Document:

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                                                                     EXHIBIT 4.2

                                [GRAPHIC OMITTED]

                             ASSOCIATE STOCK OPTION
                                   PLAN' 2000

                             SATYAM INFOWAY LIMITED

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1.0 OBJECTIVE

     In furtherance of the corporate policy of SATYAM INFOWAY LIMITED (SATYAM)
     of creating an environment conducive to higher growth opportunities to
     associates, the Associate Stock Option Plan' 2000 (ASOP) is designed to
     make the associates, partners in progress.

     The plan is aimed at the following:

     o  rewarding the associates for their performance and contribution to the
        success and growth of SATYAM

     o  providing them with a good and attractive motivational tool to improve
        their performance

     o  providing an opportunity for the professional partners to become
        financial partners in the Equity of SATYAM

     o  retaining the talent and services of the associates who have contributed
        to the success of SATYAM

2.0 DEFINITIONS

In this plan, unless the context otherwise requires

2.1    "Scheme" means "Associate Stock Option Plan" for Associates

2.2    "SATYAM" means "Satyam Infoway Limited"

2.3    "Board of Directors" means the "Board of Directors of SATYAM"

2.4    "Associate" means Employee of SATYAM either on full time or part time, in
       the regular service.

2.5    "ADS" means American Depository Shares of SATYAM listed at the NASDAQ
       Stock exchange, US with the ticker symbol "SIFY".

2.6    "Trust" means Satyam Infoway Associates Trust constituted in accordance
       with the resolutions passed at the Annual General Meeting and Board of
       Directors meeting and in pursuance of the Trust deed dated 27th September
       1999.

2.6    "Compensation Committee" means a committee of directors constituted and
       authorised by 'the Board of Directors' of SATYAM

2.7    "Warrant" means a document entitling the associate to whom it has been
       issued/transferred to apply for and get allotted one ADS of SATYAM
       subject to other clauses of the scheme. However, the warrant shall not
       entitle the holder to any dividend that may be declared by SATYAM.

2.8    "Conversion Price" means the price determined by the Board of Directors
       from time to time in accordance with the notifications, guidelines and
       clarifications issued by SEBI or any other statutory authority from time
       to time as applicable.
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3.0 ADMINISTRATION

3.1    The scheme will be administered by the Trust, which is entrusted with the
       responsibility of being the Operating Agency for administering the ASOP.

3.2    The trust will be allotted warrants in pursuance of the resolution(s)
       passed at the Annual General Meeting of SATYAM. The trust will hold those
       warrants for and on behalf of the associates of SATYAM.

3.3    On the recommendations of the "Compensation Committee", the trust will
       transfer the warrants to identified associates, with an option to convert
       the issued warrants into ADS at the rates indicated in the warrants,
       before conversion date.

3.4    The trust will also be holding the underlying equity shares allotted to
       the associates for and on their behalf, in terms of clauses 11.0 to 11.4
       dealing with the conversion before the conversion date.

3.5    The Trust will also act as coordinator for disposal of odd lot shares
       held by Associates.

3.6    The administration of the trust shall be as per the Administration Manual
       of the trust read with the Trust Deed and the scheme. In cases of
       incompatibility among the scheme, Trust Deed and the Administration
       Manual, the provisions of the scheme and Trust Deed shall override the
       Administration Manual.

4.0 QUANTUM OF THE PLAN

4.1    The trust will be allotted warrants entitling the holders for allotment
       of ADS in terms of the scheme, for a quantum not exceeding 5% of the paid
       up capital in any one year in terms of the resolution passed at Annual
       General Meeting for being transferred to eligible associates identified
       by the "Compensation Committee", which may be increased as per guidelines
       issued by SEBI from time to time.

5.0 FUNCTIONS OF COMPENSATION COMMITTEE

5.1    Guided by the principles of fairness, impartiality and natural justice,
       the Compensation Committee will study and assess the eligible associates,
       based on the guidelines for assessment formulated as part of the plan
       from time to time and make recommendations of identified associates to
       the Trust.

5.2    The Compensation Committee shall have the right to exclude any one from
       the list of eligible associates, from being identified for the benefits
       of the scheme.

5.3    The recommendations of the Compensation Committee shall be final and are
       not subject to review or appeal at the request/demand of associates.

