Securities And Exchange Board Of India - Subsection
Section 10(4) in Securities And Exchange Board Of India (Buy Back Of Securities) Regulations, 1998
(4)Where the escrow account consists of deposit with a scheduled commercial bank, the company shall, while opening the account, empower the merchant banker to instruct the bank to issue a banker's cheque or demand draft for the amount lying to the credit of the escrow account, as provided in the regulations.
