Digvijay Laxmansinh Gaekwad, a Florida-based investor, is required to appoint a merchant banker to comply with Sebi’s takeover rules before making an acquisition offer for Religare Enterprises. Gaekwad has offered Rs 275 per share, a 17% premium over the Burmans’ Rs 235 offer. Approval from RBI is required for him to open an escrow account.