TMI BlogSecurities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2019X X X X Extracts X X X X X X X X Extracts X X X X ..... n regulation 14, in sub-regulation (4), in clause (c) , the word ten shall be substituted with the word one . II. in regulation 16, in sub-regulation (9), in clause (b), the words be five lakh rupees shall be substituted with the words and figure consist of 100 units . III. in regulation 17 , - a. in sub-regulation (1), - i. in clause (e), - (i) the words sponsor(s) or shall be omitted. (ii) the words and investment manager shall be inserted after the word trustee and before the word requests . ii. after the existing clause (e) and before clause (f), the following new clause shall be inserted, namely, - (ea) the trustee and the Investment Manager of a privately placed and listed InvIT chooses to convert InvIT to a privately placed unlisted InvIT and such request has been approved by unit holders in accordance with regulation 22: Provided that exit shall be provided to dissenting unitholders. b. in sub-regulation (6), the following non-obstante clause shall be inserted, namely,- Notwithstanding the above, in case the delisting is done in terms of clause (ea) of sub- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ds trustee and shall be inserted after the word the and before the words investment manager . iii. after the word InvIT , the words under clause (e) of sub-regulation (1) of regulation 17 shall be inserted. c. after the existing sub-regulation (5) and before the existing sub-regulation (6) , the following new sub-regulations shall be inserted, namely, - (5A) In case of any borrowing by an InvIT in terms of the limit specified in clause (b) of sub-regulation 3 of regulation 20, the approval from seventy five per cent. of the unit holders by value shall be obtained. (5B) For delisting of units of InvIT in terms of clause (ea) of sub-regulation (1) of regulation 17, approval from not less than ninety per cent. of the unit holders by value shall be required and exit shall be provided to dissenting unitholders. VII. in regulation 23 , - a. in sub-regulation (4) i. the words the every appearing after the words the end of and before the words half year ending shall be omitted. ii. the word and number March 31st and shall be omitted. iii. the following new proviso shall be inserted, namely ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Provided that in case of foreign investors, such investment shall be subject to guidelines as may be specified by the Reserve Bank of India and the Government from time to time; (c) shall not accept from an investor, an investment of value less than rupees one crore; (d) shall not raise funds from more than twenty investors; (e) shall file a placement memorandum with the Board alongwith the fee as specified in Schedule II, atleast 5 days prior to opening of the issue; (f) shall file the final placement memorandum with the Board within a period of ten working days from the date of allotment of the units to the investors; (g) invest not less than eighty per cent of the value of the InvIT assets in eligible infrastructure projects either directly or through holdcos or through SPVs: Provided that un-invested funds may be invested in instruments as provided under sub-clause (ii), (iii), (iv) and (v) of clause (b) of sub-regulation 5 of Regulation 18. (2) An InvIT may undertake borrowing to the extent permitted under the trust deed, after seeking approval from such number of investors as specified in the trust deed. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (4) The investment manager shall ensure that the audit of accounts of the InvIT is done not less than once a year and such report is submitted to the trustee and unitholders, either electronically or through physical copies. 26E. Surrender of certificate (1) An InvIT which has issued units as per the provisions of this Chapter, may choose to surrender its certificate of registration to the Board and on acceptance of surrender of certificate of registration, it shall no longer undertake the activity of an InvIT. (2) The InvIT and parties to the InvIT shall continue to be liable for all their acts of omissions and commissions with respect to activities of the InvIT notwithstanding surrender of registration to the Board. 26F. Listing of units An InvIT which has issued units in terms of the provisions of this Chapter, may list such units on a recognised stock exchange, subject to it complying with the requirements specified for privately placed and listed InvIT under these regulations and in the manner specified by the Board from time to time. IX. in Schedule IV, - a. the word, symbol and letter Part-A shall be ..... X X X X Extracts X X X X X X X X Extracts X X X X
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