TMI BlogEligibility criteriaX X X X Extracts X X X X X X X X Extracts X X X X ..... activity of InvIT in accordance with these regulations and includes responsibilities of the trustee in accordance with regulation 9; (c) persons have been designated as sponsor(s), investment manager and trustee under these regulations and all such persons are separate entities; (d) with regard to sponsor(s) , (i) 3 [each sponsor 15 [ and sponsor group ] shall be clearly identified in the application of registration to the Board and in the offer document/ placement memorandum, as applicable]; 16 [ Provided that, for each sponsor group not less than one person shall be identified as a sponsor: Provided further that of the entities categorized as sponsor group, only the following entities may be considered: a) a p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd management or advisory services or development in the infrastructure sector or the combined experience of the directors/partners/employees of the investment manager in fund management or advisory services or development in the infrastructure sector is not less than 30 years: Provided that for computing the combined experience, only the experience of the directors/partners/employees with more than 5 years of experience in fund management or advisory services or development in the infrastructure sector shall be considered. ] (iii) the investment manager has not less than two employees who have at least five years experience each, in fund management or advisory services or development in the infrastructure sector; (iv) the investm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ; (h) no unit holder of the InvIT enjoys 8 [superior] voting or any other rights over another unit holder 9 [and there shall not be multiple classes of units of InvITs: Notwithstanding the above, subordinate units may be issued only to the sponsors and its associates, where such subordinate units shall carry only inferior voting or any other rights compared to other units 17 [ : ] ] 18 [ Provided that unitholder(s) holding not less than ten percent of the total outstanding units of the InvIT, either individually or collectively, shall be entitled to nominate one director on the board of directors of the Investment Manager, in the manner as may be specified by the Board: Provided further that the director so nominated s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is a trust and the instrument of trust is in the form of a deed duly registered in India under the provisions of the Registration Act, 1908; 3 Substituted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016. Prior to the substitution it read as there are not more than 3 sponsors . 4 Omitted Provided that in case of PPP projects, where the sponsor is the SPV, the net worth or net tangible assets shall be as defined in the eligibility criteria of the project documents; by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016. 5 Inserted by the Securities and Exchange Board of India (Infras ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted for the words applicant, sponsor(s), investment manager, project manager(s) and trusts by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2018, w.e.f. 10.04.2018. 12 Substituted for the words applicant or any related party by the SEBI (Infrastructure Investment Trusts) (Amendment) Regulations, 2017, w.e.f. 15.12.2017. 13 Substituted ibid for the words applicant or any related party . 14. Substituted vide NOTIFICATION No. SEBI/LAD-NRO/GN/2020/05 dated 02-03-2020 before it was read as (ii) the investment manager has not less than five years experience in fund management or advisory services or development in the infrastructure sector; 15. Inserted vide No ..... X X X X Extracts X X X X X X X X Extracts X X X X
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