New Delhi, May 8 -- Vijay Shekhar Sharma, the founder and managing director of One97 Communications Ltd, has settled a regulatory probe initiated by the Securities and Exchange Board of India (Sebi) over alleged irregularities in the grant of employee stock options (Esops) ahead of the fintech's 2021 initial public offering.

Sebi accepted revised terms proposed by Sharma, his brother Ajay Shekhar Sharma and One97 Communications Ltd (OCL), closing enforcement proceedings without admission or denial of guilt, according to the settlement order dated 8 May. Under the agreement, Vijay Shekhar Sharma has been barred from accepting Esops from any listed company for three years.

The regulator's probe centered around 2.1 crore Esops granted to S...