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of <h1>SEBI Updates NDCF Framework for InvITs: Mandates 90% Distribution, Details Inclusions and Exclusions, Effective April 2024.</h1> The circular issued by the Securities and Exchange Board of India (SEBI) revises the framework for calculating Net Distributable Cash Flow (NDCF) for Infrastructure Investment Trusts (InvITs) and their holding companies or special purpose vehicles (SPVs). The new framework, effective from April 1, 2024, mandates a minimum distribution of 90% of NDCF at both the Trust and HoldCo/SPV levels, aligning with the Companies Act, 2013, and the Limited Liability Partnership Act, 2008. The framework outlines specific inclusions and exclusions in NDCF computation, such as operating cash flows, treasury income, and proceeds from asset sales, while excluding finance costs and debt repayments. The circular also details rules for surplus cash distribution and restrictions on using external debt for cash flow distributions.
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