Escrow account access for non-resident acquirers permitted without prior RBI approval, subject to SEBI and schedule conditions. Non-resident acquirers may open, hold and maintain Escrow Account and Special Account with Authorised Dealers in India without prior RBI approval for acquisition/transfer of shares or convertible debentures through open offers, delisting or exit offers, subject to Schedule 8 terms and compliance with SEBI (including SAST) Regulations and applicable Companies Act provisions. Schedule 8 requires non interest bearing rupee accounts, permitted credits/debits as per SEBI regulations, authorised resident operation with AD approval, no bank facilities against balances, KYC compliance by the AD, repatriation rules and immediate closure upon completion.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Escrow account access for non-resident acquirers permitted without prior RBI approval, subject to SEBI and schedule conditions.
Non-resident acquirers may open, hold and maintain Escrow Account and Special Account with Authorised Dealers in India without prior RBI approval for acquisition/transfer of shares or convertible debentures through open offers, delisting or exit offers, subject to Schedule 8 terms and compliance with SEBI (including SAST) Regulations and applicable Companies Act provisions. Schedule 8 requires non interest bearing rupee accounts, permitted credits/debits as per SEBI regulations, authorised resident operation with AD approval, no bank facilities against balances, KYC compliance by the AD, repatriation rules and immediate closure upon completion.
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