Relaxation from certain provisions for units allotted to an employee benefit trust for the purpose of a unit based employee benefit scheme, Alignment of timelines for making distribution by InvITs and Format of Quarterly Report and Compliance Certificate – Infrastructure Investment Trusts (InvITs)

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....certain provisions for units allotted to an employee benefit trust for the purpose of a unit based employee benefit scheme, Alignment of timelines for making distribution by InvITs and Format of Quarterly Report and Compliance Certificate - Infrastructure Investment Trusts (InvITs) Relaxation from certain provisions for units allotted to an employee benefit trust for the purpose of a unit based employee benefit scheme 1. SEBI (Infrastructure Investment Trusts) Regulations, 2014 ("InvIT Regulations") were amended on July 13, 2024 to provide a framework for unit based employee benefit ("UBEB") scheme. The framework for UBEB scheme, inter-alia, provides that issuance of units to the employee benefit trust shall be based on the guidelines....

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.... that sponsor, as full consideration for the acquisition of such asset. 7.7.2. .........." 3. In order to promote ease of doing business and to facilitate the acquisition of units by the employee benefit trust and the subsequent transfer of units to the employees as per the terms of the UBEB scheme, it is proposed that the aforementioned lock-in and allotment related restrictions shall not apply to the employee benefit trust. Accordingly, in Chapter 7 of the Master Circular - 3.1. a new paragraph 7.6.4. is inserted as under: "The lock-in requirement mentioned at paragraph 7.6.2. and 7.6.3. above shall not be applicable in case of units allotted to an employee benefit trust for the purpose of a unit based employee ben....

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....n consultation with SEBI, shall specify the format of quarterly report and compliance certificate required to be submitted by the Investment Manager of the InvIT to the Trustee under Regulation 10(18)(a) and Regulation 9(3) of the InvIT Regulations respectively, and publish it on its website. Any future changes to this format shall be made by BIA in consultation with SEBI, prior to implementation. 7. All InvITs shall follow the aforementioned format specified by BIA to ensure compliance with Regulation 10(18)(a) and Regulation 9(3) of the InvIT Regulations. Alignment of timelines for making distribution by InvITs 8. InvIT Regulations were amended on September 27, 2024 to revise the timelines for distributions made by InvITs w.e.f. ....