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Terms and conditions for opening of Escrow Account

SCHEDULE 5 - Regulation - Foreign Exchange Management (Deposit) Regulations, 2016 - SCHEDULE 5 - SCHEDULE 5 (See Regulation 5(5)) An Escrow account in INR can be opened jointly and severally with an Authorised Dealer in India as an Escrow Agent in th .....

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account are: i. Foreign Inward remittance through banking channels b. Permitted debits in the Escrow account are: i. As per SEBI (SAST) Regulations or any other regulations issued by the Security Exchange Board of India (SEBI). c. The resident manda .....

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uirements as outlined above. 2. By resident and non-resident acquirers for acquisition/ transfer of shares a. Permitted Credits in the Escrow account are: i. Foreign Inward remittance through banking channels; ii. Receipt of rupee consideration throu .....

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bank account of the beneficiary (issuer in India or transferor of s hares in India or abroad); ii. Remittance of consideration for refund to the initial remitter of funds in case of failure/ non-materialisation of FDI transaction for which the Escro .....

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od of six months only and the account shall be closed immediately after completing the requirements as outlined above or on completion of six months from the date of opening of such account, whichever is earlier. In case the Escrow account is require .....

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- versa, if so agreed between the buyer and the seller, an escrow arrangement may be made between t he buyer and the seller for an amount not more than twenty five per cent of the total conside ration for a period not exceeding eighteen months from t .....

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Security Exchange Board of India (Substantial Acquisition of Shares and Takeover) Regulations, 1997 [SEBI (SAST) Regulations] or any other regulations issued by the SEBI. 4. The Escrow account shall be non-interest bearing. 5. No fund or non-fund ba .....

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