Elucidate the obligations of a merchant banker as per Regulation 20 of SEBI (Buy-back of Securities) Regulations, 1998.

Regulation 20 provides that the merchant banker should ensure that: the company is able to implement the offer; the provision relating to escrow account has been made; firm arrangements for monies for payment to fulfil the obligations under the offer are in place; the public announcement of buy-back is made and the letter of offer has been filed in terms of the Regulations; the merchant banker should furnish to SEBI, a due diligence certificate which should accompany the draft letter of offer; the merchant banker should ensure that the contents of the public announcement of offer as well as the letter of offer are true, fair and adequate and quoting the source wherever necessary; the merchant banker should ensure compliance of Section 77A and Section 77B of the Companies Act, and any other applicable laws or rules in this regard; upon fulfillment of all obligations by the company under the Regulations, the merchant banker should inform the bank with whom the escrow or special amount has been deposited to release the balance amount to the company and send a final report to SEBI in the specified form, within 15 days from the date of closure of the buy-back offer.