Executive Summary:
This document contains the Securities and Exchange Board of India (SEBI) Infrastructure Investment Trusts Amendment Regulations, 2020. It amends the 2014 regulations regarding Infrastructure Investment Trusts. The regulations came into force on March 2, 2020, the date of their publication in the Official Gazette.
Key Points / Main Content:
Amendment Regulations:
* These regulations are called the Securities and Exchange Board of India Infrastructure Investment Trusts Amendment Regulations, 2020.
* They amend the Securities and Exchange Board of India Infrastructure Investment Trusts Regulations, 2014.
Amendments to Regulation 4:
* Subregulation 2, clause e, subclause ii is substituted.
* The investment manager should have a minimum of five years of experience in fund management, advisory services, or infrastructure development; or the combined experience of the directors/partners/employees should be at least 30 years in the same fields.
* For computing the combined experience, only the experience of directors/partners/employees with more than 5 years of experience will be considered.
Amendments to Regulation 14:
* In subregulation 4, in clause l, a new proviso is inserted after the first proviso.
* InvITs are not required to file a draft offer document with the Board for fast track rights issues, subject to conditions specified by the Board.
Impact Analysis:
Infrastructure Investment Trusts (InvITs):
Impact: InvITs are affected by the changes to regulations regarding investment manager experience and draft offer document filing requirements for fast track rights issues.
Action Required: Comply with the revised regulations for investment manager experience and adhere to the conditions specified by the Board for fast track rights issues to be exempt from filing draft offer documents.
Investment Managers:
Impact: Investment managers need to ensure they meet the updated experience requirements, either individually or through the combined experience of their directors/partners/employees.
Action Required: Assess the experience of their team and ensure compliance with the new requirements for fund management, advisory services, or infrastructure development experience.
Securities and Exchange Board of India (SEBI):
Impact: SEBI is responsible for enforcing and overseeing the implementation of the amended regulations.
Action Required: Specify the conditions for fast track rights issues to exempt InvITs from filing draft offer documents and oversee the compliance of InvITs and investment managers with the new regulations.
Key Entities Referenced
Securities and Exchange Board of India: Regulatory body in India for securities and commodity market.
Securities and Exchange Board of India Act, 1992: Law establishing the powers and functions of the Securities and Exchange Board of India.
Securities and Exchange Board of India Infrastructure Investment Trusts Regulations, 2014: Regulations pertaining to Infrastructure Investment Trusts as issued by the Securities and Exchange Board of India.
Securities and Exchange Board of India Infrastructure Investment Trusts Amendment Regulations, 2020: Amendments made in 2020 to the Securities and Exchange Board of India Infrastructure Investment Trusts Regulations, 2014.
Mumbai, Maharashtra: City in Maharashtra, where the Securities and Exchange Board of India notification was issued.
Ajay Tyagi: Chairman of the Securities and Exchange Board of India at the time of notification.
New Delhi: Location of the Government of India Press.
Official Gazette: Official government publication where the regulation is published.
