TaxTMI 
TaxTMI 
Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016
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..... in clause (b),- (a) for the word "includes", the words and symbols "means "associate company" as defined under the Companies Act, 2013 or under the applicable accounting standards and shall also include" shall be substituted; (b) the sub-clauses (v) to (viii) shall be omitted; ii. after clause (m), the following clause shall be inserted, namely,- "(ma) "debt securities" shall be as defined under Regulation 2(1)(e) of the Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008;" iii. in clause (o), in sub-clause (i),- (a) in sub-sub-clause (1),- (i) after the word "is", the word "a" shall be inserted; (ii) after the word "generating", the word "project" shall be inserted; (b) after sub-sub-clause (1), the following shall be inserted, namely,- "(1a) the Infrastructure Project, which has achieved commercial operations date and does not have the track record of revenue from operations for a period of not less than one year, or" iv. existing clause (q) shall be omitted; v. after clause (r), the following shall be inserted, namely,- "(ra) "general purposes" include s....
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....y an InvIT to any select person or group of persons and does not include an offer of units made through a public issue; (zob) "project implementation agreement" or "project management agreement" means an agreement between the project manager, the concessionaire SPV and the trustee which sets out obligations of the project manager with respect to execution of the project: Provided that in case of PPP projects, such obligations shall be in addition to the responsibilities as under the concession agreement or any such agreement entered into with the concessioning authority;" xv. in clause (zp), after the words "achieving execution", the word and symbol "/ management" shall be inserted; xvi. in clause (zr),- (a) the words "publicly offered" shall be omitted; (b) after the word "initial" and before the word "offer", the word "public" shall be inserted; xvii. in clause (zv),- (a) for the words "related parties of the InvIT", the words "related party" shall be substituted; (b) after the word "shall", the words and symbol "be defined under the Companies Act, 2013 or under the applicable accounting standards and shall also" shal....
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....uers Association of India; (v) Centre for Valuation Studies, Research and Training; (vi) Royal Institution of Chartered Surveyors, UK; (vii) American Society of Appraisers, United States; (viii) Appraisal Institute, United States; (ix) Institute of Engineers; (x) Council of Architecture or the Indian Institute of Architects: Provided that, the persons referred to in sub-sub-clause (i) and qualified person referred to in sub-sub-clause (ii) of sub-clause (a) above, shall have not less than five years continuous experience after acquiring membership of respective institutions: Provided further that, persons referred to in sub-sub-clauses (i) to (x) of sub-clause (b) above, shall have a minimum working experience of five years in relevant areas of valuation practice and in relation to relevant asset value and categories; and be citizens of India." xxi. in clause (zzg),- (a) for the words "value of the InvIT", the words "value of InvIT assets" shall be substituted; (b) after the word "through", the words and symbol "holdco and/or" shall be inserted; (c) after the word "SPV", the words ....
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....n 10,- (i) in sub-regulation (2), (a) for the words "revenue streams from the projects", the words "compliance with these regulations" shall be substituted; (b) after the words "and the", the words and symbol "project implementation agreement/" shall be inserted; (ii) in sub-regulation (3), after the words "InvIT or" wherever appearing, the words "holdco or" shall be inserted; (iii) in sub-regulation (7), in the second Proviso, before the words "SPV" wherever appearing, the words "holdco or" shall be inserted; (iv) in sub-regulation (9), (a) after the words "investment manager", the words and symbol "and the merchant banker(s)" shall be inserted; (b) in clause b., for the words "the draft and final", the word "of the" shall be substituted; (c) in clause d., after the word "approval", the words "and final listing and trading approvals" shall be inserted; (v) in sub-regulation (10), after the words and symbol "investment manager", the words "and the merchant bankers(s)," shall be inserted; (vi) in sub-regulation (12), for the word "auditor", the words and symbols "practicing chartered accountant or the valuer, as applicab....
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.... assets through SPV(s)" shall be inserted; (iii) in clause (ii), for the words "twenty five", the words "fifteen" shall be substituted; (iv) in sub-clause (iv), after the word "fifty", the word "one" shall be inserted; (iii) in sub-regulation (4), for the words "twenty five", the words "fifteen" shall be substituted; (8) In regulation 13,- i. in sub-regulation (1), in clause (j), after the words "any assignment", the words and symbol "from any related party of the InvIT," shall be inserted; ii. in sub-regulation (2), in clause (d), after the words "InvIT or", the words "holdco or" shall be inserted; (9) In regulation 14,- (i) in sub-regulation (1),- (a) in clause (b),- (1) for the word "ruppes", the word "rupees" shall be substituted; (2) in the Explanation, after the words "assets or", the words "holdco or" shall be inserted; (b) in the proviso,- (1) for the words "with after initial offer or first offer of units under private placement", the words and symbol "at any point of time before allotment of units in accordance with offer document/placement memorandum" shall be substituted; (2) after the words a....
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....ly placed InvIT invests or proposes to invest not less than eighty per cent of the value of the InvIT assets, the minimum investment from an investor shall be rupees twenty five crore;" (d) after clause (d), the following shall be inserted, namely,- "(e) shall file a placement memorandum with the Board alongwith the fee as specified in Schedule II, atleast 5 days prior to opening of the issue: Provided that such opening of the issue shall not be at a date later than 3 months from the receipt of in-principle approval for listing, from exchange(s)." (iv) sub-regulation (3), shall be omitted; (v) in sub- regulation (4),- (a) for the words "With respect to", the words "If the InvIT raises funds by public issue", shall be substituted; (b) the words "that hold not less than eighty per cent. of its assets in completed and revenue generating infrastructure projects", shall be omitted; (c) for clause (a), the following shall be substituted,- "(a) it shall be by way of initial public offer;" (d) in clause (b), after the word "initial" and before the word "offer", the word "public" shall be inserted; (e) cl....
