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of <h1>Regulation 17D: Guidelines for Issuing and Reclassifying Subordinate Units to Ordinary Units with Performance Benchmarks and Time Limits.</h1> Regulation 17D of the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014, outlines the framework for the issuance and reclassification of subordinate units to ordinary units. It mandates that the entitlement date, event, and performance benchmarks be clearly defined in the Term Sheet. The performance benchmark must be objective and based on audited financials. A minimum three-year period is required before reclassification, with possible extensions under specific conditions. Extensions are limited to one year at a time, up to two times, and require unitholder approval, with full disclosure of reasons and impacts.
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