Executive Summary:
This document outlines regulations for the Inland Waterways Authority of India (IWAI) regarding the issuance of bonds and other debt securities, as authorized by the Inland Waterways Authority of India Act, 1985. These regulations, effective upon publication in the official Gazette, govern the terms, usage, and oversight of funds raised through debt securities. It establishes the framework for the Investment Committee to ensure prudent and compliant use of funds.
Key Points / Main Content:
* **General Provisions:**
* Regulations are called the "Inland Waterways Authority of India Issue of Debt Securities Regulations, 2016."
* Regulations come into force on the date of publication in the official Gazette.
* **Definitions:**
* Key terms such as "Act," "Authority," "Committee," "Debt Securities," "funds," "prospectus," and "report" are defined.
* Undefined terms adopt meanings from specified existing legislation.
* **Terms for Issue of Bonds:**
* The Authority can borrow money through debt securities, subject to Central Government ceilings.
* Raised funds can be used for Authority functions under the Act.
* The Authority can open and operate bank accounts, appoint attorneys/agents, and perform incidental acts.
* Debt securities management is subject to periodic inspection and audit.
* **General Purpose of Funds:**
* Funds can be used for fairway development, barge manufacturing, terminal construction, waterway transportation, infrastructural facilities, and consultancy/research services.
* **Investment Committee:**
* An Investment Committee will be set up to ensure prudent and legally compliant debt securities.
* The Committee formulates and oversees investment policies and fund management.
* Committee composition includes the Vice-Chairman of the Authority (as Chairperson), a member nominated by the Chairman, a Company Secretary, and two external advisors.
* The Committee must submit its report to all members of the Authority within 30 days of request from the Chairman.
* The Chairperson is responsible for approving the agenda items for meetings of the Committee.
* The committee shall make regular reports of its activities to the Authority.
* **Functions of the Committee:**
* Ensure compliance with relevant laws and regulations.
* Evaluate the economic viability of proposed debt securities.
* Prepare and submit reports on economic feasibility.
* Make recommendations on the course of action for debt security issues.
* Regulate funds, ensure their proper use, and make recommendations.
* **Procedure for Issue of Bonds:**
* A resolution must be passed by a simple majority for debt security issuance.
* The Authority must consider the Committee's report before passing a resolution.
* If the Authority goes against the Committee's recommendations, it must provide written reasons and report to the Central Government annually.
* **Other Provisions:**
* The Authority can reissue and consolidate debt securities.
* Funds are credited to the Inland Waterways Authority of India Fund.
* Funds must be used as stated in the prospectus unless the Central Government permits otherwise.
* Surplus funds are used per the Committee's recommendations and Authority purposes.
* Committee members are accountable for invested funds and not liable for the actions of bankers or attorneys.
* Public issues of debt securities must comply with SEBI regulations and other applicable laws.
Impact Analysis:
* **Inland Waterways Authority of India (IWAI):**
* *Impact:* Governed by new regulations for issuing debt securities, requiring compliance with the Act, Central Government, and Committee recommendations.
* *Action Required:* Establish an Investment Committee, adhere to debt issuance procedures, and ensure funds are used as specified.
* **Investment Committee Members:**
* *Impact:* Responsible for evaluating and overseeing debt security issuances, ensuring compliance, and recommending proper fund usage.
* *Action Required:* Evaluate proposed issuances, prepare reports, attend meetings, and make recommendations to the Authority.
* **Central Government:**
* *Impact:* Exercises oversight through approval of regulations and annual reporting on deviations from Committee recommendations.
* *Action Required:* Review and approve regulations, receive and review annual reports.
* **Potential Investors/Public:**
* *Impact:* Informed by the prospectus regarding the purpose and use of funds raised through debt securities.
* *Action Required:* Review the prospectus before investing in IWAI debt securities.
Key Entities Referenced
Inland Waterways Authority of India: A statutory body established by the Government of India, responsible for the development and regulation of inland waterways for navigation and transportation.
Inland Waterways Authority of India Act, 1985: The Act of the Indian Parliament that established the Inland Waterways Authority of India and defines its powers and functions.
Central Government: The Union Government of India.