6.0 ELIGIBLE ASSOCIATES

6.1    Full time and part time associates of SATYAM.

6.2    Out of eligible associates the Compensation Committee shall identify and
       recommend the associates to the benefits of the scheme.

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7.0 BASIS OF SELECTION BY COMPENSATION COMMITTEE

7.1    Basis of selection out of eligible associates shall be as per the
       guidelines framed and approved by the Compensation Committee from time to
       time.

7.2    The factors to be considered for assessment of associates for selection
       shall be:

       o  Performance
       o  Organisational Development
       o  Customer Satisfaction

7.3    The weightage to the factors mentioned in clause 7.2 and any addition or
       deletion to the list of factors shall be decided by the Board of
       Directors initially and shall be reviewed periodically by the Board of
       Directors.

7.4    The Compensation Committee shall also decide the quantum of eligibility
       to ADS for different categories of associates on the basis of identified
       parameters and in terms of the scoring of the associates in the
       assessment.

7.5    The Compensation Committee shall also determine the minimum scoring that
       an associate in each category has to score to be considered for the
       benefits of the scheme.

7.6    The Compensation Committee reserves the right to factor different
       parameters and different weightages for different categories of the
       associates.

7.7    The Compensation Committee can also recommend associates for awards for
       exceptional performance and or contribution for the organizational
       growth.

7.8    The Compensation Committee can also recommend new Associates joining
       Satyam to the benefits of the scheme, if they are found to be Key
       Performers.

7.9    The Compensation Committee shall seek the guidance and clarifications if
       any required, from the Board of Directors in implementing the assessment
       procedure.

8.0 ISSUE OF WARRANTS

8.1    The trust will hold the number of warrants allotted to the trust for and
       on behalf of the associates of SATYAM.

8.2    Based on the recommendations of the Compensation Committee, the trust
       will transfer the number of warrants recommended to identified associate.

8.3    The consideration for transfer of warrants by trust will be Re.1/- per
       warrant to be paid by associate to trust, before the transfer of the
       warrant.

8.4    The warrants shall not be transferable by any eligible associate, on or
       before the conversion date, except to the trust in cases of the associate
       ceasing to be an associate of the company or its subsidiaries by reason
       of resignation, dismissal or severance of employment due to reasons of
       non-performance or otherwise. In such cases of severance of employment,
       the warrants will be transferred back to trust at the same consideration
       as paid by the associate.

8.5    In the event of the associate dying in harness or attaining the age of
       superannuation, the rights and obligations under the warrants shall
       accrue to the legal heirs of the associate or to the associate as the
       case may be.

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8.6    In cases where an associate has different conversion dates for different
       lots of warrants issued to him, the separate warrant certificates will be
       issued for each set of warrants with the respective conversion dates.

8.7    In cases where the warrants entitles an associate, with odd lot (not
       being marketable lot), the trust will interact with the associates and
       arrange for making them marketable lots in the best interests of all
       parties concerned.

8.8    The warrant certificate shall indicate the warrant certificate number,
       name of the associate holding the warrants, number of warrants held by
       the associate, Conversion price at which warrants will be converted into
       ADS and the Conversion Date, along with main terms and conditions of
       issue of warrant.

8.9    The format of the warrant certificate shall be as per Annexure I.

9.0 CONVERSION DATE

9.1    The associate holding warrants may apply for conversion of the warrants
       on the date mentioned in those warrants/warrant certificates as the
       conversion date or after such date provided it is not later than the last
       of the conversion date(s) as applicable to the respective warrant/warrant
       certificates.

9.2    The conversion date shall be determined by Compensation Committee
       considering the period of applicability, the date of issue of warrants
       and lock in period applicable to the associate concerned as per the
       guidelines approved by Board of Directors from time to time.

9.3    The warrants shall not be permitted to be converted after the period as
       mentioned in Clause 9.1 hereof after which all the rights under warrants
       will become invalid. In such cases the consideration for the warrants
       paid by associates to the trust will be refunded to the associate.

9.4    Every associate who is entitled for conversion of warrants shall before
       the conversion date as mentioned in Clause 9.1 hereof approach Satyam
       Infoway Associates Trust for initiating the conversion process.

