An ESOP is a scheme through which a company gives or sells its own shares to its own staff, usually at a discount or by award, often with a holding period before they are yours to sell.

Fifteen are approved, and every one belongs to a specific employer. The register reads like a list of opportunities; it is a list of staff benefits.

You cannot buy into one. If your employer runs an approved plan you will be offered it through HR, and the terms — price, vesting, what happens if you leave — come from the scheme's own rules, not from the market.

If you are in one, the shares still land in a CDS account in your name once they vest, and from that point they are ordinary shares you can sell through any broker.

The employer's share price, plus whatever discount you were given at the start. That discount is the real return of an ESOP and it is usually substantial.

The risk is the one nobody prices: your salary and your savings now depend on the same company. A bad year hits both at once.