ESOP Consultant in Bengaluru

Published by Marcken Consulting LLP

Bengaluru is India’s startup capital — home to over 12,000 startups, more than 40 unicorns, and the highest concentration of venture capital activity in the country. In this ecosystem, an Employee Stock Option Plan (ESOP) is not a perk. It is a fundamental tool for attracting world-class talent, retaining key employees through funding rounds and exits, and building a culture of shared ownership. If you are looking for an ESOP consultant in Bengaluru who understands the VC ecosystem as well as the regulatory framework, this guide is for you.

1. Bengaluru’s Startup Ecosystem and the ESOP Imperative

Bengaluru’s startup ecosystem operates at a pace and complexity that is unmatched anywhere else in India. The city hosts the Indian operations of over 400 multinational technology companies, the headquarters of India’s largest homegrown technology firms, and a thriving venture capital community that deployed over USD 7 billion in 2024 alone. In this environment, ESOPs are not optional — they are expected. For a foundational understanding of what an ESOP consultant does, read our guide: What does an ESOP consultant do and why does your business need one?

1.1 Why Bengaluru Startups Cannot Afford to Ignore ESOPs

Talent competition is extreme: Bengaluru’s technology talent pool is the most competitive in India. Software engineers, product managers, data scientists, and senior executives receive multiple competing offers. A company without an ESOP is at a structural disadvantage in every senior hire negotiation.
Investors require ESOP pools: Every term sheet from a credible Bengaluru VC — whether from Sequoia, Accel, Lightspeed, or a domestic fund — includes a requirement for an ESOP pool of 10 to 15 percent on a fully diluted basis. Companies that have not structured their ESOP pool before a funding round face last-minute dilution and administrative delays.
Attrition is a strategic risk: The average tenure of a software engineer at a Bengaluru startup is under two years without equity incentives. A well-structured ESOP with a four-year vesting schedule and a one-year cliff creates a meaningful retention lock that cash compensation alone cannot replicate.
Exits create wealth distribution expectations: Bengaluru’s startup ecosystem has produced numerous successful exits — IPOs, acquisitions, and secondary sales. Employees who have seen colleagues benefit from ESOPs at peer companies actively seek employers who offer meaningful equity participation.

1.2 The DPIIT Advantage for Bengaluru Startups

Karnataka hosts the largest number of DPIIT-recognised startups in India. Companies holding DPIIT recognition are eligible for significant ESOP-related tax benefits that make equity compensation substantially more attractive for employees. Read our complete guide on the tax implications: Taxes on ESOPs for Startups in India.

Deferred perquisite tax: Under Section 192(1C) of the Income-tax Act, employees of DPIIT-recognised startups can defer payment of perquisite tax on ESOP exercise to the earlier of: (a) sale of shares, (b) five years from the date of exercise, or (c) cessation of employment. This eliminates the cash tax liability at exercise — the single largest deterrent to ESOP participation in non-startup companies.
Angel tax exemption: DPIIT-recognised startups are exempt from Section 56(2)(viib) angel tax on share issuances to non-resident investors, removing a valuation-related compliance burden that affects non-recognised companies.
Section 80-IAC deduction: DPIIT-recognised startups incorporated between April 2016 and April 2025 with annual turnover below Rs. 100 crore may claim a 100 percent tax deduction for three consecutive years — preserving cash that can be redirected to ESOP pool maintenance and buybacks.

Marcken Consulting is a SEBI-registered Category-I Merchant Banker and IBBI-registered Registered Valuer. As an ESOP consultant in Bengaluru, the firm issues valuation certificates accepted by SEBI, MCA, and the Income Tax Department — covering all three valuation requirements of an ESOP engagement under one roof.

2. Industry-Specific ESOP Considerations for Bengaluru Companies

Bengaluru’s startup ecosystem spans a wide range of industries, each with distinct ESOP structuring requirements. A generic ESOP template that works for a SaaS company will not serve a deep tech firm, a fintech NBFC, or a pharma subsidiary. An experienced ESOP consultant in Bengaluru must be fluent across all these contexts.

