Regulation 5(2B) - Terms and conditions for opening of Escrow Account

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....India as Escrow agent. The Escrow account may be opened jointly and severally. Further, securities kept/linked with such Escrow accounts may be linked with demat account maintained with SEBI authorised Depository Participants as Escrow agents. 2. The account shall be non-interest bearing. 3. No fund or non-fund based facilities would be permitted against the balances in the Escrow account. 4. P....

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....e Escrow account is opened should be compliant with extant FEMA provisions. Further, for the purposes of FDI reporting, date of transfer of funds into the bank account of the issuer or transferor of shares, shall be the relevant date of remittance. 7. Where the transaction is governed by SEBI guidelines/regulations, operation of the Escrow accounts shall also be in accordance with the relevant SE....