Regulation 5(2A) - Terms and conditions for opening of Escrow Account and Special Account by non-resident corporates for open offers/delisting/exit offers

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..... crow Account and Special Account by non-resident corporates for open offers/delisting/exit offers 1. Acquisition/Transfer of shares shall be strictly in accordance with the provisions of Notification No. FEMA 20/2000-RB dated 3rd May, 2000 as amended from time to time and Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeover) Regulations, 1997 [SEBI (SAST) Regulati .....

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..... applicable and with the specific approval of the Authorised Dealer with whom the account is opened. 6. No fund based/non-fund based facilities shall be permitted against the balance in the accounts. 7. Requirement of compliance with KYC guidelines issued by the Reserve Bank shall rest with the Authorised Dealer. 8. Balance in the Escrow Account, if any, may be repatriated at the then prevailing e .....

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