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This Circular permits, banks to open and maintain, without prior approval of the Reserve Bank, non-interest bearing Escrow accounts in Indian Rupees in India on behalf of residents and/or non-residents, towards payment of share purchase consideration and/or provide Escrow facilities for keeping securities to facilitate FDI transactions. Similarly, permission has been granted to SEBI authorised Depository Participants, to open and maintain, without prior approval of the Reserve Bank, Escrow accounts for securities.
These facilities will be applicable for both issue of fresh shares to the non- residents as well as transfer of shares from/to the non-residents and is subject to the terms and conditions given in the Annex to this Circular.