2.1 Technology and SaaS

Standard pool sizing: SaaS companies in Bengaluru typically set aside 10 to 15 percent of fully diluted equity before Series A, expanding the pool at each subsequent round. The pool is used for grants across engineering, product, design, and senior leadership.
Vesting best practices: The industry standard in Bengaluru’s SaaS ecosystem is a four-year vesting schedule with a one-year cliff — aligning with the typical two-year employee tenure cycle and providing meaningful retention incentives through at least two funding cycles.
Exercise price strategy: SaaS valuations in Bengaluru often appreciate rapidly between funding rounds. Setting exercise prices at a significant discount to the last round valuation ensures that options remain meaningful to employees without creating an unreasonable perquisite tax burden at exercise.
Secondary liquidity: Several Bengaluru SaaS companies have structured ESOP buybacks at funding rounds, allowing vested employees to partially liquidate their holdings. This creates immediate wealth for employees and validates the ESOP programme as a genuine wealth creation mechanism. Read our guide: Ownership to Appreciation: ESOP and SAR Valuation.

2.2 Deep Tech, Semiconductor and Aerospace

Long gestation periods: Deep tech companies — including those working on semiconductors, defence technology, space, and advanced materials — have development cycles of 5 to 10 years. Standard four-year vesting schedules may not adequately retain talent through the full development cycle. Milestone-based vesting tied to technical achievements is more appropriate.
Government contract considerations: Bengaluru-based aerospace and defence companies with government contracts must ensure that ESOP allotments do not inadvertently trigger foreign ownership or security clearance issues — particularly where non-resident employees or directors are included in the grant pool.
Pre-revenue valuation complexity: Deep tech companies that have not yet generated revenue require non-DCF valuation methodologies — scorecard, Berkus, or risk-adjusted NPV — for determining the exercise price. An experienced ESOP consultant in Bengaluru must be conversant with these approaches.

2.3 E-commerce and D2C Brands

High headcount, high attrition: E-commerce and D2C companies in Bengaluru typically have large workforces across technology, operations, and marketing — with above-average attrition. ESOP pools must be sized to accommodate continuous granting across a rapidly changing employee base.
Warehouse and logistics roles: A growing trend among Bengaluru-based e-commerce companies is extending ESOPs beyond the traditional technology and leadership cohort to include mid-level operations and logistics managers — using ESOPs as a differentiator in a tight labour market.
Seasonal valuation challenges: E-commerce companies with highly seasonal revenue profiles require careful selection of the valuation date for exercise price determination to avoid artificially high or low FMV computations.

2.4 Fintech and BFSI

RBI-regulated entities: Bengaluru-based fintechs holding RBI licences — payment aggregators, NBFCs, account aggregators — are subject to RBI’s fit-and-proper criteria for key managerial personnel. ESOP allotments to regulated individuals require additional scrutiny to ensure regulatory compliance.
SEBI-registered entities: Bengaluru-based investment advisers, portfolio managers, and research analysts registered with SEBI must comply with SEBI’s code of conduct requirements, which may restrict employee trading in client securities — creating complexity around ESOP exercise and sale timelines.
Cross-border fintech structures: Several Bengaluru fintechs operate through Singapore or US holding structures. ESOPs granted by the parent entity to Indian employees require careful structuring under FEMA to avoid RBI reporting violations on receipt of foreign securities.

2.5 Pharma, Biotech and Life Sciences

Clinical milestone vesting: Bengaluru-based biotech and life sciences companies benefit most from performance-linked vesting tied to clinical trial milestones, regulatory approvals, or patent grants — rather than time-based vesting that may not reflect the underlying value creation cycle.
Cross-border licensing: Pharma companies with international licensing arrangements must structure ESOP grants carefully to avoid unintended tax consequences for non-resident employees or employees who relocate during the vesting period.
Listed pharma subsidiaries: Several Bengaluru-based companies are subsidiaries of listed Indian or multinational pharma groups. ESOPs for these entities must comply with both SEBI SBEB Regulations, 2021 (if the parent is listed) and Companies Act requirements for the subsidiary.

3. The ESOP Lifecycle: A Stage-by-Stage Guide for Bengaluru Startups

The ESOP requirements of a Bengaluru startup change significantly at each funding stage. The following table maps the key ESOP actions and regulatory triggers at each stage of the startup lifecycle. For a comprehensive overview of when valuation is mandatory under Indian law, see: Valuation Applicability in India.

