Section 19 in Securities and Exchange Board of India (Issue and Listing of Municipal Debt Securities) Regulations, 2015
19. [ Creation of Escrow Accounts. [Substituted by Notification No. SEBI/LAD-NRO/GN/2019/40, dated 27.9.2019 (w.e.f. 15.7.2015).]
- The issuer shall create a structured payment mechanism and maintain specific escrow accounts for the purpose of debt servicing of the municipal debt securities as specified by the Board from time to time.]
