SEBI in exercise of the powers conferred by Section 30 read with Sections 11 and 12 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), made the following regulations, w.e.f. 15th December, 2017, to further amend the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014.<\/p>\n
In the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014,<\/p>\n
1. In clause (zza) of sub-regulation (1) of Regulation 2, the words \u201cwho together invest\u201d shall be substituted with the words and symbol \u201cwho invest, either jointly or severally,\u201d; and the symbol and words \u201c, subject to the compliance with the applicable provisions, if any, of the Foreign Exchange Management Act, 1999 and the rules or regulations or guidelines made thereunder\u201d shall be inserted after the words \u201cfrom time to time\u201d and before the symbol \u201c;\u201d.<\/p>\n
2. In clause (zzf) of sub-regulation (1) of Regulation (2), the definition of the term \u201cvaluer\u201d shall be substituted with the following, namely,<\/p>\n
\u201c(zzf) \u201cvaluer\u201d means any person who is a \u201cregistered valuer\u201d under section 247 of the Companies Act, 2013 or as specified by the Board from time to time.\u201d<\/p>\n
3. In clauses (l) and (m) of sub-regulation (2) of Regulation 4, the words \u201capplicant or any related party\u201d shall be substituted with the words \u201cInvIT or the parties to the InvIT or their directors\/members of governing board\u201d.<\/p>\n
4. In Regulation 14, in the non-obstante clause under clause (c) of sub-regulation (2), the words and symbols \u201c, in completed and revenue generating assets,\u201d shall be inserted after the words \u201c InvIT assets\u201d and before the words \u201cthe minimum investment\u201d.<\/p>\n
5. In Regulation 14, in sub-regulation (4), the word \u201cInvITs\u201d appearing after the words \u201cpublic issue\u201d shall stand omitted.<\/p>\n
6. In Regulation 14, in sub-regulation (4), in the proviso under sub-clause (i) of clause (v), the words and symbol \u201c, compulsorily convertible securities (from the date such securities are fully paid-up)\u201d shall be inserted after the words \u201cequity shares\u201d and before the words \u201cor partnership interest\u201d.<\/p>\n
7. In Regulation 14, in sub-regulation (4), in the proviso under sub-clause (i) of clause (v), after the existing proviso, a new proviso shall be inserted, namely \u2013<\/p>\n
\u201cProvided further that the compulsorily convertible securities, whose holding period has been included for the purpose of calculation for offer for sale, shall be converted to equity shares of the holdco or SPV, prior to filing of offer document.\u201d<\/p>\n
8. In the non-obstante clause under clause (b) of sub-regulation (8) of Regulation 16, the words and symbol \u201cin completed and revenue generating assets,\u201d shall be inserted after the words and symbol \u201cInvIT assets,\u201d and before the words \u201cthe trading lot\u201d.<\/p>\n
9. In Regulation 20, the following new sub-regulation shall be inserted as sub-regulation (1), namely,<\/p>\n
\u201c(1) An InvIT, whose units are listed on a recognized stock exchange, may issue debt securities in the manner specified by the Board:<\/p>\n
Provided that such debt securities shall be listed on recognized stock exchange(s).\u201d<\/p>\n
10. In Regulation 20, the existing sub-regulations shall be re-numbered accordingly.<\/p>\n
11. The existing sub-regulation (10) of Regulation 21 shall be omitted.<\/p>\n
12. In sub-clause (f) of clause 6 of Schedule I, the words \u201cInvestment Manager\u201d shall be substituted with the words \u201cProject manager\u201d.<\/p>\n
13. In clause 4 of Schedule II, the word \u201cdraft\u201d appearing before the words \u201cplacement memorandum\u201d shall stand deleted.<\/p>\n
14. In clause 14 of Schedule IV pertaining to Mandatory Disclosures in the Annual Report, the existing clause shall be numbered as sub-clause (1) and thereafter the following new sub-clause shall be inserted:<\/p>\n
\u201c2. Details regarding the monies lent by the InvIT to the holding company or the special purpose vehicle in which it has investment in.\u201d<\/p>\n
Footnote:<\/strong><\/p>\n 1. The Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014 was published in the Gazette of India on September 26, 2014 vide No. LAD-NRO\/GN\/2014-15\/10\/1577.<\/p>\n 2. The Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014 was subsequently amended by the Securities and Exchange Board of India (Infrastructure Investment Trusts)(Amendment) Regulations, 2016, vide No. SEBI\/LAD\/NRO\/GN\/2016-17\/021, with effect from November 30, 2016.<\/p>\n [Notification No. SEBI\/LAD-NRO\/GN\/2017-18\/024]<\/p>\n Ministry of Finance<\/p>\n","protected":false},"excerpt":{"rendered":" SEBI in exercise of the powers conferred by Section 30 read with Sections 11 and 12 of the Securities and Exchange Board <\/p>\n","protected":false},"author":91,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[14,4],"tags":[],"class_list":["post-193817","post","type-post","status-publish","format-standard","hentry","category-foreign","category-legislationupdates"],"yoast_head":"\n