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of <h1>Non-resident companies can open Escrow and Special Accounts for share transactions without RBI approval. Aligns with SEBI rules.</h1> Non-resident corporates can now open Escrow and Special Accounts for acquiring or transferring shares or convertible debentures through open offers, delisting, or exit offers without prior Reserve Bank approval. This change aims to provide operational flexibility and is in line with SEBI regulations and the Companies Act, 1956. Authorized Dealer Category-I banks are permitted to facilitate these accounts, subject to compliance with relevant regulations. Amendments to the Foreign Exchange Management (Deposit) Regulations, 2000, are forthcoming. Banks should inform their clients of these updates, issued under the Foreign Exchange Management Act, 1999.
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