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of <h1>Regulation 28 requires acquirers to deposit escrow funds for share acquisitions; non-compliance may lead to forfeiture.</h1> Regulation 28 of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 mandates that an acquirer must deposit a specified sum in an escrow account as security for fulfilling obligations related to acquiring shares or control over a listed company. The escrow amount is calculated based on the consideration payable under the public offer, with specific percentages outlined for different scenarios. The escrow can consist of cash, bank guarantees, or approved securities, and is managed by a merchant banker. If obligations are unmet, the escrow may be forfeited, and the funds distributed according to regulatory guidelines.
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