The employees of Veritas Software India Pvt Ltd (VSIL) a subsidiary of US-based Veritas Software Corp, have become the first in India to exercise their right to stock purchase incentives offered by the parent company. India’s central bank, the Reserve Bank of India, allowed this on the condition that the stock purchase will not result in the outgo of foreign exchange from India. The employees were given the stock option at $16 per share two years ago when the selling price was $52 per share. VSIL had been set up in India in 1994 with a focus on storage management for both online and offline business computing systems.
