9911796707
TMI BlogInvestment conditions and dividend policyX X X X Extracts X X X X X X X X Extracts X X X X ..... ship agreement shall provide for an appropriate mechanism for resolution of disputes between the InvIT and the other shareholders or partners in the holdco and/or the SPV: Provided further that the provisions of these regulations shall prevail in case of inconsistencies between such agreement(s) and the obligations cast upon an InvIT under these regulations.] (b) in case the SPV is a company 6[/LLP], the investment manager, in consultation with the trustee, shall appoint 7[majority of] the board of directors or governing board of such SPVs 8[as applicable]; (c) the investment manager shall ensure that the in every meeting including annual general meeting of the SPV, the voting of the InvIT is exercised. 9[(3A) The InvIT may invest in infrastructure projects through holdcos subject to the following,- (a) the ultimate holding interest of the InvIT in the underlying SPV(s) is not less than twenty six per cent; (b) no other shareholder or partner of the holdco or the SPV(s) shall 10[exercise] any rights that prevent the InvIT, the HoldCo or the SPV(s) from complying with the provisions of these regulations and an agreement 11[has been] entered into with such shar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gh 21[holdco and/ or] SPVs: Provided that investment in such assets shall not exceed ten per cent. of the value of the 22[InvIT assets]; (ii) listed or unlisted debt of companies or body corporate in infrastructure sector: Provided that this shall not include any investment made in debt of the 23[holdco and/ or SPV(s)]; (iii) equity shares of companies listed on a recognized stock exchange in India which derive not less than eighty per cent. of their operating income from infrastructure sector as per the audited accounts of the previous financial year; (iv) government securities; (v) money market instruments 43[****] or cash equivalents; 44[(vi) unlisted equity shares of a company which provides project management and other incidental services, subject to the following conditions: A. such services are provided exclusively to the InvIT, its HoldCo(s) and SPV(s); and B. the entire shareholding or interest in such company is held by the InvIT either directly or through its HoldCos or SPVs. (vii) units of liquid mutual funds schemes where the credit risk value is at least 12 and which fall under the Class A-I in the potential risk class matrix as specified by the Bo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... holdco on its own, not less than 90% of such net distributable cash flows shall be distributed by the holdco to the InvIT.] 45[(bb) cash flows generated by all InvIT assets shall be considered.] 41[(c) such distributions shall, (i) be declared not less than once every six months in every financial year in case of publicly offered InvITs; (ii) be declared not less than once every financial year in case of privately placed InvITs; and (iii) shall be made within five working days from the record date. Explanation. - For the purpose of above clause, record date for the payment of distribution shall be two working days from the date of the declaration of distribution, excluding the date of declaration and the record date.] (d) subject to 28[sub-] clause (c), such distribution shall be 29[***] in the manner as mentioned in the offer document or placement memorandum. 37[(e) any amount remaining unclaimed or unpaid out of the distributions declared by a InvIT in terms of sub-clause (c), shall be transferred to the 'Investor Protection and Education Fund' constituted by the Board in terms of section 11 of the Act, in such manner as may be specified by the Board 38[:]] ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tributions and mode for resolution of any disputes between the InvIT and the other person(s). (13) No schemes shall be launched under the InvIT. (14) The Board may specify any additional conditions for investments by the InvIT as deemed fit. *************** NOTES:- 1 Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016 2 Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016 3 Substituted for the word "have" by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2018, w.e.f. 10.04.2018. 4 Substituted ibid for the words "shall be". 5 Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2018, w.e.f. 10.04.2018. 6 Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016 7 Substituted for "not less than one authorized representative on" by Securities and Exchange Board of India (Infrastructure Investment Trus ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016 21 Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016 22 Substituted for "assets of the InvIT" by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016 23 Substituted for "SPV" by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016 24 Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016 25 Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016 26 Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016 27 Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016 28 Inserted by Securities and Exchange Board of India (Infrastructure ..... 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