CLAUSE 9.1 HAS SINCE BEEN AMENDED BY THE COMMITTEE MEETING HELD ON 25TH MARCH,
2000

10.0 CONVERSION OPTION

10.1   Associates opting for conversion can apply for conversion of warrants
       into ADS in the form prescribed for the purpose.

10.2   Associates may at their discretion, opt for conversion on the conversion
       date of all the warrants held by him/her or some of the warrants. In the
       event of partial conversion, the consideration paid for warrants not
       converted shall be refunded.

10.3   On exercise of option, the associate shall submit the letter of
       conversion to Satyam Infoway Associates Trust, for allotment of ADS in
       his name. The Trust shall collect the consideration for conversion
       arrived at as a product of number of warrants opted for conversion and
       the conversion price as reduced by the price of the warrant paid by the
       associate for the number of warrants opted for conversion by the
       associate. This option shall be exercised before the expiry of grace
       period. The collection of consideration shall be in the form of
       cheques/demand drafts/pay orders in favor of "Satyam Infoway Associates
       Trust".
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10.4   On receipt of the warrants with payment as mentioned in Clause 10.3,
       SATYAM shall take necessary steps for allotment of ADS.

10.5   Associates who do not want to avail ASOP, may opt out of the scheme any
       time before conversion date and surrender the warrant certificate to
       trust for cancellation. Such option can be exercised at their discretion
       even before issue of warrant certificates by not communicating their
       acceptance to the offer of warrants.

11.0 BONUS/RIGHTS ISSUE

11.1   In the event of a Bonus/Rights or any other issue of securities to the
       existing shareholders, the warrant-holders may be given an opportunity of
       exercising conversion option, even before conversion date and record date
       for issue of Bonus/Rights or other issue of ADS, to enable the warrant
       holders to be eligible for issue of rights/bonus ADS or other securities,
       if any. Such opportunity shall be subject to guidelines/ clarifications/
       rules framed by SEBI and or any statutory authority.

11.2   The ADS allotted because of preponement of conversion option, will be in
       the custody of the Trust to be released to the associates after the
       conversion date.

11.3   In the event of severance of employment before conversion date as
       referred to in clause 8.4 of the scheme, after conversion in accordance
       with the clause 12.1, the ADS shall be transferred back by the associate
       to the Trust at the conversion price.

11.4   However the ADS allotted as bonus/rights ADS to the associates, in the
       capacity of shareholders would not be subjected to lock-in and will be
       available to be held by the associate. However, they would be subject to
       same terms and conditions as applicable to the rights/bonus issue.

11.5   The ADS allotted as bonus/rights ADS to associates under this clause
       shall not be mortgaged or pledged or hypothecated by the associates.

11.6   The dividends if any, received on the ADS held by Trust, on behalf of
       Associates will be maintained with Trust and be distributed to the
       Associates on whose behalf the dividends are received, after the
       conversion date, in case of continuance of employment. In the event of
       severance of employment the dividends received will be forfeited by the
       Trust.

12. LOCK-IN PERIOD

12.1   The warrants held by the associates are not transferable during the
       validity of the warrant except back to the trust. The said warrants
       cannot be pledged/hypothecated/ charged/ assigned/ mortgaged or in any
       manner disposed of or alienated.

12.2   In case of cessation of service as mentioned in clause No. 8.4 the
       warrants shall be forthwith transferred back to the trust, by the
       associate.

12.3   In case of Bonus/ Rights Issue, where the conversion option is permitted
       to be exercised before conversion date in terms of clause 11.1, the ADS
       so converted will be subject to lock in period for unexpired period up to
       conversion date.

12.4   During the lock in period, the ADS will be in the safe custody of the
       trust.

13.0 SAFE CUSTODY

13.1   The trust would be empowered by an agreement with the associate for

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       o  Safe custody of ADS in cases where conversion is permitted before
          conversion date due to bonus/ rights issue.

       o  Issue of a statement, every financial year, during the period of
          custody, to the associate intimating the number of ADS held in trust
          on behalf of the associate.

14.0 ADS AFTER CONVERSION

14.1   The ADS transferred to the associate after conversion from warrants,
       shall be the absolute property of the associate and will be held by the
       associate, subject to the lock-in period.