Inland Waterways Authority of India Issue of Debt Securities Regulations, 2016: The title of the regulations detailed in the policy document concerning the issuance of debt securities by the Inland Waterways Authority of India.
Companies Act, 2013: An Act of the Parliament of India that regulates incorporation of a company, responsibilities of a company, directors, dissolution of a company.
Securities Contracts Regulation Act, 1956: An act to prevent undesirable transactions in securities by regulating the business of dealing therein, by providing for certain other matters connected therewith and incidental thereto
Depositories Act, 1996: An Act to provide for the establishment of depositories in securities with the object of ensuring free transferability of securities with speed, accuracy and security by - (a) making securities fungible; (b) eliminating the risks inherent in handling certificates; (c) reducing the settlement period; (d) providing cost effective service.
Securities and Exchange Board of India: The regulatory body for securities and commodity market in India under the ownership of Ministry of Finance , Government of India.
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EXTRAORDINARY
Hkkx III—[k.M 4
PART III—Section 4
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PUBLISHED BY AUTHORITY
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No. 396] NEW DELHI, FRIDAY, NOVEMBER 4, 2016/KARTIKA 13, 1938
भारतीय अ(cid:7008)त दश(cid:7287) ीय जलमाग (cid:6981)(cid:7079)ािधकरण
अिधसचू ना
नई (cid:7408)द(cid:7016) ली, 2 नव(cid:7013) बर, 2016
फा. स.ं-आईड(cid:7011)(cid:7016) य टू ी-11011/45/2016-आईड(cid:7011)(cid:7016) य टू ी.—भारतीय अ(cid:7008)त द(cid:7287)शीय जलमाग (cid:6981) (cid:7079)ािधकरण, भारतीय
अ(cid:7008) तदश(cid:7287) ीय जलमाग(cid:6981) (cid:7079)ािधकरण अिधिनयम, 1985 (1985 का 82) क(cid:7409) धारा 35 क(cid:7409) उपधारा 2 ख(cid:7003)ड -(ट) (cid:7367)ारा (cid:7079)द(cid:7004) त
शि(cid:7334)य(cid:7298) का (cid:7079)योग करत े (cid:7263)ए क(cid:7286)(cid:7076)ीय सरकार के पूवा(cid:6981)नुमोदन स े बॉ(cid:7003) ड और अ(cid:7008) य ऋण (cid:7079)ितभूित जारी करन े के िलए एतद ् (cid:7367)ारा
िन(cid:7013) निलिखत िविनयम बनाता ह,ै अथा(cid:6981)त ्
1. सिं (cid:6979)(cid:7009)त नाम, (cid:7079)ारंभ और उपयोजन.—(1) इन िविनयम(cid:7298) का संि(cid:6979)(cid:7009) त नाम भारतीय अ(cid:7008) तद(cid:7287)शीय जलमाग(cid:6981) (cid:7079)ािधकरण (ऋण
(cid:7079)ितभूितयां जारी करना) िविनयम, 2016 ह।ै
(2) यह राजप(cid:7074) म(cid:7286) इनके (cid:7079)काशन क(cid:7409) तारीख को (cid:7079)वृ(cid:7004) त ह(cid:7298)गे।
