TMI BlogSecurities and Exchange Board of India (Infrastructure Investment Trusts) (Second Amendment) Regulations, 2023X X X X Extracts X X X X X X X X Extracts X X X X ..... sub-regulation (1), i. the existing clause (sa) shall be renumbered as clause (sb) and the existing clause (sb) as clause (sc); ii. after clause (s), the following clause shall be inserted, namely,- (sa) group entities of the Investment Manager means: (i) entities or person(s) which are controlled by the Investment Manager; (ii) entities or person(s) who control the Investment Manager; (iii) entities or person(s) which are controlled by entities or person(s) specified in sub-clause (ii). iii. in clause (saa), in sub-clause (ii), after the word associate and before the symbol ; , the words or a member of the sponsor group of the InvIT shall be inserted; iv. in clause (zk), the words and symbols sponsor(s) shall be substituted by the words sponsor groups ; v. the existing clause (zxa) shall be renumbered as clause (zxb); vi. after clause (zx), the following clause shall be inserted, namely,- (zxa) Self-Sponsored Investment Manager means the Investment Manager of an InvIT who has dual responsibilities of both the Investment Manager as well as the sponsor; vii. after clause (zxb), the following clause shall be inserted, namely,- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... words and symbols sponsor(s) , the words and symbols and sponsor group(s) shall be inserted; ii. in sub-regulation (1), after the words and symbols sponsor(s) , the words and symbols and sponsor group(s) shall be inserted; iii. in sub-regulation (2), after the words and symbols sponsor(s) , wherever appearing, the words and symbols and sponsor group(s) shall be inserted; iv. the existing sub-regulation (3), clauses (i)-(iii) thereunder and the first proviso to clause (iii) shall be substituted by the following, namely, - (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, omissions, representations and covenants of the InvIT related to the formation of InvIT or sale or transfer of assets/holdco/SPV to the InvIT; b) the InvIT or the trustee of the InvIT shall also have recourse against the sponsor(s) and sponsor group(s) for any breach in this regard; c) project manager of the InvIT shal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he 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 of initial offer shall continue to be locked in till the completion of three years from the date of listing of units in such initial offer. v. sub-regulation 4 shall be omitted. vi. after sub-regulation 4, the following sub-regulation shall be inserted namely, - (5) The units required to be held in terms of sub-regulation (3) and (3A) shall be locked in and shall not be encumbered: Notwithstanding the above, any encumbrance created on units held to comply with the minimum unit holding requirement applicable before the date of coming into effect of the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Second A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d / sold assets to the InvIT in the last three years and no assets/ projects shall be acquired by the InvIT from the outgoing sponsor(s) for a period of one year from the date of conversion to Self-Sponsored Investment Manager; (ix) at least one of the sponsor(s) proposing to disassociate should have been a sponsor of the InvIT for a minimum period of five years; (x) the InvIT shall not have any under-construction assets acquired from the sponsor that have not commenced commercial operations; (xi) the sponsor(s) or its associate(s) are not the Project Manager and do not own or control the Project Manager on or after the date of conversion of the Investment Manager to Self-Sponsored Investment Manager; (xii) unitholders approval in terms of sub-regulation (7) of this regulation and consent of the Trustee has been obtained for conversion to Self-Sponsored Investment Manager; (xiii) such other conditions as may be specified by the Board. VI. in Schedule I, paragraph 1, in sub-paragraph (c), after the words their associates , and before the words or trustee , the words and symbols or sponsor group(s) shall be inserted; VII. in Schedule III, paragraph 13, i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 22, 2019. e. Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2020, vide No. SEBI/LAD-NRO/GN/2020/05, with effect from March 02, 2020. f. Securities and Exchange Board of India (Regulatory Sandbox) (Amendment) Regulations, 2020, vide No. SEBI/LAD-NRO/GN/2020/10, with effect from April 17, 2020. g. Securities and Exchange Board of India (Infrastructure Investment Trusts) (Second Amendment) Regulations, 2020 vide No. SEBI/LAD-NRO/GN/2020/15, with effect from June 16, 2020. h. Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2021 vide No. SEBI/LAD-NRO/GN/2021/27, with effect from July 30, 2021. i. Securities and Exchange Board of India (Regulatory Sandbox) (Amendment) Regulations, 2021 vide No. SEBI/LAD-NRO/GN/2021/30, with effect from August 31, 2021. j. Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2022 vide No. SEBI/LAD-NRO/GN/2022/83, with effect from May 4, 2022. k. Securities and Exchange Board of India (Infrastructure Investment Trusts) (Second Amendment) Regulations, 2022 vide No. SEBI/LAD-NRO/GN/2022/101 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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