14.2   As a registered shareholder he will be entitled to all the benefits which
       may accrue to him such as dividends, bonus, rights, etc.

14.3   ADS issued as bonus ADS or rights ADS after conversion into ADS, after
       lock in period, will not be subjected to any lock in period.

14.4   The ADS arising on conversion shall rank pari passu with all other ADS of
       SATYAM for the time being in force; from the date of allotment.

15.0 LOANS FOR PURCHASE OF ADS

15.1   While the associates are at liberty to contract for loans for purchase/
       conversion of ADS from outside sources, the terms and conditions of the
       scheme/policy for granting of loans to associates will apply if the loans
       are either from SATYAM or the Trust.

15.2   The company shall have lien on the ADS converted under the scheme, that
       are held in the name of the associate, for any moneys due to the company
       by the associate either due to loans from the company or otherwise.

16.0 LISTING OF ADS

16.1   The ADS allotted to associates on conversion shall be listed on the stock
       exchanges subject to the terms and conditions of this scheme and terms
       and conditions of the listing agreement.

17.0 TAX LIABILITY

17.1   Any tax liability on account of issue of warrants/ conversion into ADS/
       allotment of ADS/ transfer of ADS shall be that of the associate alone.

18.0 MODIFICATIONS TO THE SCHEME

18.1   The Board of Directors and the Compensation Committee reserve the right
       to change the terms and conditions of the scheme, at any time, at its
       discretion.

18.2   Such changes in terms and conditions as per clause 18.1 can also be due
       to any change in the law applicable to the scheme or any mutual agreement
       between SATYAM and its associates.

18.3   Subject to any law for the time being in force, the changes if any,
       brought in terms of clause 18.1 would be prospective for implementation
       and shall not affect the rights and obligations created under the Scheme
       to SATYAM or associates.

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19.0 CONTRACT OF EMPLOYMENT

19.1   This scheme shall not form part of any contract of employment between
       SATYAM and the associate. The rights and obligations of any individual
       under the contract of employment shall not be affected by his
       participation in this scheme or any right which he may have to
       participate in it.

19.2   Nothing in this scheme shall afford any associate any additional right(s)
       as to compensation or damages in consequence of the termination of such
       office or employment for any reason.

19.3   This scheme shall not confer any associate any legal or equitable right
       against SATYAM either directly or indirectly or give rise to any cause of
       action in law or equity against SATYAM.

20.0 GOVERNMENT REGULATIONS

20.1   This scheme is subject to all applicable laws, rules, regulations,
       guidelines and to such approvals from any governmental agencies as may be
       required. In case of any contradiction between the provisions of this
       Scheme and any provisions, rules, regulations, guidelines issued by any
       governmental agencies, the provisions of law shall override the
       provisions of this scheme.

20.2   The associates who are granted warrants/ ADS under the scheme shall
       comply with such requirements of law as may be necessary.

21.0 GENERAL RISKS

21.1   SATYAM does not guarantee any return on the equity investment made by
       associates as part of the scheme. Any loss due to fluctuations in the
       market price of the equity including the shortfall in the expectations or
       projections and the risks associated with the investment are that of the
       associate alone.<PAGE>
                                                                     EXHIBIT 4.3

Sify Limited                                    ASSOCIATE STOCK OPTION PLAN 2002
4 Apr 2003

1.0 INTRODUCTION:

1.1    Sify has formulated a series of Associate Stock Option Plans (ASOP) to
       incentivise and reward associates for contributing to the growth of Sify.

1.2    ASOP 2002 is the latest in the series of these ASOPs. The members of the
       Company approved the allocation of a further 633,000 shares on 09
       December, 2002 to the pool of shares available for issue as stock options
       to associates.

2.0 SCHEME OVERVIEW:

2.1    Under ASOP 2002, Sify's Associates (full time or part time employees and
       directors) would be granted options for a fee which would give them the
       right to buy Sify's ADRs (listed in the Nasdaq National Market in USA) or
       Sify's equity shares as indicated in the letter of grant to them at an
       exercise price. The difference between the market price of these ADRs or
       Equity shares and the exercise price would be the gain to the Associate.
       The options are exercisable after a vesting date but before the expiry
       date. Vesting is slated to happen over a three year period. Expiry occurs
       one month after the associate ceases to in the employment of Sify or its
       subsidiaries.