2. प(cid:7407)रभाषाएं.—(1) इन िविनयम(cid:7298) म(cid:7286), जब तक संदभ (cid:6981)से अ(cid:7008) यथा अपेि(cid:6979)त न हो,-
(क) ''अिधिनयम'' से भारतीय अ(cid:7008) तद(cid:7287)शीय जलमाग(cid:6981) (cid:7079)ािधकरण अिधिनयम, 1985 (1985 का 82) अिभ(cid:7079)ते ह;ै
(ख) ''(cid:7079)ािधकरण'' से अिधिनयम क(cid:7409) धारा 3 क(cid:7409) उपधारा (1) के अधीन ग(cid:7407)ठत भारतीय अ(cid:7008) तदश(cid:7287) ीय जलमाग (cid:6981)
(cid:7079)ािधकरण अिभ(cid:7079)ेत ह;ै
(ग) ''सिमित'' से िविनयम 5 के अधीन ग(cid:7407)ठत िनवेश सिमित अिभ(cid:7079)ते ह;ै
(घ) ''ऋण (cid:7079)ितभूित'' से अप(cid:7407)रवतन(cid:6981) ीय ऋण (cid:7079)ितभूितयां अिभ(cid:7079)ते ह,ै िजससे ऋणी बनता अथवा (cid:7021) वीकार (cid:7408)कया
जाता ह ै और िजसम(cid:7286) िडब(cid:7286)चर, बॉ(cid:7003) ड और ऐसे अ(cid:7008) य (cid:7408)कसी िनकाय कॉप(cid:7299)रेट क(cid:7409) (cid:7079)ितभूितयां अथवा कोई
सांिविधक िनकाय िजसका गठन त(cid:7004) कालीन लागू िनयम के अनुसार िविध (cid:7367)ारा (cid:7263)आ हो और िजसका (cid:7079)भार
ऐसे (cid:7408)कसी िनकाय क(cid:7409) प(cid:7407)रस(cid:7013) पि(cid:7275) पर हो अथवा न हो;
5142 GI/2016 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
(ड.) ''िनिध'' से (cid:7079)ािधकरण (cid:7367)ारा जारी (cid:7408)कए गए बॉ(cid:7003)ड और अ(cid:7008) य ऋण (cid:7079)ितभूित से एकि(cid:7074)त धन अिभ(cid:7079)ेत ह;ै
(च) ''िववरिणका'' स े कंपनी अिधिनयम, 2013 (2013 का 18) क(cid:7409) धारा 2 के ख(cid:7003) ड (70) म(cid:7286) प(cid:7407)रभािषत
िववरिणका अिभ(cid:7079)ेत ह;ै और
(छ) ''(cid:7079)ितवेदन'' स े (cid:7079)ािधकरण (cid:7367)ारा ऋण (cid:7079)ितभूित के (cid:7408)कसी (cid:7079)(cid:7021)त ािवत मामल े क(cid:7409) आ(cid:7414)थक (cid:7018) यवहाय(cid:6981)ता और
(cid:7079)भाव पर िनवेश सिमित (cid:7367)ारा (cid:7408)दए गए (cid:7079)ितवेदन अिभ(cid:7079)ेत ह।ै
(2) अ(cid:7008) य सभी श(cid:7011) द और वा(cid:6989) यांश िजनका (cid:7079)योग इन िविनयम(cid:7298) म(cid:7286) (cid:7263)आ ह ै (cid:7412)कतु जो प(cid:7407)रभािषत नह(cid:7277) ह,ै उसका आशय
अिधिनयम अथवा कंपनी अिधिनयम, 2013 (2013 का 18) अथवा (cid:7079)ितभूित संिवदा (िविनयमन) अिधिनयम, 1956 (1956
का 42) अथवा िन(cid:6979)पे ागार अिधिनयम,1996 (1996 का 22) अथवा इसके अधीन बनाए गए िनयम और िविनयम से ह।ै
3. बॉ(cid:7003)ड जारी करन ेके िनबधं न.—(cid:7079)ािधकरण -
(क) ऋण (cid:7079)ितभूित जारी करके धन उधार लेगा, िजसक(cid:7409) सीमा क(cid:7286)(cid:7076)ीय सरकार (cid:7367)ारा िनधा(cid:6981)(cid:7407)रत क(cid:7409) जाएगी;
(ख) ऐसे धन या िनिध या संचयन का उपयोग परू े तौर पर अथवा आंिशक (cid:7272)प म (cid:7286) अिधिनयम के अधीन एक या
अिधक काय(cid:7300) म(cid:7286) (cid:7408)कया जाएगा, िजसे (cid:7079)ािधकरण समय-समय पर उिचत समझगे ा;
(ग) (cid:7079)ािधकरण अथवा (cid:7408)कसी सं(cid:7021) था के नाम से खाता खोलगे ा िजसका संचालन (cid:7079)ािधकरण (cid:7408)कसी एक या
