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<h1>Regulation 21 mandates escrow account for acquirers to deposit cash in open offers; unclaimed funds go to Investor Fund.</h1> Regulation 21 of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, mandates that an acquirer must open a special escrow account with a registered banker to deposit the entire cash consideration due to shareholders in an open offer. The manager to the offer is authorized to operate this account. The acquirer must complete the payment, either in cash or securities, within ten working days after the tendering period ends. Any unclaimed balances after seven years must be transferred to the Investor Protection and Education Fund as per SEBI regulations.