Escrow account for open market buy-back through stock exchange

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....ject to ^6[the] margin as specified by the Board,] in the form of,- a) cash deposited with any scheduled commercial bank; or b) bank guarantee issued in favour of the merchant banker by any scheduled commercial bank. ^2A[(c) deposit of frequently traded and freely transferable equity shares or other freely transferable securities with appropriate margin with the merchant banker; or (d) government securities; or (e) units of mutual funds invested in gilt funds and overnight schemes; or (f) a combination of the above.] Explanation: The cash component of the escrow account may be maintained in terms of Explanation to clause (c) of sub-regulation (xi) of regulation 9. (iii) ....

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....resolution, as the case may be, remaining in the escrow account at all points of time. (vii) On fulfilling the obligation specified in regulation 15, the amount and the guarantee remaining in the escrow account, if any, shall be released to the company. (viii) In the event of non-compliance with regulation 15, the Board may direct the merchant banker to forfeit the escrow account, subject to a maximum of 2.5 per cent of the amount earmarked for buy-back as specified in the resolution of the board of directors or the special resolution, as the case may be, except in cases where,- a) volume weighted average market price (VWAMP) of the shares or other specified securities of the company during the buy-back period ^11[is] hi....

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....te before it was read as, "thirty days" 4. Substituted vide Notification No. SEBI/LAD-NRO/GN/2023/120 dated 07-02-2023, w.e.f. thirtieth day from the date of their publication in the Official Gazette before it was read as,  "of a bank guarantee"  5.  Substituted vide F. No. SEBI/LAD-NRO/GN/2026/306 dated 01-07-2026 w.e.f. 01-08-2026 before it was read as, "may" 6.  Substituted vide F. No. SEBI/LAD-NRO/GN/2026/306 dated 01-07-2026 w.e.f. 01-08-2026 before it was read as, "appropriate" 7.  Substituted vide F. No. SEBI/LAD-NRO/GN/2026/306 dated 01-07-2026 w.e.f. 01-08-2026 before it was read as, "as" 8.  Substituted vide F.&nbs....