Date: 2025-04-26Category: Extra OrdinaryState: Union GovernmentCountry: India
In exercise of the powers conferred under section 30 read with sections 11 and 12 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following regulations to further amend the Securities and Exchange Board of India
## Policy Analysis Report: Securities and Exchange Board of India Infrastructure Investment Trusts Second Amendment Regulations, 2025
**1. Executive Summary:**
This report analyzes the Securities and Exchange Board of India (SEBI) Infrastructure Investment Trusts Second Amendment Regulations, 2025, as published in the Gazette of India on April 28, 2025. The core purpose of this amendment, as inferred from the provided text, is to further refine the existing Securities and Exchange Board of India Infrastructure Investment Trusts Regulations, 2014, by modifying a specific provision within regulation 18. The key finding is that this amendment expands the scope of an existing proviso related to subregulation 4 of regulation 18, potentially affecting compliance requirements for Infrastructure Investment Trusts (InvITs).
**2. Introduction:**
This report aims to provide an informative analysis of the Securities and Exchange Board of India Infrastructure Investment Trusts Second Amendment Regulations, 2025, based solely on the content of the provided policy text. The analysis will focus on understanding the nature of the amendment, its potential implications, and its impact on relevant stakeholders.
**3. Policy Overview:**
* This document amends the Securities and Exchange Board of India Infrastructure Investment Trusts Regulations, 2014.
* **Core Objective(s):** The primary objective of this amendment, as interpreted from the text, is to refine and update the regulatory framework governing Infrastructure Investment Trusts in India. The amendment directly impacts regulation 18.
**4. Background and Rationale:**
As an amendment, the policy text suggests that a review of the existing Securities and Exchange Board of India Infrastructure Investment Trusts Regulations, 2014, likely identified a need to modify specific aspects of regulation 18 to address potential ambiguities, loopholes, or evolving industry practices. This specific amendment seems to be related to expanding the scope of a condition or exception covered by the proviso in subregulation 4 of regulation 18.
**5. Key Provisions / Changes:**
This section focuses specifically on the changes introduced by the provided amendment text:
* **Specific Part of Original Policy Changed:** Regulation 18, subregulation 4, and the proviso within that subregulation, are being modified.
* **New Rule/Provision:** The words "and v" in the proviso are being substituted with " , v, vi, vii and viii".
* **Difference/Effect of Change:** The amendment broadens the applicability of the proviso by adding references to "vi, vii and viii". The original proviso, which previously applied to a certain condition represented by "v", now applies to potentially three additional conditions represented by "vi, vii and viii". The impact is that the exceptions or allowances granted under the proviso are now extended to these new conditions.
**6. Target Audience and Stakeholders:**
Based on the text, the primary target audience includes:
* **Infrastructure Investment Trusts (InvITs):** The amendment directly affects InvITs operating under the SEBI regulations, particularly those governed by the rules outlined in regulation 18.
* **Sponsors, Investment Managers, and Trustees of InvITs:** These entities are responsible for the operations and compliance of InvITs and must adhere to the updated regulations.
* **Investors in InvITs:** The changes could indirectly affect investors by potentially altering the operational flexibility or regulatory burden of InvITs.
**7. Implementation Aspects (Inferred):**
* **Responsible agency/bodies:** The Securities and Exchange Board of India (SEBI) is the responsible body for implementing and enforcing these regulations.
* **Timelines or procedures:** The amendment came into force on April 2, 2025. InvITs and related stakeholders would need to adjust their operations and compliance procedures to reflect this change from that date onward. Specific procedures for compliance are not elaborated upon in the provided text.
**8. Expected Outcomes / Impact of Changes:**
The likely intended outcome of this amendment is to provide greater clarity or flexibility within the regulatory framework for Infrastructure Investment Trusts. By expanding the scope of the proviso, SEBI may be aiming to address specific operational challenges or promote investment in the infrastructure sector. The specific impact is dependent on the context of regulation 18 and what aspects "vi, vii, and viii" refer to. Overall the outcome is to clarify or broaden the applicability of the proviso.
**9. Conclusion:**
The Securities and Exchange Board of India Infrastructure Investment Trusts Second Amendment Regulations, 2025, represents a refinement of the existing regulatory framework for InvITs. By modifying regulation 18, SEBI seeks to provide greater clarity or flexibility for InvIT operations. The amendment came into effect on April 2, 2025, and requires InvITs and related stakeholders to adapt their compliance procedures accordingly. The broader implications of this change will depend on the specific context of the amended regulation within the overall framework.
