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of <h1>Regulation 17 mandates escrow accounts for open offers, detailing funding percentages and conditions for release or forfeiture.</h1> Regulation 17 of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, mandates that an acquirer must create an escrow account as security for obligations in an open offer. The account must be funded with specified percentages of the offer consideration, with different requirements for direct and indirect acquisitions. The escrow can be in cash, bank guarantees, or securities, with specific rules for each form. The account is managed by the offer manager, who ensures compliance and can release or forfeit funds based on the fulfillment of obligations. The regulation outlines conditions for the release or forfeiture of escrow funds.
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