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of <h1>SEBI Regulation 20 Limits InvIT Borrowings to 70% of Assets with Tiered Requirements for Debt Issuance</h1> Regulation 20 of SEBI's Infrastructure Investment Trusts Regulations governs borrowings by InvITs. Listed InvITs may issue debt securities that must be listed on recognized exchanges. Consolidated borrowings of InvIT, holdco, and SPVs, net of cash equivalents, cannot exceed 70% of InvIT assets. For borrowings exceeding 25%, specific requirements apply: borrowings up to 49% require credit rating and unitholder approval, while borrowings between 49-70% require 'AAA' rating, infrastructure-focused utilization, track record of six continuous distributions, and special unitholder approval. Overnight mutual funds are considered cash equivalents. Any breach due to market movements must be rectified within six months.
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