TaxTMI 
TaxTMI 
Rights and responsibilities of sponsor(s) and sponsor group(s)
X X X X Extracts X X X X
X X X X Extracts X X X X
.... offer document or placement memorandum, prior to allotment of units of the InvIT: Provided that this shall not apply to the extent of any mandatory holding of shares or interest ^3[and rights] in the ^4[holdco and/ or] SPV by the sponsor(s) ^15[and sponsor group(s)] as per any Act or regulations or circulars or guidelines of government or any regulatory authority or concession agreement. ^16[(3) The sponsor(s) and sponsor group(s) shall, at all times, collectively hold not less than fifteen percent of the total outstanding units of the InvIT, for three years from the date of listing of units in the initial offer, subject to the following: a) sponsor(s) and sponsor group(s) would be responsible for all acts, omissions, repres....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... (i) the sponsor may continue to maintain such holding at the SPV level; (ii) the consolidated value of all such holdings at the SPV level and the value of the units of InvIT held by the sponsor shall not be less than the value of ^10[fifteen] per cent. of the total units of the InvIT after initial issue of units on a post-issue basis; (iii) such units of the InvIT and shares or interest in the SPV shall be held for a period of not less than three years from the date of the listing of units of the InvIT; (iv) in case such holding of sponsor in the SPV results in the InvIT not having controlling interest and not having more than fifty ^11[one] per cent. shareholding or interest in the SPV, the sponsor shall ent....
X X X X Extracts X X X X
X X X X Extracts X X X X
....et asset value of the of the InvIT: Provided further that an assessment of compliance of requirements under clauses (i) to (iv) of this sub-regulation shall be done at the time of each fresh issuance of units and at the beginning of change in threshold of the percentage for minimum unitholding requirement as specified in this sub-regulation: Provided further that for InvITs that have already issued units pursuant to an initial offer as on the date of coming into effect of the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Second Amendment) Regulations, 2023, the provisions contained in sub-regulation (3) and (3A) of this regulation shall be applicable only for the additional units issued by the ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....nsors, the locked in units held by a sponsor or its sponsor group entities can be transferred only amongst such sponsor or its own sponsor group entities and shall not be transferred to any other sponsor or their sponsor group entities. Provided further that in case of change in sponsor, locked-in units held by the outgoing sponsor or its sponsor group entities may be transferred to the incoming sponsor or its sponsor group entities subject to the condition that the incoming sponsor or its group entities shall meet the minimum unitholding requirements after the transfer: Provided also that in case of conversion to self-sponsored investment manager, locked-in units held by the outgoing sponsor or its sponsor group entities may be trans....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ecurities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016 8 Inserted Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016 9 Inserted Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016 10 Substituted "twenty five" by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016 11 Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016 12 Substituted "twenty five" by Securities....