TaxTMI 
TaxTMI 
Securities and Exchange Board of India (Infrastructure Investment Trusts) (Second Amendment) Regulations, 2023
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.... i. the existing clause (sa) shall be renumbered as clause (sb) and the existing clause (sb) as clause (sc); ii. after clause (s), the following clause shall be inserted, namely,- "(sa) "group entities of the Investment Manager" means: (i) entities or person(s) which are controlled by the Investment Manager; (ii) entities or person(s) who control the Investment Manager; (iii) entities or person(s) which are controlled by entities or person(s) specified in sub-clause (ii)." iii. in clause (saa), in sub-clause (ii), after the word "associate" and before the symbol ";", the words "or a member of the sponsor group of the InvIT" shall be inserted; iv. in clause (zk), the words and symbols "sponsor(s)" shall be substituted by the words "sponsor groups"; v. the existing clause (zxa) shall be renumbered as clause (zxb); vi. after clause (zx), the following clause shall be inserted, namely,- "(zxa) "Self-Sponsored Investment Manager" means the Investment Manager of an InvIT who has dual responsibilities of both the Investment Manager as well as the sponsor;" vii. after clause (zxb), t....
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....code specified in Schedule VIII of these regulations." III. regulation 7A shall be omitted. IV. in regulation 12, - i. in the heading, after the words and symbols "sponsor(s)", the words and symbols "and sponsor group(s)" shall be inserted; ii. in sub-regulation (1), after the words and symbols "sponsor(s)", the words and symbols "and sponsor group(s)" shall be inserted; iii. in sub-regulation (2), after the words and symbols "sponsor(s)", wherever appearing, the words and symbols "and sponsor group(s)" shall be inserted; iv. the existing sub-regulation (3), clauses (i)-(iii) thereunder and the first proviso to clause (iii) shall be substituted by the following, namely, - "(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, representations and covenants of the InvIT related to the formation of InvIT or sale or transfer of assets/holdco/SPV to the ....
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....net 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 InvIT after such date and the units that are locked in at the time of initial offer shall continue to be locked in till the completion of three years from the date of listing of units in such initial offer." v. sub-regulation 4 shall be omitted. vi. after sub-regulation 4, the following sub-regulation shall be inserted namely, - "(5) The units required to be held in terms of sub-regulation (3) and (3A) shall be locked ....
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....ment Manager and/or group entities of Investment Manager may acquire units of the InvIT for the purpose of compliance of above condition. (vii) the sponsor(s) or its associate(s) do not own or control the Investment Manager of the InvIT on or after the date of conversion of the Investment Manager to Self-Sponsored Investment Manager; (viii) the sponsor has not transferred / sold assets to the InvIT in the last three years and no assets/ projects shall be acquired by the InvIT from the outgoing sponsor(s) for a period of one year from the date of conversion to Self-Sponsored Investment Manager; (ix) at least one of the sponsor(s) proposing to disassociate should have been a sponsor of the InvIT for a minimum period of five years; (x) the InvIT shall not have any under-construction assets acquired from the sponsor that have not commenced commercial operations; (xi) the sponsor(s) or its associate(s) are not the Project Manager and do not own or control the Project Manager on or after the date of conversion of the Investment Manager to Self-Sponsored Investment Manager; (xii) unitholders approval in terms of sub-regulation (7) of t....