93. The fund raising by an Investment Trust by way of private placement, whose units are not proposed to be listed on the recognised stock exchange(s), shall be subject to compliance with the following: (a) The Investment Trust shall file a draft placement memorandum with the Authority in the manner as specified by the Authority, along with the applicable fee, at least five (5) working days prior to opening of the issue: Provided that such opening of the issue shall not be ... ... ...

92. The fund raising by an Investment Trust by way of private placement whose units are proposed to be listed on the recognised stock exchange(s) shall be subject to compliance with the following: (a) The Investment Trust shall obtain in-principle approval from the recognised stock exchange(s): Provided that the in-principle approval shall be valid for a period not greater than six (6) months from the date of its receipt from the recognised stock exchange. (b) The ... ... ...

91. (1) No initial offer of units by an Investment Trust shall be made unless,- (a) the Investment Trust is registered with the Authority; (b) the value of assets of Investment Trust is not less than USD 75 million; and (c) the offer size is not less than USD 35 million. (2) The minimum offer and allotment of units, to public through an offer document or placement memorandum in respect of Investment Trust, proposed to be listed on a recognised stock exchange sha... ... ...

90. The units of the Investment Trust shall only be in a freely convertible foreign currency. =============... ... ...

89. (1) The registration shall be granted only if the Investment Trust and parties to the Investment Trust are fit and proper persons as specified under these regulations. (2) The Parties to an Investment Trust shall perform their roles and discharge their responsibilities as specified in the Fourth Schedule. =============... ... ...

88. The following are the eligibility conditions for a trustee of an Investment Trust: (a) The entity shall be authorised / registered as a trustee with the Authority or any other securities market regulator and shall not be an associate of the sponsor(s) or investment manager; (b) The trustee has necessary wherewithal with respect to infrastructure, personnel, etc. to the satisfaction of the Authority and the recognised stock exchange(s). =============... ... ...

87. (1) In case of private placement, any Registered FME shall be eligible to be appointed as . (2) In case of a public issues, only a Registered FME (Retail) shall be eligible to be appointed as an . =============... ... ...

86. The following are the eligibility conditions for a sponsor of an Investment Trust: (a) Each sponsor shall hold or propose to hold not less than five per cent. (5%) of the number of units of the Investment Trust on post-initial offer basis: Provided that in case the holding goes below five per cent. (5%), the sponsor shall comply with the requirement within a time period of one year from the date of such decline; (b) Each sponsor shall maintain net worth not les... ... ...

85. The following are the eligibility conditions for the Investment trust: (a) The trust shall be created under the laws of India (IFSC or outside IFSC) or foreign jurisdiction; (b) The trust deed has its main objective as undertaking activity of Investment (REIT or InvIT, as the case may be) and includes responsibilities of the ee in accordance with the requirements specified in these regulations; (c) persons have been designated as sponsor(s), investment manager... ... ...

84. (1) An application for the grant of certificate of registration as Investment Trust shall be made, by the sponsor on behalf of the trust to the Authority in the format specified by the recognised stock exchange(s) or the Authority, and shall be accompanied by a non-refundable fee as may be specified by the Authority. (2) The Authority may, in order to protect the interests of investors, appoint any person to take charge of records, documents of the Investment Trust and for this purpos... ... ...

Mumbai, Sep 11 (PTI) BRICS finance ministers and central bank governors called for greater representation of emerging-market and developing economies in the IMF and World Bank, and criticised unilateral tariffs and trade measures, as the expanded bloc sought to strengthen financial cooperation amid rising geopolitical and economic fragmentation. In a joint statement issued after meeting here, the ministers and central bank governors backed greater use of local currencies for trade and investm... ... ...

83. (1) For the purpose of this Part of Chapter VI: (a) "eligible infrastructure project" means an infrastructure project which, prior to the date of its acquisition by, or transfer to, the InvIT, satisfies the following conditions, (i) For PPP projects,- (a) the Infrastructure Project which is completed and revenue generating project; (b) the Infrastructure Project which has achieved commercial operations date (COD) and does not have the track record of r... ... ...

PART B: INVESTMENT TRUST 82. (1) Any person from IFSC or India or a foreign jurisdiction, desirous to operate an Investment Trust in the IFSCs shall obtain registration with the Authority. (2) An Investment Trust is permitted to raise funds through: (a) Public issue with units listed on a recognised stock exchange ; (b) Private placement with units listed on a recognised stock exchange ; or (c) Private placement whose units are not proposed to be listed on an... ... ...

81. (1) A FME may also provide services to multi-family office under a portfolio management agreement as detailed in this Chapter. (2) The Authority may specify additional conditions, additional permissible investment, etc., for FMEs providing services to multi-family office under a portfolio management agreement. =============... ... ...

80. A FME as part of its portfolio management services shall enter into an agreement with prospective clients for providing advisory services, provided: (a) it complies with the Regulation 43 to 50 of the IFSCA (Capital Market Intermediaries) Regulations, 2021. (b) it complies with the code of conduct under the IFSCA (Capital Market Intermediaries) Regulations, 2021; and (c) Advisory services are for a portfolio not less than USD 75,000 in value. =============... ... ...

Portfolio management services require agreed client fees without any direct or indirect guarantee or assurance of returns. Discretionary portfolio management must be independently tailored to each client's needs and must not have the character of a retail fund, while non-discretionary management must follow client directions. The FME must ensure compliant distribution, report performance uniformly across required disclosures and communications, conduct annual audits of managed portfolio accounts, and provide the audit certificate to each client.

Portfolio management must follow the client agreement, and derivatives investments require express client consent. Client transactions must generally involve actual delivery or transfer of securities, except derivatives. Client funds and securities must remain segregated from the FME's assets. Aggregated transactions require pro rata allocation at the weighted average price without open allocation positions. Omnibus accounts require prior consent and separate earmarking of client securities. Portfolio managers, except advisory-only providers, must appoint a custodian.

An FME must observe a minimum investment threshold for portfolio management clients, subject to an exemption for accredited investors. Client funds may be held through specified FME, client, or regulated broker-dealer accounts, subject to operational authority, compliance controls, and disclosure of account and transaction details when directed. Client securities must generally be segregated, with omnibus structures permitted only with prior client consent and separate earmarking. The FME must accurately record client account movements, act in a fiduciary capacity, avoid benefiting from client assets, and not borrow on a client's behalf.

Portfolio management client reporting requires the FME to furnish periodic reports in accordance with the client agreement. Reports must include the portfolio's composition and value, transactions undertaken during the reporting period, beneficial interest received, management expenses, and risks relating to securities recommended for investment or disinvestment by the portfolio manager. Each report may be provided online through access restricted to the relevant client.

75. . (1) A FME shall enter into a written agreement with the portfolio management client that clearly defines the inter se relationship and sets out their mutual rights, liabilities and obligations relating to management of portfolio including details pertaining to investment objectives, risk factors, terms of fees, period of the contract, etc. (2) Notwithstanding anything contained in the agreement between the FME and the client, the funds or securities can be withdrawn by the client bef... ... ...