2.2    As the market price of Sify's ADRs (or in some cases Equity shares) go
       up, the benefit to the Associate goes up. The Associate is incentivised
       to:

       2.2.1  Stay with Sify until vesting and after vesting until the option
              value grows to an attractive level and

       2.2.2  Work (with a high degree of goal congruence) in the interest of
              Sify shareholder in building a sustainable value and growth
              momentum into Sify's ADRs and equity shares.

3.0 ADMINISTRATION:

3.1    Shareholders of Sify have approved the allocation of 633,000 shares to be
       added to the pool of shares to be made available for ASOP schemes on 09
       December, 2002. Shareholders have also empowered the Board of Directors
       to formulate ASOP schemes from time to time to grant stock options and
       when exercised issue ADRs/Equity shares. Shareholders have also
       recognised that these stock options would apply to Principal Officers
       including the Chief Executive Officer, the Chief Operating Officer and
       the Chief Financial Officer and Directors.

3.2    The Board of Directors (Sify Board) have constituted the Compensation
       Committee (currently made up of three directors nominated by Sify Board)
       to formulate ASOP schemes, formulate policies for administration of the
       schemes, and actually administer the scheme by granting options,
       recognize exercises, issue ADRs and shares on exercise, collect exercise
       price and where necessary facilitate sale.

3.3    The Compensation committee of the Board of Directors (Compensation
       Committee) administers the ASOP schemes of Sify. ASOP 2002 will also be
       administered by the Compensation Committee. The Compensation Committee
       will have the authority and responsibility to:

       3.3.1  Formulate ASOP schemes from time to time

       3.3.2  In formulating the ASOP schemes, decide on:

              3.3.2.1  Eligibility criteria, Selection criteria

              3.3.2.2  Granting policy (including quantity, exercise price, fee)

              3.3.2.3  Vesting policy (vesting schedule, policy relating to
                       death/disability)

              3.3.2.4  Recognition of expires (both lapses and forfeitures) and

              3.3.2.5  Movement of quantity allocated for ASOP from one scheme
                       to another

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Sify Limited                                    ASSOCIATE STOCK OPTION PLAN 2002
4 Apr 2003

       3.3.3  Grant Options to Associates (by issue of Option letters)

       3.3.4  Facilitate exercise of options, issue ADRs/Shares and where
              necessary facilitate sales and

       3.3.5  Liase with and comply with regulators including SEC, SEBI, Income
              tax office, etc.

3.4    In all issues to be decided by the Company relating to ASOP, the decision
       by the Compensation Committee represents decision by the Company and is
       final.

4.0 ADRS/SHARES:

4.1    ASOP 2002 aims to grant options to buy either of the following to
       Associates:

       4.1.1  American Depository Shares/Receipts of Sify (listed in the Nasdaq
              National Market of USA under the ticker "SIFY") or

       4.1.2  Equity shares of Sify (currently not yet listed anywhere in
              India).

4.2    The Option letter (granting the option) would explicitly state what is
       being granted. In the absence of such a clarification, ADRs shall be
       issued on exercise.

4.3    Compensation Committee has the power to grant options for a quantity of
       ADRs/Shares not exceeding the unused quantity available in the pool for
       granting of options (as approved by and added to by members of Sify in a
       general meeting). Compensation Committee specifically has been empowered
       to use ungranted surplus out of earlier allocations to the pool to be
       issued under any ASOP scheme including ASOP 2002.

4.4    In the event of a stock split or a ratio change (between ADRs and equity
       shares), the quantity of stock options and the exercise price shall be
       adjusted for the effect of the stock split or the ratio change so that
       the Associate gets the same proportion of shareholding percentage for the
       same price per percentage as the Associate would have prior to the stock
       split or ratio change.

5.0 ELIGIBILITY TO PARTICIPATE:

5.1    Options could be granted under ASOP 2002 only to Associates. Associates
       are defined to include only the full time or part time employees of Sify
       and its subsidiaries. Associates include Principal officers and directors
       of Sify and its subsidiaries. Subsidiaries, for these purposes, includes
       companies in which Sify has more than 50% of issued shares or more than
       50% voting rights in the Board governing such companies.

