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Terms and conditions for opening of Escrow Account

SCHEDULE 5 - Regulation - FEMA - 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 the following cases subject to the terms and conditions specified in this schedule. 1. By non-resident corporates for acquisition/ transfer of shares/ convertible debentures through open offers/ delisting/exit offers. a. Permitted Credits in the Escrow account are: i. Foreign Inward remittance through .....

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-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 through banking channels by the resident acquirer of shares who proposes to acquire from non-resident holders by way of transfer. b. Permitted debits in the Escrow account are: i. Remittance of consideration for issue/ transfer of shares directly into the bank account of the beneficiary (issuer in India o .....

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ed 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 required to be maintained beyond six months, specific permission from the Reserve Bank has to be sought. e. Notwithstanding what has been stated in paragraph d . above, in case of transfer of shares between a resident buyer and a non-resident seller or vice- versa, if so agreed between the buyer and the sel .....

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