New Delhi, April 16 -- Paytm announced on Wednesday, April 16, that the fintech giant's founder and chief executive officer (CEO) Vijay Shekhar Sharma has foregone 2.1 million employee stock options granted to him, months after capital markets regulator Securities issued show-cause notices over violation of rules on grant of share-based employee benefits.

Last August, the Securities and Exchange Board of India (SEBI) determined that the grant of 21 million employee stock options (ESOPs) to Sharma violated its rules governing share-based employee benefits.

Sharma owned a 14.7% stake in Paytm a year before the company's 2021 public filing. To become eligible for ESOP grants, he reduced his shareholding to 9.1% by transferring 30.97 millio...