Key Entities Referenced
SECURITIES AND EXCHANGE BOARD OF INDIA: Government organization issuing the notification.
Securities and Exchange Board of India Act, 1992: Act under which the powers are conferred.
sections 11 and 12: Sections of the Securities and Exchange Board of India Act, 1992.
section 30: Section of the Securities and Exchange Board of India Act, 1992.
Securities and Exchange Board of India Infrastructure Investment Trusts Regulations, 2014: Regulation being amended.
Securities and Exchange Board of India Infrastructure Investment Trusts Second Amendment Regulations, 2025: Name of the current amendment regulation.
April 2, 2025: Effective date of the amendment regulation.
regulation 18: Regulation being amended within the Securities and Exchange Board of India Infrastructure Investment Trusts Regulations, 2014
subregulation 4: Subregulation being amended within regulation 18.
Securities and Exchange Board of India Infrastructure Investment Trusts Amendment Regulations, 2016: Previous amendment to the regulation.
Securities and Exchange Board of India Payment of Fees and Mode of Payment Amendment Regulations, 2017: Previous amendment to regulations.
Securities and Exchange Board of India Infrastructure Investment Trusts Amendment Regulations, 2017: Previous amendment to the regulation.
Securities and Exchange Board of India Infrastructure Investment Trusts Amendment Regulations, 2018: Previous amendment to the regulation.
Securities and Exchange Board of India Infrastructure Investment Trusts Amendment Regulations, 2019: Previous amendment to the regulation.
Securities and Exchange Board of India Infrastructure Investment Trusts Amendment Regulations, 2020: Previous amendment to the regulation.
Securities and Exchange Board of India Regulatory Sandbox Amendment Regulations, 2020: Previous amendment to regulations.
Securities and Exchange Board of India Infrastructure Investment Trusts Second Amendment Regulations, 2020: Previous amendment to the regulation.
Securities and Exchange Board of India Infrastructure Investment Trusts Amendment Regulations, 2021: Previous amendment to the regulation.
Securities and Exchange Board of India Regulatory Sandbox Amendment Regulations, 2021: Previous amendment to regulations.
Securities and Exchange Board of India Infrastructure Investment Trusts Amendment Regulations, 2022: Previous amendment to the regulation.
Securities and Exchange Board of India Infrastructure Investment Trusts Second Amendment Regulations, 2022: Previous amendment to the regulation.
Securities and Exchange Board of India Infrastructure Investment Trusts Amendment Regulations, 2023: Previous amendment to the regulation.
Securities and Exchange Board of India Alternative Dispute Resolution Mechanism Amendment Regulations, 2023: Previous amendment to regulations.
Securities and Exchange Board of India Infrastructure Investment Trusts Second Amendment Regulations, 2023: Previous amendment to the regulation.
Securities and Exchange Board of India Facilitation of Grievance Redressal Mechanism Amendment Regulations, 2023: Previous amendment to regulations.
Securities and Exchange Board of India Infrastructure Investment Trusts Third Amendment Regulations, 2023: Previous amendment to the regulation.
Securities and Exchange Board of India Infrastructure Investment Trusts Amendment Regulations, 2024: Previous amendment to the regulation.
Securities and Exchange Board of India Infrastructure Investment Trusts Second Amendment Regulations, 2024: Previous amendment to the regulation.
Securities and Exchange Board of India Infrastructure Investment Trusts Third Amendment Regulations, 2024: Previous amendment to the regulation.
Securities and Exchange Board of India Investor Charter Amendment Regulations, 2025: Previous amendment to regulations.
Securities and Exchange Board of India Infrastructure Investment Trusts Amendment Regulations, 2025: Previous amendment to the regulation.
