suggest OnePlus is testing V Fold and V Flip foldable smartphones</a>

You Searched For "Esops" and got 6 results

Congress alleges SEBI Chairperson Madhabi Puri Buch of office for profit

ANI

SEBI issues notice to Paytm on ESOPs given to CEO Sharma; firm says disclosure already made

PTI

Explained: What accepting ESOPs, especially if joining a start-up, might entail

Anagh Pal

What you need to know when you exercise your stock option plan

Anagh Pal

Budget 2023: The need of clarity on ESOPs taxation

Others

Data AI firm Tredence announces ESOP buyback worth ₹240 cr, 270 workers to benefit

IANS

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