5.2    The Compensation Committee shall select from among the Associates a list
       of associates for grant of stock options. The Compensation Committee
       shall decide on the selection criteria which shall include among other
       things the performance track record, performance potential of the
       Associates. The Compensation committee is empowered to include Associates
       on any other criteria and is also empowered to not include any Associate
       without stating any reason. The decision by the Compensation Committee on
       the choice of Associates who shall be granted stock options is final.

6.0 GRANT OF OPTIONS:

6.1    The Compensation Committee shall decide on whether the grant is for ADRs
       or equity shares, the option quantity (number of ADRs or equity shares to
       be granted), the exercise price payable, the vesting schedule and other
       terms and conditions of the grant.

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Sify Limited                                    ASSOCIATE STOCK OPTION PLAN 2002
4 Apr 2003

6.2    The Compensation Committee shall issue to the selected Associates Option
       letters granting options to Associates giving them the right to buy ADRs
       (or if so specified, equity shares) specifying the quantity of stock
       options issued and the exercise price, the vesting schedule and other
       terms and conditions. A copy of the ASOP 2002 scheme shall be attached to
       the Option letter. The Option letter should bear the sequential number of
       the Option letter, the name of the Associate and the reference of the
       Compensation committee meeting by which the option is being granted. The
       Compensation Committee should collect an Option fee of Re.1 per ADR (or
       share) which shall be adjusted against the exercise price payable or
       refunded to Associates if the option is not exercised and the option
       expires.

7.0 EXERCISE PRICE:

7.1    Exercise price refers to the price at which the Associate could buy the
       ADR (or equity share). The currency by which exercise price is payable is
       normally Rupees unless otherwise so specified in the Option letter.
       Exercise price is payable to the Company by a cheque made payable to Sify
       Limited.

7.2    The Compensation Committee shall decide on the exercise price for each
       grant on a case by case basis. The Compensation Committee shall comply
       with the requirements of applicable regulations including SEBI
       guidelines, Company law etc in determining the exercise price.

8.0 VESTING SCHEDULE:

8.1    The stock options granted shall be exercised (converted into an ADR or
       equity share) only after the options vest.

8.2    The Compensation Committee shall decide on the terms of vesting of the
       stock options. The Committee shall vary the vesting schedule for any
       grant yet to be issued under the scheme. However no variation shall
       affect any grant that was already made under a specified vesting term
       unless such a variation is beneficial to the Associate. Unless modified
       later, the options granted shall vest as below:

       One sixth of the option quantity: At the end of one year from the date of
       grant Five sixth of the option quantity: At the end of each quarter
       during the second and third year from the date of the grant in eight
       equal instalments.

8.3    In any case the grants shall vest fully on the occurrence of permanent
       total disability or the death of the Associate.

8.4    In the event of a rights issue or a bonus issue of the ADRs or equity
       shares, the Associate shall be given the choice to deem the stock options
       to have vested and exercise the options and subscribe to the rights issue
       or get the bonus issue. If the Associate chooses to not deem the stock
       option to have vested, the vesting schedule shall remain as per the terms
       of the grant. However, the Associate would not be able to participate in
       the rights issue or be eligible for the bonus issue of ADRs or Equity
       shares.

9.0 EXPIRY:

9.1    Stock options issued to Associates can be exercised only after they vest
       and should be exercised before they expire.

9.2    Options issued under ASOP 2002 expire one month after the Associate
       ceases to be in the employment of Sify or its subsidiaries.

9.3    If the options vested earlier than envisaged due to death or permanent
       total disability of the Associate, the options shall expire within one
       month after such a vesting. The

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Sify Limited                                    ASSOCIATE STOCK OPTION PLAN 2002
4 Apr 2003

       Compensation Committee is empowered to extend the expiry date by not more
       than three months in the case of death or permanent total disability of
       the Associate.

9.4    Associates who do not wish to accept stock option grants shall notify
       Sify in writing. Any option recommended by the Compensation Committee to
       them would not be issued to them.

9.5    Associates who do not wish to continue participating in the ASOP scheme
       after the grant is received shall notify the company in writing. The
       options granted would forfeit after the letter is received by Sify. Sify
       would repay the option fee of Re.1 per ADR if such a fee was already
       collected earlier.