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
सी.जी.-एम.एच.-अ.-29042025-262753
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CG-MH-E-29042025-262753
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असाधारण
EXTRAORDINARY
भाग III—खण् ड 4
PART III—Section 4
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 317] िई ददल्ली, सोमिार, अप्रलै 28, 2025/ििै ाख 8, 1947
No. 317] NEW DELHI, MONDAY, APRIL 28, 2025/VAISAKHA 8, 1947
भारतीय प्रजतभजू त और जिजिमय बोडड
अजधसचू िा
म ंबई, 28 अप्रलै , 2025
भारतीय प्रजतभजू त और जिजिमय बोडड
(अिसरं चिा जिििे न्यास) (दसू रा सिं ोधि) जिजियम, 2025
स.ं सबे ी/एलएडी-एिआरओ/िीएि/2025/243–बोड,ड भारतीय प्रजतभूजत और जिजिमय बोडड अजधजियम, 1992
(1992 का 15) की धारा 11 तथा धारा 12 के साथ पठित धारा 30 के तहत प्रदाि की गई िजियों का प्रयोग करत े हुए,
एतद्द्वारा भारतीय प्रजतभूजत और जिजिमय बोड ड (अिसंरचिा जििेि न्यास) जिजियम, 2014 का और संिोधि करिे के जलए
जिम्नजलजखत जिजियम बिाता ह,ै अथाडत:् -
1. इि जिजियमों को भारतीय प्रजतभूजत और जिजिमय बोडड (अिसरं चिा जििेि न्यास) (दसू रा संिोधि) जिजियम,
2025 कहा िा सकेगा ।
2. ये जिजियम 2 अप्रैल, 2025 से लाग ूहुए माि े िाएँग े ।
2812 GI/2025 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
3. भारतीय प्रजतभूजत और जिजिमय बोडड (अिसंरचिा जिििे न्यास) जिजियम, 2014 म,ें जिजियम 18 म,ें
उपजिजियम (4) म,ें परंत क म,ें िब्दों, जचह्िों तथा अंक “और (v) के अधीि” के स्ट्थाि पर जचह्ि, अंक तथा िब्द “,
(v), (vi), (vii) और (viii) के तहत” आ िाएगँ े ।
बबीता राय डू, कायडपालक जिदिे क
[जिज्ञापि-III/4/असा./49/2025-26]
पाद ठिप्पण :
1. भारतीय प्रजतभूजत और जिजिमय बोडड (अिसंरचिा जििेि न्यास) जिजियम, 2014, स.ं
एलएडी/एिआरओ/िीएि/2014-15/10/1577, 26 जसतम्बर, 2014 को भारत के रािपत्र म ेंप्रकाजित हुए थ े ।
2. भारतीय प्रजतभूजत और जिजिमय बोडड (अिसंरचिा जििेि न्यास) जिजियम, 2014 तत्पश्चात ्-
क. 30 ििम्बर, 2016 स ेभारतीय प्रजतभूजत और जिजिमय बोडड (अिसंरचिा जििेि न्यास) (संिोधि) जिजियम,
2016, स.ं सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2016-17/021, द्वारा
ख. 6 माच,ड 2017 से भारतीय प्रजतभूजत और जिजिमय बोड ड (फीस का भ गताि और भग ताि का माध्यम)
(संिोधि) जिजियम, 2017, स.ं सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2016-17/038, द्वारा
ग. 15 ददसम्बर, 2017 स े भारतीय प्रजतभूजत और जिजिमय बोडड (अिसंरचिा जििेि न्यास) (सिं ोधि) जिजियम,
2017, स.ं सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2017-18/024, द्वारा
घ. 10 अप्रलै , 2018 स े भारतीय प्रजतभूजत और जिजिमय बोड ड (अिसंरचिा जििेि न्यास) (संिोधि) जिजियम,
2018 स.ं सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2018/07, द्वारा
ङ. 22 अप्रलै , 2019 स े भारतीय प्रजतभूजत और जिजिमय बोड ड (अिसंरचिा जििेि न्यास) (संिोधि) जिजियम,
2019 स.ं सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2019/10, द्वारा
च. 2 माच,ड 2020 से भारतीय प्रजतभूजत और जिजिमय बोड ड (अिसंरचिा जििेि न्यास) (संिोधि) जिजियम,
2020 स.ं सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2020/05, द्वारा
छ. 17 अप्रलै 2020 स े भारतीय प्रजतभूजत और जिजिमय बोड ड(रेग्यूलेिरी सडैं बॉक्स) (संिोधि) जिजियम, 2020,
स.ं सेबी/एल.ए.डी.-एिआरओ/िीएि/2020/10, द्वारा
ि. 16 िूि, 2020 स े भारतीय प्रजतभूजत और जिजिमय बोड ड (अिसंरचिा जििेि न्यास) (दसू रा संिोधि)