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....ed; (5) after the words "the date of", the word "last" shall be omitted (6) the words and symbol ",if any and if no observations have been issued by the Board, within six months from the date of filing of final offer document with the designated stock exchanges" shall be omitted; (7) in the proviso,- (i) after the word "initial" and before the word "offer", the word "public" shall be inserted; (ii) after the words "follow-on offer", the words "or rights issue" shall be inserted; (iii) after the word "fresh" and before the word "offer", the word "draft" shall be inserted; (m) in clause (o), after the word "initial" and before the word "offer", the word "public" shall be inserted; (n) in clause (t),- (1) in sub-clause (i),- (i) for the words "seventy five", the words "ninety", shall be substituted; (ii) after the words "of the" and before the word "issue size", the word "fresh" shall be inserted; (iii) after the words "in the" and before the word "offer document", the word "final" shall be omitted; (2) in sub-clause (ii), (i) after the words "specified in the"....
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....n eighty per cent of the value of the InvIT assets, the trading lot for the purpose of trading of units on the designated stock exchange of such InvIT shall be rupees two crore;"; (v) in sub-regulation (9), in clause (a) and the proviso, after the word "initial" wherever appearing, the word "public" shall be inserted; (12) In regulation 17, in sub-regulation (1), in clause (b), after the words and symbol "sub-regulation (7)", the words "of regulation 16" shall be inserted; (13) In regulation 18,- (i) in sub-regulation (1), after the words "be in", the words and symbol "holdco and/ or" shall be inserted; (ii) in sub-regulation (2), after the words "projects through", the words and symbol "holdco and/ or" shall be inserted; (iii) in sub-regulation (3),- (a) in clause (b),- (1) after the word "company", the words and symbol "/LLP" shall be inserted; (2) for the words "not less than one authorized representative on", the words "majority of" shall be inserted; (3) after the word "SPVs", the words "as applicable", shall be inserted; (iv) after sub-regulation (3), the following shall be inserted, namely,- "(3A) The InvIT may inve....
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....IT", the word "InvIt assets" shall be substituted; (4) in sub-clause (ii), after the words "debt of the", for the word "SPV", the words and symbol "holdco and/ or SPV(s)" shall be substituted; (vii) after sub-regulation (5), following shall be inserted, namely,- "(5A) The investment conditions as specified at sub-regulation (4) and (5) of regulation 18 and sub -regulation shall be complied at the time of Offer document/placement memorandum and therafter." (viii) in sub-regulation (6),- (a) after the words "and the", the words and symbol "holdco and/or", shall be inserted; (b) in clause (a), after the words "to the InvIT", the words and symbol "/holdco" shall be inserted; (c) after clause (b), the following shall be inserted, namely,- "(ba) with regard to distribution of net distributable cash flows by the holdco to the InvIT, the following shall be complied: (i) with respect to the cash flows received by the holdco from underlying SPVs, 100% of such cash flows received by the holdco shall be distributed to the InvIT; and (ii) with respect to the cash flows generated by the holdco on its own, not less than....
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....e (b), in sub-clause (ii), for the words "not be less than one and a half times", the words "be more than" shall be substituted; (ii) in sub-regulation (4),- (a) in clause (d), for the words "initial offer by a publicly offered InvIT", the words "initial public offer by an InvIT" shall be substituted; (b) after clause (g), for the words "not be less than one and half times", the words "be more than" shall be substituted; (iii) in sub-regulation (5), in clause (f), after clause (vi), for the word "three", the words "one and a half", shall be substituted; (18) In regulation 23, in sub-regulation (6),- i. in clause (a), after the words "or through", the words "holdco or", shall be inserted; ii. in clause (b), after the words "level of", the words "holdco or", shall be inserted; (19) In regulation 25, in sub-regulation (1), after the words "InvIT or", the words and symbols "holdco or SPV(s)", shall be inserted; (20) In regulation 27, after the words "regarding to activity of the InvIT", the words "or holdco or SPV or parties to the InvIT", shall be inserted; (21) In regulation 29, in sub-regulation (3),- i. after the words "InvIT or", shall ....
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...., shall be inserted; (ii) in paragraph 6,- (a) in clause a, for the word "SPV" wherever appearing, the words and symbols "holdco or the SPV(s)", shall be substituted; (b) in clause b, in sub-clause (viii), for the words "since COD of the project till date", the words "from the date of the latest financial statements included in the offer document or placement memorandum until the completed month before filing of the Draft offer document/offer document or Placement Memorandum", shall be substituted; (iii) in paragraph 9, in clause b, for the words "undertaken prior to the offer", the words "which are undertaken in the last three financial years and current financial year", shall be substituted; (iv) in paragraph 11, in clause f, for the words "as on date", the words "as on the date of the latest financial information disclosed in the offer document/ placement memorandum", shall be substituted; (v) in paragraph 13, in clause c, for the words "whether completed or pending, against the InvIT, sponsor(s), Investment Manager, Trustee, or any of their associates", the words "which are pending, against the InvIT, sponsor(s), Investment Manager, Project Manager....