Escrow account requirement for open-market buy-back secures funds with conditions for release, bank guarantees, and possible forfeiture. Regulation 15B requires a company to create an escrow account before opening an open market buy back offer, depositing a prescribed portion of the buy back funds as cash or bank guarantee in favour of the merchant banker. Cash escrow must permit the merchant banker to instruct payments; bank guarantees must remain valid beyond offer closure and not be returned until obligations are complete. Partial bank guarantees require an additional minimum cash security. Escrow may be released for shareholder payments while maintaining a minimum balance; non compliance can trigger board directed forfeiture subject to limited exceptions, with forfeited sums payable to the Investor Protection and Education Fund.