Funding Stage	ESOP Actions Required	Regulatory / Compliance Trigger
Pre-Seed / Seed	Founder grants, ESOP pool creation (5–10%), angel tax exemption planning	Section 62(1)(b) allotment, DPIIT recognition, Rule 11UA valuation
Series A / B	Key employee grants, pool top-up, vesting schedule design, exercise price reset	ESOP pool at 10–15% fully diluted; RV certificate for allotment; Ind AS 102 accounting
Growth / Series C+	Performance-linked vesting, secondary liquidity for employees, ESOP buyback	Income-tax perquisite on exercise; MB certificate required on each exercise date
Pre-IPO	ESOP scheme alignment with SEBI SBEB Regulations, trust structure, exchange disclosure	SEBI compliance from listing date; share exchange ratio if merger involved
Post-IPO / Exit	RSU/SAR conversion, accelerated vesting on change of control, employee liquidity event	Capital gains tax planning; SEBI LODR disclosures; open offer valuation if applicable

The table above illustrates why ESOP advisory in Bengaluru is not a one-time engagement. An experienced ESOP consultant in Bengaluru must be available at every stage of the company’s growth — from the first employee grant at seed stage to the post-IPO compliance obligations of a listed company. For startup-specific ESOP design guidance, see: How ESOP consultants help startups design effective ESOP plans.

4. ESOP Design: Critical Decisions for Bengaluru Founders

The design of an ESOP scheme determines its effectiveness as a talent retention and wealth creation tool. The following decisions are the most consequential in the design phase. For an overview of the key differences between ESOP consultants and valuers, see: ESOP consultants vs. valuers — key differences.

4.1 Option Pool Sizing

The ESOP pool should be sized on a fully diluted basis — meaning the denominator includes all issued shares, outstanding convertibles, warrants, and the proposed ESOP pool itself. A pool sized at 10 percent of non-diluted equity may translate to only 7 or 8 percent on a fully diluted basis when convertibles and warrants are included. Investors will insist on the fully diluted calculation, so founders should model this accurately before negotiations.

For Bengaluru startups, the following pool sizes are typical at each stage: Seed — 5 to 10 percent; Series A — 10 to 15 percent; Series B and beyond — pool refreshes of 3 to 5 percent per round to maintain the effective grant pool.

4.2 Vesting Schedule Design

Cliff period: A one-year cliff — where no options vest until the employee completes 12 months — is standard in Bengaluru. The cliff protects the company against granting equity to employees who leave early, while providing a meaningful milestone for retention.
Graded vesting: After the cliff, monthly or quarterly vesting over the remaining three years is standard. Monthly vesting is preferred by employees; quarterly vesting reduces administrative burden.
Performance conditions: Milestone-based or performance-linked vesting is increasingly used by Bengaluru companies for senior leadership grants — tying vesting to revenue targets, product launches, or fundraising milestones.
Acceleration on exit: Single-trigger acceleration (on change of control) and double-trigger acceleration (on change of control plus termination) are both common in Bengaluru. The choice between them has significant implications for M&A negotiations and should be deliberated carefully.

4.3 Exercise Price Determination

The exercise price is one of the most consequential decisions in ESOP design. Setting it too high makes options worthless; setting it too low creates a perquisite tax burden for employees at exercise. The exercise price is typically set at the fair market value of the underlying shares on the date of grant, as determined by a Merchant Banker or Registered Valuer. See our guide on the difference between income-tax and Companies Act valuation: Income Tax vs. Companies Act Valuation — what is the difference?

For DPIIT-recognised Bengaluru startups, Section 192(1C) defers the perquisite tax, making a lower exercise price more feasible as the immediate tax liability is eliminated. For non-DPIIT startups, a higher exercise price — closer to FMV — reduces the perquisite income and the associated TDS burden on the company.

4.4 Instrument Selection: ESOP, RSU, or SAR?

ESOPs: The most common instrument. The employee receives the right to buy shares at the exercise price after vesting. Requires cash payment of the exercise price; the employee becomes a shareholder. Best for companies where employee ownership and alignment is a priority.
RSUs (Restricted Stock Units): The employee receives shares automatically on vesting — no exercise price, no cash payment required. Best for later-stage companies where the share price is high and employees cannot afford the exercise price. Taxed as salary income at vesting.
SARs (Stock Appreciation Rights): The employee receives the appreciation in share value in cash, without any share delivery. No dilution, no cash outflow for the employee. Best for companies that want to incentivise employees without issuing equity. For a detailed comparison, see: Ownership to Appreciation: ESOP and SAR Valuation.

