Guidelines for setting up an Infrastructure Debt Fund for the purpose of exemption under clause (47) of section 10.

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....tions; or (b) toll-operate-transfer projects as the direct lender. (3) The Infrastructure Debt Fund shall,- (i) issue rupee denominated bonds or foreign currency bonds in accordance with the directions of Reserve Bank of India and the relevant regulations under the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000, as amended from time to time; (ii) issue zero coupon bonds in accordance with rule 8B; or (iii) raise funds through loan route under external commercial borrowings. (4) The terms and conditions of, ─ (a) a bond issued by the Infrastructure Debt Fund,- (i) under clause (i) of sub-rule (3) shall be i....

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.... conditions provided in this rule or directions of the Reserve Bank of India, all provisions of the Act shall apply as if it is not an Infrastructure Debt Fund referred to in clause (47) of section 10 of the Act. Explanation. - For the purpose of this rule,- (i) "^8[associated] enterprise" shall have the same meaning as assigned to it in section 92A of the Act; (ii) "concern" shall have the same meaning as in clause (a) of Explanation 3 of sub-section (22) of section 2 of the Act; (iii) "concessionaire", "tripartite agreement" and "project authority" respectively shall have the same meaning as assigned to them in the Infrastructure Debt Fund-Non-Banking Financial Company (Reserve Bank) Directions, 2011; ....

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....viii) "specified shareholder" means a non-banking financial company, or a bank, or any other person holding, directly or indirectly, shares carrying not less than thirty per cent of the voting power in Infrastructure Debt Fund.]]       ************** NOTES:- 1. Inserted vide Notification No. 16/2012 dated 30-04-2012 2. Substituted vide Notification No. 84/2015 dated 20-10-2015 w.e.f.14-05-2015 before it was read as, "(1) The Infrastructure Debt Fund shall be set up as a Non-Banking Financial Company conforming to and satisfying the conditions provided by the Reserve Bank of India in the Infrastructure-Development Fund - Non-Banking Financial Companies (Reserve Bank) Directions, 2011, v....

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....k of India and the regulations referred to in sub-rule (3)." 5.  Substituted vide Notification No. 13/2025 dated 07-02-2025 before it was read as,  "^2[(1) The Infrastructure Debt Fund shall be set up as a Non-Banking Financial Company conforming to and satisfying the conditions provided by the Reserve Bank of India in the Infrastructure-Debt Fund - Non-Banking Financial Companies (Reserve Bank) Directions, 2011, vide notification No, DNBS 233/CGM (US)-2011, dated the 21st November 2011 as amended vide Notification No. DNBR 020/CGM (CDS) 2015, dated the 14^th May, 2015, (2) The funds of the Infrastructure Debt Fund shall be invested only in Post Commencement Operation Date Infrastructure Projects which....