अिधक ब(cid:7289)क(cid:7298) के साथ (cid:7079)ािधकरण के (cid:7408)कसी एक या अिधक अिधका(cid:7407)रय(cid:7298) अथवा (cid:7079)ािधकरण (cid:7367)ारा िनयु(cid:6989) त
(cid:7408)कसी अिभकता(cid:6981) (cid:7367)ारा करेगा;
(घ) अटॉन(cid:7278) अथवा अिभकता(cid:6981)(cid:7312) क(cid:7409) िनयुि(cid:7334) ऋण (cid:7079)ितभूित जारी करन े के उ(cid:7374)े(cid:7019) य से करके ऐस े अटॉन(cid:7278) अथवा
अिभकता(cid:6981)(cid:7312) के साथ उपबंध ऋण (cid:7079)ितभूित के संचालन और (cid:7079)बंधन के िलए करेगा;
(ड.) कोई अ(cid:7008) य काम अथवा (cid:7408)कसी अ(cid:7008) य गितिविध म(cid:7286) शािमल होगा जो उ(cid:6989) त काय(cid:7300) के कारण होगा; और
(च) (cid:7079)ािधकरण के अिधका(cid:7407)रय(cid:7298) और अिभकता(cid:6981)(cid:7312) तथा अटॉ(cid:7414)नय(cid:7298) (cid:7367)ारा समय-समय पर ऋण (cid:7079)ितभूित का
(cid:7079)चालन और (cid:7079)बंधन सिहत िनरी(cid:6979)ण और अंके(cid:6979)ण करेगा।
4. िनिध का सामा(cid:7008)य (cid:7079)योजन.—(cid:7079)ािधकरण, अिधिनयम के अधीन सूचीब(cid:7373) (cid:7079)योजन(cid:7298) के िलए ऋण (cid:7079)ितभूित जारी करेगा,
जो िन(cid:7013) निलिखत तक सीिमत नह(cid:7277) होगा, अथा(cid:6981)त ्:-
(क) फेयरवे का िवकास,
(ख) बाज(cid:7300) का िनमा(cid:6981)ण,
(ग) ट(cid:7414)मनल िनमा(cid:6981)ण और िवकास,
(घ) जलमाग (cid:6981) प(cid:7407)रवहन,
(ड.) जलमाग(cid:7300) हते ु अवसंरचना(cid:7004) मक सुिवधाएं, और
(च) परामश(cid:7278) और अनुसंधान सेवाएं
5. िनवशे सिमित.—(1) (cid:7079)ािधकरण एक िनवेश सिमित का गठन करेगा जो यह सुिनि(cid:7391)त करेगी (cid:7408)क (cid:7079)ािधकरण (cid:7367)ारा जारी
ऋण (cid:7079)ितभूित िववेकपूण (cid:6981) और िविधक (cid:7272)प स ेअनपु ालनीय ह।ै
(2) सिमित का (cid:7079)योजन - (cid:7079)ितभूित के मा(cid:7007)यम से एक(cid:7074) िनिध का (cid:7079)बंधन करना और िनवेश नीित को बनान े सिहत उसक(cid:7409) दखे -
रेख करना होगा।
(3) सिमित क(cid:7409) संरचना िन(cid:7013) न (cid:7079)कार होगी :-¹Hkkx IIIµ[k.M 4º Hkkjr dk jkti=k % vlk/kj.k 3
(क) (cid:7079)ािधकरण का उपा(cid:7007) य(cid:6979) सिमित के अ(cid:7007) य(cid:6979) होगा;
(ख) (cid:7079)ािधकरण के (cid:7408)कसी सद(cid:7021) य को (cid:7079)ािधकरण के अ(cid:7007) य(cid:6979) (cid:7367)ारा नामिन(cid:7416)द(cid:7397) (cid:7408)कया जाएगा;
(ग) अ(cid:7007) य(cid:6979) (cid:7367)ारा एक कंपनी सिचव और दो परामश(cid:6981)दाता (बाहरी) को नामिन(cid:7416)दष् ट ऐसे यो(cid:6991) य और ईमानदार (cid:7018) यि(cid:7334)य(cid:7298)
म(cid:7286) से (cid:7408)कया जाएगा िज(cid:7008) ह (cid:7286) िव(cid:7004) तीय मामल(cid:7298), वािण(cid:6996) य, िव(cid:7004) तीय िविनयमन, कानून, अथ(cid:6981)शा(cid:7021) (cid:7074) और लोक (cid:7079)शासन के