5. ESOP Valuation in Bengaluru: Three Requirements, One Engagement

ESOP valuation in Bengaluru involves three distinct valuation requirements, each serving a different regulatory purpose. An experienced ESOP consultant in Bengaluru should be able to address all three in a single coordinated engagement. For a complete overview of who can issue valuation reports in India, see: Who Can Issue a Business Valuation Report in India?

5.1 Grant-Date Fair Value — Ind AS 102 (Accounting)

Every option grant must be measured at fair value on the grant date and recognised as an employee benefit expense over the vesting period. For Bengaluru startups, the grant-date fair value is computed using the Black-Scholes-Merton model with the following inputs:

Underlying share price — derived from DCF, NAV, or Comparable Company Multiple analysis for unlisted companies.
Exercise price — as specified in the grant letter.
Expected term — typically the mid-point between the end of the vesting period and the expiry of the option.
Expected volatility — derived from a curated peer group of BSE/NSE-listed technology companies such as those in the Nifty IT index, adjusted for a size and stage premium applicable to unlisted Bengaluru startups. This peer-group proxy approach is the standard methodology used for pre-IPO companies with no trading history of their own.
Risk-free rate — based on Indian government securities of matching tenor.
Dividend yield — zero for pre-dividend startups.

For a step-by-step explanation of how ESOP valuation is calculated, see: How is ESOP Valuation Calculated?

5.2 Exercise Price FMV — Companies Act (RV Certificate)

When shares are allotted to employees on exercise of options under Section 62(1)(b) of the Companies Act, 2013, an IBBI-registered Registered Valuer’s certificate is required to support the allotment at the stated exercise price. This certificate confirms that the exercise price is not less than the fair market value of the shares, protecting the company from challenges under Section 247.

5.3 Perquisite FMV — Rule 11UA / Rule 57 (MB Certificate)

On each exercise date, the FMV of the underlying shares must be certified by a SEBI-registered Merchant Banker under Rule 11UA of the Income-tax Rules, 1962 or Rule 57 of the Income-tax Act, 2025 as applicable. The perquisite income — the difference between this FMV and the exercise price — is taxable as salary income in the employee’s hands, and the company is required to deduct TDS on this amount via Form 16 / Form 12BA. For a comparison of Rule 11UA with the US equivalent, see: Rule 11UA vs. 409A Valuation — a comparison.

Marcken Consulting issues both Registered Valuer certificates (for the Companies Act allotment) and Merchant Banker certificates (for the income-tax perquisite calculation) in a single coordinated engagement — eliminating the need for Bengaluru companies to engage two separate professionals for the same ESOP exercise event.

6. Regulatory Compliance Checklist for Bengaluru ESOP Programmes

The following checklist covers the mandatory regulatory requirements for an ESOP programme at a private limited company in Bengaluru. For all income-tax sections requiring a valuation report, see: Income Tax Act sections requiring valuation reports. For Companies Act requirements, see: When is a company valuation mandatory under the Companies Act?

6.1 At Plan Adoption

Board resolution approving the ESOP scheme and constituting the Compensation Committee.
Special resolution passed by shareholders at an EGM or through postal ballot under Section 62(1)(b).
Filing of Form MGT-14 with MCA within 30 days of passing the special resolution.
Valuation certificate from a Registered Valuer or Merchant Banker for exercise price determination.
Grant letters issued to each optionee specifying options, exercise price, vesting schedule, and conditions.

6.2 At Each Grant

Compensation Committee resolution approving the grant.
Individual grant letter issued to the employee.
Update to ESOP register maintained by the company.
Accounting entry for employee benefit expense under Ind AS 102 / AS 15.

6.3 At Each Exercise

Exercise notice received from the employee with payment of exercise price.
MB valuation certificate obtained for perquisite FMV determination under Rule 11UA / Rule 57.
Board resolution approving allotment of shares.
Form PAS-3 filed with MCA within 30 days of allotment.
TDS deducted on perquisite income and deposited with the Income Tax Department.
Form 16 / Form 12BA issued to the employee at year end.