जिजियम, 2020 स.ं सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2020/15, द्वारा
झ. 30 ि लाई, 2021 स े भारतीय प्रजतभूजत और जिजिमय बोड ड (अिसंरचिा जििेि न्यास) (संिोधि) जिजियम,
2021 स.ं सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2021/27, द्वारा
ञ. 31 अगस्ट्त, 2021 स े भारतीय प्रजतभूजत और जिजिमय बोडड (रेग्यूलेिरी सैंडबॉक्स) (संिोधि) जिजियम,
2021, सं. सेबी/एलएडी-एिआरओ/िीएि/2021/30, द्वारा
ि. 4 मई, 2022 स े भारतीय प्रजतभूजत और जिजिमय बोड ड (अिसंरचिा जििेि न्यास) (संिोधि) जिजियम,
2022, सं. सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2022/83, द्वारा
ि. 1 िििरी, 2023 स ेभारतीय प्रजतभूजत और जिजिमय बोड ड (अिसंरचिा जििेि न्यास) (दसू रा संिोधि)
जिजियम, 2022, सं. सेबी/एलएडी-एिआरओ/िीएि/2022/101, द्वारा
ड. 14 फरिरी, 2023 स े भारतीय प्रजतभूजत और जिजिमय बोडड (अिसंरचिा जििेि न्यास) (संिोधि) जिजियम,
2023, सं. सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2023-122, द्वारा
ढ. 4 ि लाई, 2023 से भारतीय प्रजतभूजत और जिजिमय बोड ड (जििाद स लझािे की िैकजल्पक व्यिस्ट्था) (संिोधि)
जिजियम, 2023, स.ं सेबी/एलएडी-एिआरओ/िीएि/2023/137, द्वारा[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 3
ण. 16 अगस्ट्त, 2023 से भारतीय प्रजतभूजत और जिजिमय बोड ड (अिसंरचिा जििेि न्यास) (दसू रा संिोधि)
जिजियम, 2023, स.ं सेबी/एलएडी-एिआरओ/िीएि/2023/145, द्वारा
त. 18 अगस्ट्त, 2023 से भारतीय प्रजतभूजत और जिजिमय बोड ड (जिकायत जििारण व्यिस्ट्था को स जिधाििक
बिािा) (संिोधि) जिजियम, 2023, स.ं सेबी/एलएडी-एिआरओ/िीएि/2023/146, द्वारा
थ. 23 अिूबर, 2023 स ेभारतीय प्रजतभूजत और जिजिमय बोडड (अिसंरचिा जििेि न्यास) (तीसरा संिोधि)
जिजियम, 2023, अजधसूचिा स.ं सेबी/एलएडी-एिआरओ/िीएि/2023/159, द्वारा
द. 27 मई, 2024 स ेभारतीय प्रजतभूजत और जिजिमय बोड ड (अिसंरचिा जििेि न्यास) (संिोधि) जिजियम,
2024, अजधसूचिा स.ं सेबी/एलएडी-एिआरओ/िीएि/2024/182, द्वारा
ध. 13 ि लाई, 2024 से भारतीय प्रजतभूजत और जिजिमय बोड ड (अिसंरचिा जििेि न्यास) (दसू रा संिोधि)
जिजियम, 2024, अजधसूचिा स.ं सेबी/एलएडी-एिआरओ/िीएि/2024/192, द्वारा
ि. 27 जसतम्बर, 2024 से भारतीय प्रजतभूजत और जिजिमय बोडड (अिसंरचिा जििेि न्यास) (तीसरा संिोधि)
जिजियम, 2024, अजधसूचिा स.ं सेबी/एलएडी-एिआरओ/िीएि/2024/207, द्वारा
प. 10 फरिरी, 2025 से भारतीय प्रजतभूजत और जिजिमय बोडड (जििेिक चािडर) (संिोधि) जिजियम, 2025,
अजधसूचिा फा. स.ं सेबी/एलएडी-एिआरओ/िीएि/2025/228, द्वारा
फ. 2 अप्रलै , 2025 से भारतीय प्रजतभूजत और जिजिमय बोड ड (अिसंरचिा जििेि न्यास) (संिोधि) जिजियम,
2025, अजधसूचिा स.ं सेबी/एलएडी-एिआरओ/िीएि/2025/240, द्वारा संिोजधत हुए थ े ।
SECURITIES AND EXCHANGE BOARD OF INDIA
NOTIFICATION
Mumbai, the 28th April, 2025
SECURITIES AND EXCHANGE BOARD OF INDIA (INFRASTRUCTURE INVESTMENT TRUSTS)
(SECOND AMENDMENT) REGULATIONS, 2025
No. SEBI/LAD-NRO/GN/2025/243–In exercise of the powers conferred under section 30 read with sections
11 and 12 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following
regulations to further amend the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations,
2014, namely: –
1. These regulations may be called the Securities and Exchange Board of India (Infrastructure Investment
Trusts) (Second Amendment) Regulations, 2025.
