TaxTMI 
TaxTMI 
Securities and Exchange Board of India (Infrastructure Investment Trusts) (Second Amendment) Regulations, 2020
X X X X Extracts X X X X
X X X X Extracts X X X X
....lations, 2014, namely:- 1. These regulations may be called the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Second Amendment) Regulations, 2020. 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 2, in sub-regulation 1,- a. after clause (sa), the following a new clause shall be inserted, namely,- "(sb) "inducted sponsor" means any company or LLP or body corporate which has been inducted as a sponsor in accordance with sub-regulation (7) of regulation 22" b. in clause (zz), the words "and shall include an inducted sponsor" shall be inserted after....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ociates, in initial offer shall not be more than 25 percent of the total unit capital;" IV. In regulation 16,- a. in sub-regulation 7, in clause (a), the words and symbols ",each holding not more than twenty five per cent. of the units of the InvIT" shall be omitted. b. in sub-regulation 7, in clause (b), the words and symbols ",each holding not more than twenty five per cent. of the units of the InvIT" shall be omitted. V. In regulation 22,- a. in sub-regulation (4), after clause (f), a new clause shall be inserted, namely,- "(fa) de-classification of the status of sponsor;" b. in sub-regulation (5), the proviso under clause (f) shall be omitted. c. after sub-regulation (5B), the following new sub-regulation shall be i....
X X X X Extracts X X X X
X X X X Extracts X X X X
....to exit by buying their units in the manner specified by the Board; Explanation: Change in sponsor or inducted sponsor shall mean any change due to entry of a new sponsor with or without exit of an existing sponsor." AJAY TYAGI, Chairman [ADVT.-III/4/Exty./56/2020-21] Footnotes: 1. The Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014 was published in the Gazette of India on September 26, 2014 vide No. LAD-NRO/GN/2014-15/10/1577. 2. The Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014 was subsequently amended by the - a. Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, vide No. SEBI/LAD/NRO/GN....