TaxTMI 
TaxTMI 
Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2019
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....Regulations, 2014, namely,- 1. These regulations may be called the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2019. 2. They shall come into force on the date of their publication in the Official Gazette. 3. In the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014, - I. in regulation 14, in sub-regulation (4), in clause (c), the word "ten" shall be substituted with the word "one". II. in regulation 16, in sub-regulation (9), in clause (b), the words "be five lakh rupees" shall be substituted with the words and figure "consist of 100 units". III. in regulation 17, - a. in sub-regulation (1), - ....
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.... (ii) seek approval of unitholders in the manner as specified in Regulation 22. b) above forty nine percent, an InvIT shall - (i) obtain a credit rating of "AAA" or equivalent for its consolidated borrowing and the proposed borrowing, from a credit rating agency registered with the Board; (ii) utilize the funds only for acquisition or development of infrastructure projects; (iii) have a track record of atleast six distributions, in terms of sub-regulation (6) of regulation 18, on a continuous basis, post listing, in the years preceding the financial year in which the enhanced borrowings are proposed to be made; (iv) obtain the approval of unitholders in the manner specified in sub-....
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....venty five per cent. of the unit holders by value shall be obtained. (5B) For delisting of units of InvIT in terms of clause (ea) of sub-regulation (1) of regulation 17, approval from not less than ninety per cent. of the unit holders by value shall be required and exit shall be provided to dissenting unitholders." VII. in regulation 23, - a. in sub-regulation (4) - i. the words "the every" appearing after the words "the end of" and before the words "half year ending" shall be omitted. ii. the word and number "March 31st and" shall be omitted. iii. the following new proviso shall be inserted, namely, - "Provided that for any InvIT, whose units are listed and whose consolidated borrowi....
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....tion 21; (g) sub-clause (iv) of clause (f) of sub-regulation (5) of regulation 22; (h) regulation 23; (i) sub-regulation (15) of regulation 9 in respect of obtaining prior approval of the Board for any change in the investment manager; (j) sub-regulation (17) of regulation 9 in respect of obtaining prior approval of the Board in case of change in control of the investment manager. 26B. Raising of funds and investments (1) An InvIT raising funds by way of a private placement in terms of the provisions of this Chapter- (a) shall do it through a placement memorandum; (b) shall raise funds only from institutional investors and body corporates, whether Indian or foreign: Provid....
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....ll submit annual report, half-yearly report and valuation report to the trustee and unit holders of the InvIT, either electronically or through physical copies. (3) The annual and half yearly reports shall contain disclosures as specified under Schedule IV, to the extent applicable. (4) The investment manager shall disclose to the trustee and unitholders any information having bearing on the operation or performance of the InvIT which includes but is not restricted to the following- (a) acquisition or disposal of any projects, directly or through holdco or SPV, value of which exceeds five per cent. of value of the InvIT assets; (b) additional issue of units by the InvIT; (c) details of any credit rating obta....
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.... 26E. Surrender of certificate (1) An InvIT which has issued units as per the provisions of this Chapter, may choose to surrender its certificate of registration to the Board and on acceptance of surrender of certificate of registration, it shall no longer undertake the activity of an InvIT. (2) The InvIT and parties to the InvIT shall continue to be liable for all their acts of omissions and commissions with respect to activities of the InvIT notwithstanding surrender of registration to the Board. 26F. Listing of units An InvIT which has issued units in terms of the provisions of this Chapter, may list such units on a recognised stock exchange, subject to it complying with the requirements specified for privately placed and li....