बारे म(cid:7286) अ(cid:6994)छ ा (cid:6980)ान और अनुभव होगा तथा कम से कम एक परामश(cid:6981)दाता को (cid:7408)कसी रा(cid:7020) (cid:7069)ीयकृत ब(cid:7289)क म (cid:7286) सामा(cid:7008) य
ब(cid:7289)(cid:7412)कग (cid:6979)े(cid:7074) म (cid:7286) कम से कम 15 वष(cid:7300) का काय(cid:6981) करन ेका अनुभव हो।
6. (cid:7079)ािधकरण के अ(cid:7007) य(cid:6979) के अनुरोध के 30 (cid:7408)दन(cid:7298) के भीतर सिमित अपनी (cid:7407)रपोट(cid:6981) (cid:7079)ािधकरण के सभी सद(cid:7021) य(cid:7298) को स(cid:7301)पेगी।
7. बठै क(cid:7286).—(cid:7079)ािधकरण म (cid:7286) िनयिमत अतं राल पर होन े वाली बैठक(cid:7298) के अनुसार ही बैठक(cid:7286) आयोिजत क(cid:7409) जाएगी अथवा जैसा
सिमित के अ(cid:7007) य(cid:6979) आव(cid:7019) यक समझ(cid:7286)गे।
8. सिमित क(cid:7409) बैठक(cid:7298) क(cid:7409) काय(cid:6981)सूची मद(cid:7298) के अनुमोदन के िलए सिमित का अ(cid:7007) य(cid:6979) उ(cid:7275)रदायी होगा।
9. सुसंगत साम(cid:7061)ी के साथ काय(cid:6981)सचू ी (cid:7079)(cid:7004) येक बैठक से पहले सिमित के सद(cid:7021) य(cid:7298) को भेजी जाएगी।
10. सभी बठै क(cid:7298) के कायव(cid:6981) ृ(cid:7004)त मसौदा (cid:7272)प म (cid:7286) तयै ार करके अ(cid:7007)य (cid:6979) (cid:7367)ारा समी(cid:6979)ा कराई जाएगी िजस े सिमित के सभी सद(cid:7021)य (cid:7298)
(cid:7367)ारा अनुमो(cid:7408)दत (cid:7408)कया जाएगा।
11. सिमित अपनी गितिविधय(cid:7298) क(cid:7409) िनयिमत (cid:7272)प से (cid:7407)रपोट (cid:6981)(cid:7079)ािधकरण को देगी।
12. सिमित के काय.(cid:6981)—सिमित-
(क) ऋण (cid:7079)ितभूित को सभी सगं त अिधिनयम(cid:7298), िनयम(cid:7298) और िविनयम(cid:7298) के साथ जारी कराना सुिनि(cid:7391)त कराएगी;
(ख) (cid:7079)(cid:7021) तािवत बॉ(cid:7003)ड और अ(cid:7008) य ऋण (cid:7079)ितभूित क(cid:7409) आ(cid:7414)थक (cid:7018) यवहाय(cid:6981)ता का मू(cid:7016) यांकन करेगी;
(ग) (cid:7079)(cid:7021) तािवत मामल े क(cid:7409) आ(cid:7414)थक (cid:7018)य वहाय(cid:6981)ता के बारे म(cid:7286) (cid:7407)रपोट(cid:6981) तयै ार करके (cid:7079)ािधकरण के सद(cid:7021) य(cid:7298) को प(cid:7407)रचािलत
करेगी;
(घ) ऋण (cid:7079)ितभूित जारी करन े के बारे म(cid:7286) (cid:7079)ािधकरण (cid:7367)ारा क(cid:7409) गई कार(cid:6981)वाई से स(cid:7013) बंिधत िसफा(cid:7407)रश करेगी; और
(ड.) ऐसे जारी के मा(cid:7007) यम से एक(cid:7074) िनिध को िविनयिमत करेगी तथा सुिनि(cid:7391)त करेगी (cid:7408)क ये उन (cid:7079)योजन(cid:7298) के िलए
उपयोग (cid:7263)आ ह ैिजसके िलए एक(cid:7074) (cid:7408)कया गया था तथा उसके उिचत उपयोग के बारे म (cid:7286)िसफा(cid:7407)रश करेगी।
13. बॉ(cid:7003)ड और अ(cid:7008)य ऋण (cid:7079)ितभिू त जारी होन े क(cid:7409) (cid:7079)(cid:7408)(cid:7059)या.—(cid:7079)ािधकरण सामा(cid:7008) य ब(cid:7263)मत स े संक(cid:7016) प पा(cid:7407)रत करके ऋण
(cid:7079)ितभूित जारी करने के िलए अनुमोदन दगे ा।
