The Group had issued stock options under Associate Stock Option Plan (ASOP) 1999, ASOP 2000, ASOP 2002, ASOP 2005, ASOP 2007 and ASOP 2014. The Compensation Committee grants the options on the basis of performance, criticality and potential of the employees as identified by the management. Each option entitles the holder to purchase one American Depository Share (ADS) at an exercise price determined by the Compensation committee on the date of the grant. There are no options outstanding in respect of ASOP 1999, ASOP 2000, ASOP 2002, ASOP 2005 and ASOP 2007 as of March 31, 202

. The plan details of ASOP 2014 are as follows:

Associate Stock Option Plan 2014

During July 2014, the shareholders of the Company approved a new scheme for allotment of shares to employees i.e. Associate Stock Option Plan 2014. 2,50,00,000 shares are reserved for this plan. Consequently 58,70,800 options were granted to the employees on January 20, 2015. The Company has granted additional 1,95,000, 4,65,000, 72,20,000. 3,35,000, 1,50,000, 5,25,000 and 1,84,300 options to employees during the year 2021-22, 2020-21, 2019-20, 2018-19, 2017-18, 2016-17 and 2015-16 respectively.

The options vest in the following manner:

4,304,600 Options (Option Plan I): 3/5th of the options vest at the end of one year from the date of grant. The remaining 2/5th vests at the end of every half year during second and third years from the date of grant in four equal instalments

6,612,700 Options (Option Plan II): 2/5th of the options vest at the end of one year from the date of grant. The remaining 3/5th vests at the end of every half year during second, third and fourth years in six equal instalments

4,027,800 Options (Option Plan III): 2/5th of the options vest at the end of two years from the date of grant. The remaining 3/5th vests at the end of every half year during third, fourth and fifth years in six equal instalments.

The execrcise period of ASOP’s issued during the years 2015 and 2016 which have already vested as on March 31, 2022 ,has been extended by 2 and 1 more year respectively in previous financial year from the actual exercise period provided at the time of issue. The summary of modification is as follows:

No of options (Vested and Not Exercised) as on March 31, 2022)		Original Exercise period	Revised Exercise period
	14,53,178	19-Jan-21	19-Jan-23
	15,900	23-Apr-21	23-Apr-23
	5,000	19-Oct-22	19-Oct-23

The stock options can be exercised within a period of twelve months from the date of last vesting.

As the number of stock options and the price of those options were made known to each allottee, the Plan has been considered as a fixed price grant. Stock option activity under the ASOP 2014 and ASOP 2007 Plan is as follows:

No. of options granted, exercised and forfeited	Number of options			Weighted average exercise price in ₹		Number of options			Weighted average exercise price in ₹		Number of options			Weighted average exercise price in ₹
	2022			2022		2021			2021		2020			2020
Outstanding at the beginning of the year		7,780,278			86.13		11,056,100			70.90		4,588,300			78.84
Granted during the year		195,000			146.23		465,000			118.05		7,220,000			89.55
Forfeited during the year		(238,000	)		85.24		(726,000	)		81.43		(673,300	)		67.55
Expired during the year		-			-		-			-		-			-
Exercised during the year		(504,300	)		85.24		(3,014,822	)		81.43		(78,900	)		67.55
Outstanding at the end of the year		7,232,978			87.82		7,780,278			86.13		11,056,100			70.90
Exercisable at the end of the year		8,771,360			87.82		6,582,070			81.99		4,281,090			77.92

The fair value of stock options granted has been measured using the Black Scholes model at the date of the grant. The Black Scholes model includes assumptions regarding dividend yields, expected volatility, expected term (or “option life”) and risk free interest rates. In respect of the options granted, the expected term is estimated based on the vesting term, contractual term as well as expected exercise behavior of the employees receiving the option. Expected volatility of the option is based on historical volatility, during a period equivalent to the option life, of the observed market prices of the Company’s publicly traded equity shares. Share prices for the year 2011-12 have been eliminated in determining volatility as there had been extra ordinary price movements during the said period on account of capital infusion by promoters. Dividend yield of the options is based on the recent dividend activity. Risk-free interest rates are based on the Government securities yield in effect at the time of the grant. These assumptions reflect management’s best estimates, but these assumptions involve inherent market uncertainties based on market conditions generally outside the Company’s control. As a result, if other assumptions had been used in the current period, stock-based compensation expense could have been materially impacted. Further, if management uses different assumptions in the future periods, stock compensation expense could be materially impacted in future years.

The estimated fair value of stock options is charged to income on a straight-line basis over the requisite service period for each separately vesting portion of the award as if the award were, in substance, multiple awards.

A summary of information about fixed price stock options outstanding with respect to ASOP 2014 is furnished below:

As at	Range of exercise price in ₹	Number outstanding on March 31		Weighted average exercise price in ₹		Weighted average remaining contractual life	Number exercisable on March 31		Weighted average exercise price In ₹
March 31, 2022	57.66-230.97		7,232,978		87.82	0.8-4.58 Years		8,771,360		87.82
March 31, 2021	57.66 - 152.56		7,780,278		86.13	0.55 - 4.83 years		6,582,070		86.13
March 31, 2020	57.66 - 146.23		11,056,100		70.90	0.80 - 4.84 years		4,281,090		70.90

The assumptions used in Black Scholes model to arrive at the fair value on grant date for the options granted during the year are summarised below:

Grant date	May 7, 2021	Oct 28, 2021
Category	Category III	Category III
Current market price	208.7	256.64
Exercise price	187.83	230.97
Expected term	2-5 years	2-5 years
Volatility	75.63% to 157.41%	57.76% to 115.02%
Dividend yield	12%	12%
Discount rate	1%	1%