6.4 Annual Compliance

Disclosure in the Board’s Report under Rule 12(9) of the Companies (Share Capital and Debentures) Rules, 2014.
Annual return (Form MGT-7) reflecting all allotments made during the year.
For DPIIT-recognised startups: annual declaration to DPIIT to maintain recognition status.
For listed companies: annual disclosure to BSE / NSE under SEBI SBEB Regulations Regulation 14.

7. Common ESOP Mistakes Made by Bengaluru Startups

Granting options without a shareholder resolution: The single most common and most serious ESOP error. An option grant made without a valid special resolution is void under Section 62(1)(b). The employee acquires no enforceable right, and the company faces potential regulatory action.
Incorrect pool sizing on a non-diluted basis: Founders who size their ESOP pool on a pre-dilution basis are surprised when investors insist on a fully diluted calculation at the term sheet stage. The pool must be modelled correctly from inception.
No formal grant letters: Many early-stage Bengaluru startups communicate ESOP grants verbally or via email, without a formal grant letter. This creates disputes on termination regarding the number of vested options and the exercise window.
Stale exercise prices: Using an exercise price set two or three years ago without a fresh valuation creates income-tax risks. The FMV at exercise date — not the FMV at grant date — determines the perquisite tax, and a stale certificate from the grant date does not satisfy Rule 11UA / Rule 57. See: Budgeting for Company Valuation Fees in India.
Missing Ind AS 102 accounting entries: Failing to recognise the grant-date fair value of options as an employee benefit expense over the vesting period results in an understated P&L — creating audit qualifications and potential restatements that complicate the next funding round due diligence.
Ignoring the post-termination exercise window: Many Bengaluru startups have standard scheme documents that provide a 30-day post-termination exercise window. Employees who are unaware of this window forfeit their vested options on departure. Clear communication of exercise rights at the time of termination is essential.
Not accounting for ESOP pool in cap table models: Cap table models shared with investors that do not reflect the existing ESOP pool on a fully diluted basis misrepresent the company’s ownership structure and create credibility issues during due diligence.

8. Why Marcken Consulting Is Bengaluru’s Preferred ESOP Consultant

Marcken Consulting LLP provides end-to-end ESOP advisory, valuation, and compliance services to startups and established companies across India, including an active and growing client base in Bengaluru. The firm’s unique dual credential — SEBI-registered Category-I Merchant Banker and IBBI-registered Registered Valuer — means that every statutory valuation requirement of an ESOP engagement is addressed in a single coordinated engagement.

SEBI Category-I Merchant Banker: The mandatory credential for issuing FMV certificates under Rule 11UA / Rule 57 for income-tax purposes and for SEBI-regulated ESOP transactions. See: Merchant Banker Valuation in India.
IBBI Registered Valuer — Securities or Financial Assets: The mandatory credential for valuations under the Companies Act, 2013 — including Section 62(1)(b) share allotments and Section 247 general valuation requirements. See: IBBI Registered Valuer vs. SEBI Merchant Banker — which do you need?
Single-Engagement Coverage: Both the RV certificate (Companies Act) and the MB certificate (Income-tax Act) are issued in one engagement — saving Bengaluru companies the cost and coordination overhead of engaging two separate professionals.
Startup-Fluent Methodology: Proprietary valuation models calibrated for pre-revenue and early-revenue startups — including peer-group volatility proxies, Berkus and scorecard approaches, and risk-adjusted NPV for deep tech companies.
409A-Equivalent Capability: Bengaluru subsidiaries of US-founded or US-funded companies requiring 409A-equivalent valuations for IRC Section 409A compliance are served by the firm’s cross-border valuation practice. See: Can an Indian Valuer do a 409A Valuation?
Speed and Turnaround: Standard MB valuation certificate turnaround of 5 to 7 working days from receipt of complete data — compatible with Bengaluru’s fast-moving funding and ESOP exercise timelines.
Transparent Pricing: Fixed-fee engagement structure with no variable or success-based fees. For reference on valuation engagement costs, see: Budgeting for Company Valuation Fees in India.

9. Frequently Asked Questions — ESOP Consultant in Bengaluru

Q1. How large should an ESOP pool be for a Bengaluru startup raising Series A?

Most Series A investors in Bengaluru require an ESOP pool of 10 to 15 percent on a fully diluted basis before the round closes — sometimes referred to as the pre-money ESOP pool. This means the pool is created before the investor’s shares are issued, resulting in the dilution being borne by the founders and existing shareholders rather than the new investors. The exact pool size depends on the stage, the number of key hires planned, and the investor’s own portfolio benchmarks.