14. (1) ऋण (cid:7079)ितभूित जारी करने के िलए जारी करत े(cid:7263)ए संक(cid:7016) प पा(cid:7407)रत करते (cid:7263)ए (cid:7079)ािधकरण,-
(i) संक(cid:7016) प पा(cid:7407)रत करने से पहल े ऐसे ऋण (cid:7079)ितभूित और अ(cid:7008) य (cid:7079)(cid:7021) तािवत ब(cid:7286)चस(cid:6981) के बारे म(cid:7286) सिमित (cid:7367)ारा (cid:7079)(cid:7021) तुत
(cid:7407)रपोट(cid:6981) पर िवचार करेगा।
(ii) जहां (cid:7079)ािधकरण सिमित क(cid:7409) िसफा(cid:7407)रश के िव(cid:7272)(cid:7373) िनण(cid:6981)य लते ा ह ै वहां ऐसा करने का कारण िलिखत म(cid:7286) दने ा
होगा और ऐसे मामल(cid:7298) क(cid:7409) सूचना (cid:7079)(cid:7004)येक िव(cid:7004) तीय वष(cid:6981) के अंत म(cid:7286) क(cid:7286)(cid:7076)ीय सरकार को देनी होगी।
15. दोबारा बॉ(cid:7003)ड जारी करना और आपात शि(cid:7334) के मामल.े—(cid:7079)ािधकरण को दोबारा ऋण (cid:7079)ितभिू त जारी करन े क(cid:7409) शि(cid:7334)
होगी य(cid:7408)द ऐसा करना उिचत होगा।
16. िनिध के उिचत उपयोग.—(cid:7079)ािधकरण (cid:7367)ारा एक(cid:7074) िनिध भारतीय अ(cid:7008)त द(cid:7287)शीय जलमाग (cid:6981) (cid:7079)ािधकरण िनिध भेजा जाएगा,
िजसे अिधिनयम के उपबंध(cid:7298) के अधीन बनाया गया ह।ै
17. (cid:7079)ािधकरण (cid:7367)ारा एक(cid:7074) िनिध का उपयोग िववरिणका म(cid:7286) उि(cid:7016)लिखत उ(cid:7374)े(cid:7019) य के िलए ही केवल होगा, जब तक (cid:7408)क क(cid:7286)(cid:7076)ीय
सरकार क(cid:7409) िलिखत अनुमित नह(cid:7277) िमलेगी।
18. मामले के (cid:7079)योजन को (cid:7079)ा(cid:7385) करने के प(cid:7391)ात अिधशेष िनिध, य(cid:7408)द कोई हो, का उपयोग सिमित क(cid:7409) िसफ़ा(cid:7407)रश(cid:7298) के
अनुसार (cid:7408)कया जाएगा और अिधिनयम म(cid:7286) (cid:7408)दए गए (cid:7408)कसी (cid:7079)योजन को परू ा करने के िलए (cid:7408)कया जाएगा।4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
19. सद(cid:7021)य (cid:7298) का दािय(cid:7004) व.—सिमित और इसके (cid:7079)(cid:7004) येक सद(cid:7021) य ऐसे सभी धन और िनिध के िलए जबावदेह ह(cid:7298)ग े िजसका िनवेश
होने के बाद (cid:7079)ािधकरण के लेखा म(cid:7286) दज(cid:6981) (cid:7408)कया गया ह ै और कोई सद(cid:7021) य (cid:7408)कसी ब(cid:7289)कर अथवा अटॉन(cid:7278) अथवा (cid:7408)कसी अ(cid:7008) य
(cid:7018) यि(cid:7334) के लापरवाही, दोष, भूलचूक के िलए िज(cid:7013) मेदार नह(cid:7277) ह(cid:7298)गे िजनके पास (cid:7079)ितभूित रखी अथवा जमा क(cid:7409) गई ह।ै
20. लोक िनगम(cid:6981) .—सभी ऋण (cid:7079)ितभूित के लोक िनग(cid:6981)म भारतीय (cid:7079)ितभूित और िविनयामक बोड(cid:6981) (cid:7367)ारा बनाए गए िविनयम(cid:7298)
के संगत उपबंध(cid:7298) के अनुसार अथवा त(cid:7004)समय (cid:7079)वृ(cid:7275) (cid:7408)कसी अ(cid:7008) य िविध के अनुसार होगा।
[िव(cid:6980)ापन III/IV/असा./287/16(306)]
त. साई अमथू ा देवी, सिचव, भा.अ.ज.(cid:7079)ा.
