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<h1>SEBI's 2023 Amendment for InvITs: New Definitions, Self-Sponsored Managers, and Improved Governance Rules Underway.</h1> The Securities and Exchange Board of India (SEBI) has issued the Second Amendment Regulations, 2023, for Infrastructure Investment Trusts (InvITs). Key changes include redefining 'group entities' and 'sponsor groups,' introducing the concept of 'Self-Sponsored Investment Manager,' and modifying sponsor and sponsor group unit holding requirements. The amendments specify minimum unit holding percentages over various timeframes and conditions for converting to a Self-Sponsored Investment Manager. The regulations also introduce a stewardship code for significant unitholders and outline conditions for sponsors disassociating from InvITs. These changes aim to enhance governance and operational transparency within InvITs.