The committee of JM Financial has decided to grant 1,500,000 options giving rise to issuance of equivalent number of equity shares of the face value of Re. 1 each to an eligible employee of the Company. The said options will he vested in the employee in three tranches (1/3rd each) commencing from the completion of third, fourth and fifth year from the date of grant of options viz., 29 October 2009. The options vested in the employees are exercisable within 7 years from the date of grant of the said options.

This was decided at the committee meeting held on 29 October 2009.