INLAND WATERWAYS AUTHORITY OF INDIA
NOTIFICATION
New Delhi, the 2nd November, 2016
F. No. IWT-11011/45/2016-IWT.—In exercise of the powers conferred by clause (k) sub-section (2)
section 35 of the Inland Waterways Authority of India Act, 1985 (82 of 1985), the Inland Waterways
Authority of India, with the previous approval of the Central Government, hereby makes the following
regulations for the issue of bonds and other debt securities, as under, namely:-
1. Short title, Commencement and application.—(1) These regulations may be called the Inland Waterways
Authority of India (Issue of Debt Securities) Regulations, 2016.
(2) They shall come into force on the date of their publication in the official Gazette.
2. Definitions.—(1) In these regulations, unless the context requires otherwise,-
(a) “Act” means the Inland Waterways Authority of India Act, 1985 (82 of 1985)
(b) “Authority” means the Inland Waterways Authority of India constituted under sub-section (1) of
section 3 of the Act;
(c) “Committee” means Investment Committee set up under regulation 5;
(d) “Debt Securities” means a non-convertible debt securities which create or
acknowledge indebtedness, and include debenture, bonds and such other securities of a body
corporate or any statutory body constituted by or under any law for the time being in force
whether constituting a charge on the assets of such body or not;
(e) “funds” mean monies collected through the issue of bonds and other debt securities by the
Authority;
(f) “prospectus” means prospectus as defined in clause (70) of section 2 of the Companies Act,
2013 (18 of 2013);
(g) “report” means the report made by the Investment Committee on the economic viability and
impact of any proposed issue of debt securities by the Authority.
(2) All other words and expressions used but not defined in these regulations shall have the same
meanings respectively assigned to them in the Act or the Companies Act, 2013 (18 of 2013) or the Securities
Contracts (Regulation) Act, 1956 (42 of 1956) or the Depositories Act, 1996 (22 of 1996) or the rules and the
regulations made thereunder.
3. Terms for issue of bonds.—The Authority shall –
(a)(cid:32) borrow monies by means of issue of debt securities subject to such ceilings as may be deemed
proper by the Central Government;
(b)(cid:32) apply the whole or any part of the monies so raised, or the fund or accumulations thereto, to any
one or more of the functions under the Act, as the Authority may, in its discretion, deem fit from
time to time;¹Hkkx IIIµ[k.M 4º Hkkjr dk jkti=k % vlk/kj.k 5
(c)(cid:32) open an account in the name of the Authority or institutions run or conducted by the Authority
with a bank or banks, operate such an account and give instructions to the bank and provide for
opening and operation of such account by one or more of the officers of the Authority or by an
agent appointed by the Authority;
(d)(cid:32) appoint attorneys or agents for the purposes of issuing debt securities and authorise and enter
into agreements with such attorneys or agents to operate and manage the debt securities;
(e)(cid:32) do any other act or thing and exercise any other function or power which is incidental to the
aforesaid functions; and
(f)(cid:32) subject to the operation and management of the debt securities by the officers of the Authority
and the agents and attorneys, inspected and audited at periodical intervals.
