TaxTMI 
TaxTMI 
Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2019
X X X X Extracts X X X X
X X X X Extracts X X X X
....,- 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), - i. in clause (e), - (i) the words "sponsor(s) or" shall be omit....
X X X X Extracts X X X X
X X X X Extracts X X X X
....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-regulation (5A) of regulation 22." V. in regulation 21, in sub-regulation (5), the following proviso shall be inserted, namely, - "Provided that in case the consolidated borrowings and deferred payments o....
X X X X Extracts X X X X
X X X X Extracts X X X X
....hall 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 borrowings and deferred payments, in terms of regulation 20, is above forty nine per cent., such InvIT shall also submit a quarterly report to the designated stock exchange within thirty days from the end of every quarter ending June and December." b. the existing sub-regulation (5) shall be substituted with the following....
X X X X Extracts X X X X
X X X X Extracts X X X X
....er. 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: Provided that in case of foreign investors, such investment shall be subject to guidelines as may be specified by the Reserve Bank of India and the Government from time to time; (c) shall not accept from an investor, an investment of value less than rupees one crore; (d) shall not raise funds from more than twenty investors; (e) shall file a placement memorandum with the Board alongwith the fee as specified in Schedule II, atleast 5 days....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... (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 obtained by the InvIT and any change in such rating; (d) any issue which requires approval of the unit holders; (e) any legal proceedings which may have significant bearing on the functioning of the InvIT; (f) notices and results of meetings of unit holders, (g) any instance of non-compliance with these regulations including any breach of limits specified under the regulations; (h) any material issue that in the opinion of the investment manager or trustee needs to be disclosed to the unit holders. 26D. ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....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 listed InvIT under these regulations and in the manner specified by the Board from time to time." IX. in Schedule IV, - a. the word, symbol and letter "Part-A" shall be inserted before the title "Mandatory Disclosures in the Annual Report". b. the word, symbol and letter "Part-B" shall be inserted before the title "Mandatory disclosures in the Half-yearly report". c. after Part-B so numbered, the following new Part-C shall be inserted, namely, - "Part -C Mandatory disclosures in the quarterly report (A privately placed InvIT may only disclose the items, as....