TMI BlogRights and responsibilities of sponsor(s) and sponsor group(s)X X X X Extracts X X X X X X X X Extracts X X X X ..... res in the offer document or placement memorandum, prior to allotment of units of the InvIT: Provided that this shall not apply to the extent of any mandatory holding of shares or interest 3 [and rights] in the 4 [holdco and/ or] SPV by the sponsor(s) 15 [ and sponsor group(s) ] as per any Act or regulations or circulars or guidelines of government or any regulatory authority or concession agreement. 16 [ (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, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sor may continue to maintain such holding at the SPV level; (ii) the consolidated value of all such holdings at the SPV level and the value of the units of InvIT held by the sponsor shall not be less than the value of 10 [fifteen] per cent. of the total units of the InvIT after initial issue of units on a post-issue basis; (iii) such units of the InvIT and shares or interest in the SPV shall be held for a period of not less than three years from the date of the listing of units of the InvIT; (iv) in case such holding of sponsor in the SPV results in the InvIT not having controlling interest and not having more than fifty 11 [one] per cent. shareholding or interest in the SPV, the sponsor shall enter into a binding agreement w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0.11.2016 7 Inserted Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016 8 Inserted Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016 9 Inserted Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016 10 Substituted twenty five by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016 11 Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016 12 Substituted twenty five by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... le where the sponsor(s) together hold not less than twenty five per cent. of the total units of the InvIT after initial offer of units, on a post-issue basis for a period of not less than 3 years from the date of the listing of such units.] 17. Inserted vide Notification No. SEBI/LAD-NRO/GN/2023/145 dated 16-08-2023 18. Omitted vide Notification No. SEBI/LAD-NRO/GN/2023/145 dated 16-08-2023 before it was read as, (4) Any holding by sponsor in InvIT, exceeding 12 [fifteen] per cent. on a post issue basis, shall be held for a period of not less than one year from the date of listing of such units. 19. Inserted vide Notification No. SEBI/LAD-NRO/GN/2023/145 dated 16-08-2023 - - statute, statutory provisions legislat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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