4. General Purpose of the Funds.—The Authority shall issue debt securities for the purposes listed under the
Act and shall not be limited to the following, namely:-
(a)(cid:32) development of fairway;
(b)(cid:32) manufacturing of barges;
(c)(cid:32) terminal construction and development;
(d)(cid:32) waterway transportation;
(e)(cid:32) infrastructural facilities for waterways; and
(f)(cid:32) consultancy and research services.
5. Investment Committee.—(1) The Authority shall set up an Investment Committee to ensure that the debt
securities issued by the Authority are prudent and legally compliant.
(2) The purpose of the Committee shall be to formulate and oversee the investment policies and
management of the funds collected through the securities.
(3) The composition of the Committee shall be as follows:-
(a)(cid:32) the Vice-Chairman of the Authority, shall be the Chairperson of the Committee;
(b)(cid:32) one member of the Authority, to be nominated by the Chairman of the Authority;
(c)(cid:32) one Company Secretary and two advisers (external) to be nominated by the Chairperson from
amongst the persons of ability, integrity, and who have knowledge of, and adequate experience
and capacity in dealing with problems relating to financial matters, commerce, financial
regulation, law, economics and public administration, and also at least one adviser shall be a
person having fifteen years’ of general banking experience in a nationalised bank.
6. The Committee shall submit its report to all the members of the Authority within thirty days from the date
of request by the Chairman of the Authority.
7. Meetings.—The meetings shall be held in conjunction with regularly scheduled meetings of the Authority,
or as may be deemed necessary by the Chairperson of the Committee.
8. The Chairperson of the Committee shall be responsible for approving the agenda items for the meetings of
the Committee.
9. An agenda, together with relevant materials, shall be sent to the members of the Committee in advance
before each meeting.
10. Minutes for all meetings shall be prepared in draft form and reviewed by the Chairperson, and shall be
concurred by the members of the Committee.
11. The Committee shall make regular reports of its activities to the Authority.
12. Functions of the Committee.—The Committee shall -
(a) ensure the compliance of the issue of the debt securities with all relevant and applicable Acts,
rules and regulations;
(b)(cid:32) evaluate the economic viability of the proposed issue of bonds and other debt securities;6 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
(c)(cid:32) prepare and submit a report that shall be circulated to the members of the Authority, regarding
the economic feasibility of proposed issue or reissue;
(d)(cid:32) make recommendations as to the course of action to be taken by the Authority with regard to
issue of debt securities; and
(e)(cid:32) regulate the funds collected through such issue, ensure that they are used for the stated purpose
for which they were collected, and make recommendations as to the proper use thereof.
13. Procedure for issue of bonds, and other debt securities.—The Authority shall pass a resolution to give
its approval for issue of debt securities by a simple majority.
14. (1) While passing a resolution for issue of debt securities, the Authority shall,-
(i)(cid:32) take into account the report submitted by the Committee regarding the issue of such debt
securities and other proposed ventures before passing a resolution;
(ii) where the Authority decides to go against the recommendations of the Committee, then it must
provide the reasons for the same, in writing and such cases shall be reported to the Central
Government at the end of each financial year.
15. Re-issue of bonds and emergency powers of issue.—The Authority shall have the power to re-issue and
consolidate its debt securities, if it deems fit to do so.
16. Proper use of funds.—The funds collected by the Authority shall be debited to the Inland Waterways
Authority of India Fund which has been set up under the under the provisions of the Act.
17. The funds collected by the Authority shall be used exclusively for the purpose stated in the prospectus
of the issue and for no other purpose, except with the express permission of the Central Government.
18. After the purpose of the issue has been achieved, the surplus funds, if any, shall be used as per the
recommendations of the Committee and for any of the purposes of the Authority as provided in the Act.
19. Liability of the members.—The Committee and every member shall be accountable for such monies and
funds actually been invested after the same has been accounted in the Authority and a member shall not be
responsible or accountable for any neglect, default, acts or omissions or commissions of any banker or
attorney or other person with whom any securities have been deposited or kept.
20. Public issue.—Public issue of all the debt securities shall be in accordance with the relevant provisions of
the regulations made by the Securities and Exchange Board of India or any other law for the time being in
force.
[ADVT.-III/4/Exty./287/16(306)]
D. SAI AMUTHA DEVI, Secy., IWAI
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.