10.0 EXERCISE OF STOCK OPTION AND ISSUE OF ADRS/EQUITY SHARES:

10.1   Associates can exercise stock options any time. However Associates can
       sell the ADRs or shares so issued under the option only during the period
       when insider trading is permitted under the "Insider trading policy" of
       Sify.

10.2   The Insider trading policy of Sify shall be as determined by the Board of
       Directors of Sify from time to time and as administered by the Chief
       Financial Officer of Sify from time to time. Unless there are specific
       price sensitive information within the Company, insider trading is
       typically permitted during the period commencing from "two days after the
       press release announcing quarterly results" and ending with "the last day
       of the second month of each quarter".

10.3   If the Associate is not permitted by law to hold the stock (ADR or equity
       share) and is expected to sell it within reasonable time, then exercise
       of the option itself will be permitted only during the period when
       insider trading is permitted.

10.4   Associates wishing to exercise their options should tender to Sify a copy
       of the option letter and a cheque made payable to Sify Limited for the
       exercise price (less the option fee paid at the time of grant) indicating
       the brokerage account to which ADRs or shares should be credited.

10.5   Associates are entitled to exercise part of the option quantity that has
       vested and carry forward the remainder until the options expire and
       exercise such carried forward quantity any time before expiry subject to
       the foregoing clauses on the time window when insider trading is
       permitted.

10.6   The ADRs or equity shares issued to Associates after the exercise of the
       option shall be their exclusive property free of all charges/liens. The
       ADRs or shares will not be subject to any lock in unless such a lock in
       is applicable by law or is applicable to all shareholders of that kind.
       The ADRs or equity shares so issued shall rank pari passu with existing
       ADRs or shareholders and shall be entitled to pro rated dividend/benefits
       from the date of issue and shall enjoy rights/privileges that other
       shareholders enjoy in terms of voting rights etc.

10.7   Sify shall facilitate the sale of the ADRs and shares issued to
       Associates. Conditions relating to insider trading apply for the timing
       of sale by Associates. The ADRs issued by Sify on exercise of option by
       Associates shall be registered and saleable in the Nasdaq market.

10.8   All taxes that apply to the exercise, sale or realization of proceeds
       from ADRs and equity shares accrue to the Associate.

11.0 TRANSFER, MORTGAGE ETC

11.1   Options granted to Associates are not transferable. Options granted to
       Associates transmit to legal heirs on the death of the Associate. All
       rights and obligations of the Associate under the scheme shall accrue to
       the legal heirs of the Associate in the event of death of the Associate.

<PAGE>
Sify Limited                                    ASSOCIATE STOCK OPTION PLAN 2002
4 Apr 2003

11.2   Stock options granted under the ASOP scheme cannot be pledged, mortgaged,
       hypothecated or be subject in any way to a charge or a lien giving right
       to any party other than the Associate.

12.0 OTHERS:

12.1   The Board of Sify and the Compensation Committee have the rights to
       modify the policies and practices of ASOP 2002. However no such
       modification shall apply to a grant already made if that affects the
       benefit of the grant from the associate's point of view.

12.2   This scheme shall not form part of any contract of employment between
       SIFY and the associate. The rights and obligations of any individual
       under the contract of employment shall not be affected by his
       participation in this scheme or any right which he may have to
       participate in it.

12.3   Nothing in this scheme shall afford any associate any additional right(s)
       as to compensation or damages in consequence of the termination of such
       office or employment for any reason.

12.4   This scheme shall not confer any associate any legal or equitable right
       against Sify either directly or indirectly or give rise to any cause of
       action in law or equity against Sify.

12.5   This scheme is subject to all applicable laws, rules, regulations,
       guidelines and to such approvals from any governmental agencies as may be
       required. In case of any contradiction between the provisions of this
       Scheme and any provisions, rules, regulations, guidelines issued by any
       governmental agencies, the provisions of law shall override the
       provisions of this scheme.

12.6   The associates who are granted warrants ADS / Equity under the scheme
       shall comply with such requirements of law as may be necessary.

12.7   Sify does not guarantee any return on the equity investment made by
       associates as part of the scheme. Any loss due to fluctuations in the
       market price of the equity including the shortfall in the expectations or
       projections and the risks associated with the investment are that of the
       associate alone.

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