On 22-09-2022, the Securities and Exchange Board of India has issued circulars stating that InvITs/REITs may issue listed commercial papers subject to the following conditions:
- InvITs and REIT shall abide by the guidelines prescribed by Reserve Bank of India for issuances of commercial papers.
- InvITs and REIT shall abide by the conditions of listing norms prescribed by SEBI under SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021 and circulars issued thereunder.
- The issuance of listed CPs shall be within the overall debt limit permitted under SEBI (Infrastructure Investment Trusts) Regulations, 2014.
On 10-08-2022, the Reserve Bank of India issued Commercial Paper Directions providing InvITs and REIT having net worth of INR 100 Crore or higher are eligible to issue commercial paper.