2. They shall be deemed to have come into force on April 2, 2025.
3. In the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014, in
regulation 18, in sub-regulation (4), in the proviso, the words and number “and (v)” shall be substituted with the words,
numbers and symbol “, (v), (vi), (vii) and (viii)”.
BABITHA RAYUDU, Executive Director
[ADVT.-III/4/Exty./49/2025-26]4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
Footnotes:
1. The Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014 was
published in the Gazette of India on September 26, 2014 vide No. LAD-NRO/GN/2014-15/10/1577.
2. The Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014 was
subsequently amended by the –
a. Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations,
2016, vide No. SEBI/LAD/NRO/GN/2016-17/021, with effect from November 30, 2016.
b. Securities and Exchange Board of India (Payment of Fees and Mode of Payment) (Amendment)
Regulations, 2017, vide No. SEBI/LAD/NRO/GN/2016-17/38, with effect from March 6, 2017.
c. Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations,
2017, vide No. SEBI/LAD-NRO/GN/2017-18/024, with effect from December 15, 2017.
d. Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations,
2018, vide No. SEBI/LAD-NRO/GN/2018/07, with effect from April 10, 2018.
e. Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations,
2019, vide No. SEBI/LAD-NRO/GN/2019/10, with effect from April 22, 2019.
f. 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.
g. 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.
h. 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.
i. 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.
j. 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.
k. 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.
l. Securities and Exchange Board of India (Infrastructure Investment Trusts) (Second Amendment)
Regulations, 2022 vide No. SEBI/LAD-NRO/GN/2022/101 with effect from January 1, 2023.
m. Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations,
2023 vide No. SEBI/LAD-NRO/GN/2023/122 with effect from February 14, 2023.
n. Securities and Exchange Board of India (Alternative Dispute Resolution Mechanism) (Amendment)
Regulations, 2023 vide No. SEBI/LAD–NRO/GN/2023/137 with effect from July 4, 2023.
o. Securities and Exchange Board of India (Infrastructure Investment Trusts) (Second Amendment)
Regulations, 2023 vide No. SEBI/LAD-NRO/GN/2023/145 with effect from August 16, 2023.
p. Securities and Exchange Board of India (Facilitation of Grievance Redressal Mechanism) (Amendment)
Regulations, 2023 vide No. SEBI/LAD-NRO/GN/2023/146 with effect from August 18, 2023
q. Securities and Exchange Board of India (Infrastructure Investment Trusts) (Third Amendment)
Regulations, 2023 vide notification No. SEBI/LAD-NRO/GN/2023/159 with effect from October 23,
2023.[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 5
r. Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations,
2024 vide notification No. LAD-NRO/GN/2024/182 with effect from May 27, 2024.
s. Securities and Exchange Board of India (Infrastructure Investment Trusts) (Second Amendment)
Regulations, 2024 vide notification No. SEBI/LAD-NRO/GN/2024/192 with effect from July 13, 2024.
t. Securities and Exchange Board of India (Infrastructure Investment Trusts) (Third Amendment)
Regulations, 2024 vide notification No. SEBI/LAD-NRO/GN/2024/207 with effect from September 27,
2024.
u. Securities and Exchange Board of India (Investor Charter) (Amendment) Regulations, 2025 vide
notification F No. SEBI/LAD-NRO/GN/2025/228 with effect from February 10, 2025.
v. Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations,
2025 vide notification No. SEBI/LAD-NRO/GN/2025/240 with effect from April 2, 2025
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