TaxTMI 
TaxTMI 
Eligibility criteria
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.... undertaking activity of InvIT in accordance with these regulations and includes responsibilities of the trustee in accordance with regulation 9; (c) persons have been designated as sponsor(s), investment manager and trustee under these regulations and all such persons are separate entities; (d) with regard to sponsor(s),- (i) ^3[each sponsor ^15[and sponsor group] shall be clearly identified in the application of registration to the Board and in the offer document/ placement memorandum, as applicable]; ^16[Provided that, for each sponsor group not less than one person shall be identified as a sponsor: Provided further that of the entities categorized as sponsor group, only the following entities....
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.... ^14[(ii) the investment manager has not less than five years of experience in fund management or advisory services or development in the infrastructure sector or the combined experience of the directors/partners/employees of the investment manager in fund management or advisory services or development in the infrastructure sector is not less than 30 years: Provided that for computing the combined experience, only the experience of the directors/partners/employees with more than 5 years of experience in fund management or advisory services or development in the infrastructure sector shall be considered.] (iii) the investment manager has not less than two employees who have at least five years experience each, in fund mana....
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....10; (f) ^6[ the project manager has been identified and shall be appointed in terms of the project implementation/ management agreement: Provided that the project implementation agreement/ management agreement shall be submitted along with the draft offer document/ or the placement memorandum; (g) with regard to the trustee,- (i) the trustee is registered with the Board under Securities and Exchange Board of India (Debenture Trustees) Regulations, 1993 and is not an associate of the sponsor(s) or ^7[investment] manager; and (ii) the trustee has such wherewithal with respect to infrastructure, personnel, etc. to the satisfaction of the Board and in accordance with circulars or guidelines as may be....
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....r any disciplinary action has been taken by the Board or any other regulatory authority against the ^13[InvIT or the parties to the InvIT or their directors/members of governing board] under any Act or the regulations or circulars or guidelines made thereunder. ************** NOTES:- 1 Substituted ibid for the words "an applicant". 2 Substituted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016. Prior to the substitution it read as the applicant is 'a' trust and the instrument of trust is in the form of a deed duly registered in India under the provisions of the Registration Act, 1908; 3 Substituted by Securities and Exchange Board o....
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....endment) Regulations, 2016, w.e.f 30.11.2016. Prior to the substitution it read as no unit holder of the InvIT enjoys preferential voting or any other rights over another unit holder; 9 Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016. 10 Omitted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016. Prior to the substitution it read as here shall not be multiple classes of units of InvITs; 11 Substituted for the words "applicant, sponsor(s), investment manager, project manager(s) and trusts" by the Securities and Exchange Board of India (Infrastructure Investment Trust....