Q2. Can a Bengaluru startup grant ESOPs before receiving DPIIT recognition?

Yes. DPIIT recognition is not a prerequisite for implementing an ESOP. A private limited company can adopt an ESOP scheme and make grants under Section 62(1)(b) of the Companies Act at any time. However, the perquisite tax deferral benefit under Section 192(1C) — one of the most valuable features of the ESOP regime for startups — is only available to companies that hold DPIIT recognition at the time of exercise. Companies should therefore pursue DPIIT recognition in parallel with ESOP implementation.

Q3. What happens to unvested ESOPs when a Bengaluru startup is acquired?

The treatment of unvested ESOPs on acquisition depends on the provisions of the ESOP scheme document and the terms negotiated in the acquisition agreement. Common outcomes include: (a) accelerated vesting of all unvested options (single-trigger acceleration); (b) continuation of vesting under the acquirer’s ESOP programme; or (c) cash settlement of unvested options at the acquisition price. The scheme document should explicitly address the change-of-control scenario to avoid disputes. For context on how valuation differs at different corporate events, see: 409A Valuation vs. Investor Valuation — understanding the difference.

Q4. Is a Merchant Banker certificate required every time an employee exercises ESOPs?

Yes, for unlisted companies. Under Rule 11UA / Rule 57, the FMV of unquoted equity shares must be certified by a SEBI-registered Merchant Banker on or around each exercise date. The certificate cannot be reused across multiple exercise dates. Bengaluru companies with frequent ESOP exercises typically obtain a single MB certificate per exercise window — rather than per individual employee — where all exercises occur within a close time window.

Q5. How is the ESOP perquisite tax calculated for an employee of a Bengaluru startup?

Perquisite income at exercise = (FMV per share on exercise date as certified by the MB) minus (Exercise price per share), multiplied by the number of shares acquired on exercise. This amount is taxable as salary income in the year of exercise and is subject to TDS. The company deducts TDS at the applicable income-tax slab rate of the employee and deposits it with the Income Tax Department. The perquisite is reflected in Form 12BA and included in Form 16. For DPIIT-recognised startups, this tax is deferred to the earlier of sale of shares, five years from exercise, or cessation of employment. Read: Taxes on ESOPs for Startups in India — a complete guide.

Q6. Can Marcken Consulting handle ESOP advisory for a Bengaluru company with US investors or a Delaware parent?

Yes. Marcken Consulting has experience advising Bengaluru companies with US-founded or US-funded structures, including companies with Delaware parent entities, Cayman holding structures, and FEMA compliance requirements for cross-border share issuances. For companies requiring a 409A-equivalent valuation for IRC Section 409A compliance, the firm produces these reports using the Weighted Average Value methodology. See: When is a 409A Valuation Compulsory?

Q7. What documents are needed to start an ESOP implementation for a Bengaluru startup?

The standard documents required to initiate an ESOP implementation engagement are: (a) certificate of incorporation and memorandum and articles of association; (b) the current cap table reflecting all issued shares, convertibles, warrants, and SAFEs; (c) the latest audited financial statements or management accounts; (d) a list of proposed grantees with their designations and proposed grant sizes; and (e) the most recent term sheet or investment agreement if a funding round is pending or recently closed.

10. Start Your ESOP Programme Today

Whether you are a Bengaluru founder implementing your first ESOP scheme, a CFO preparing for a funding round, an HR leader designing a retention programme for your engineering team, or a legal counsel reviewing an existing ESOP for compliance gaps, Marcken Consulting — your trusted ESOP consultant in Bengaluru — is available to assist.

A preliminary consultation covering your company’s stage, structure, and ESOP objectives is available at no charge. This session typically takes 30 minutes and will provide clarity on the implementation timeline, regulatory requirements, and cost of the engagement.

Reach out to us at: marckenconsulting.com
Marcken Consulting LLP — SEBI-Registered Category-I Merchant Banker | IBBI-Registered Valuer | Ahmedabad and Mumbai

Disclaimer: This article is intended for general informational purposes only and does not constitute legal, tax, or financial advice. Readers are advised to consult a qualified professional before acting on any information contained herein. Regulations referred to above are subject to amendment; please verify the current position at the time of acting.

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