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. NO. D. L.-33004/99
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सी.जी.-डी.एल.-अ.-03032020-216507
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असाधारण
EXTRAORDINARY
भाग III—खण् ड 4
PART III—Section 4
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 87] िई ददल्ली, सोमिार, माच ड2, 2020/फाल्ग िु 12, 1941
No. 87] NEW DELHI, MONDAY, MARCH 2, 2020/PHALGUNA 12, 1941
भारतीय प्रजतभजू त और जिजिमय बोडड
अजधसचू िा
मुम्बई, 2 माचड, 2020
भारतीय प्रजतभजू त और जिजिमय बोडड (अिसरं चिा जिििे न्यास) (सिं ोधि) जिजियम, 2020
स.ं सबे ी/एल.ए.डी.-एि.आर.ओ./िी.एि./2020/05.—बोडड, भारतीय प्रजतभूजत और जिजिमय बोडड
अजधजियम, 1992 (1992 का 15) की धारा 11 तथा 12 के साथ पठित धारा 30 के तहत प्रदत्त िजियों का प्रयोग
करते हुए एतद्द्वारा भारतीय प्रजतभूजत और जिजिमय बोडड (अिसंरचिा जििेि न्यास) जिजियम, 2014 का संिोधि
करिे के जलए जिम्नजलजखत जिजियम बिाता ह,ै अथाडत:् -
1. इि जिजियमों को भारतीय प्रजतभूजत और जिजिमय बोडड (अिसंरचिा जििेि न्यास) (संिोधि) जिजियम,
2020 कहा िा सकेगा ।
2. िे रािपत्र में उिके प्रकािि की तारीख को प्रिृत्त (लाग)ू होंगे ।
3. भारतीय प्रजतभूजत और जिजिमय बोड ड (अिसंरचिा जििेि न्यास) जिजियम, 2014 म,ें -
I. जिजियम 4 में, -
क. उप-जिजियम (2) में, खंड (ङ) में, मौिूदा उप-खंड (ii) जिम्नजलजखत उप-खंड से प्रजतस्ट्थाजपत हो
िाएगा, अथाडत,् -
“(ii) जििेि प्रबंधक (इन्िेस्ट्टमेंट मैिेिर) के पास अिसंरचिा क्षेत्र (इन्रास्ट्रक्चर सेक्टर) म ें जिजध
प्रबंधि (फंड मिै ेिमेंट) या सलाहकार (एडिाइज़री) सेिाओं या जिमाडण (डेिलपमेंट) म ें कम स ेकम
1203 GI/2020 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
पााँच िर्षों का अिुभि ह ै अथिा जििेि प्रबंधक के जिदेिकों (डायरेक्टस)ड /भागीदारों (पाटिड सड)/
कमडचाठरयों का अिसंरचिा क्षत्रे म ें जिजध प्रबंधि या सलाहकार सेिाओं या जिमाडण म ें संयुि ूपप
से कम से कम 30 िर्षों का अिभु ि ह:ै
परंत ु यह दक उिके संयुि अिभु ि की गणिा करिे के जलए, केिल उन्हीं जिदेिकों/भागीदारों/
कमडचाठरयों के अिुभि पर जिचार दकया िाएगा जििका अिसंरचिा क्षेत्र में जिजध प्रबंधि या
सलाहकार सेिाओं या जिमाणड में 5 िर्षों स ेअजधक का अिुभि हो ।”
II. जिजियम 14 में, -
क. उप-जिजियम (4) में, खंड (ि) में, पहल े परंतुक के पश्चात ् जिम्नजलजखत िया परंतुक अंतःस्ट्थाजपत
दकया िाएगा, अथाडत,् -
“परंत ु यह और दक अिसंरचिा जििेि न्यास के जलए तीव्र-पथीय साजधकार जिगडम (फास्ट्ट रैक
राइट्स इश्य)ू के मामल े में बोड ड के पास प्राूपप प्रस्ट्ताि दस्ट्ताििे (ड्राफ्ट ऑफर डॉक्यूमेंट) दाजखल
करिा िूपरी िहीं होगा, बिते दक बोड ड द्वारा समय-समय पर जिधाडठरत की गई ित ें परू ी की
िाएाँ ।”
अिय त्यागी, अध्यक्ष
[जिज्ञापि-III/4/असा./473/19]
पाद ठटप्पण :
1. भारतीय प्रजतभूजत और जिजिमय बोडड (अिसंरचिा जििेि न्यास) जिजियम, 2014, स.ं एलएडी/एिआरओ/
िीएि/2014-15/10/1577 द्वारा, 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, सं. सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2016-17/021, द्वारा
ख. 15 ददसम्बर, 2017 स े भारतीय प्रजतभूजत और जिजिमय बोडड (अिसंरचिा जििेि न्यास) (संिोधि)
जिजियम, 2017, सं. सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2017-18/024, द्वारा
ग. 10 अप्रलै , 2018 स े भारतीय प्रजतभूजत और जिजिमय बोडड (अिसंरचिा जििेि न्यास) (संिोधि)
जिजियम, 2018 स.ं सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2018/07, द्वारा
घ. 22 अप्रलै , 2019 स े भारतीय प्रजतभूजत और जिजिमय बोडड (अिसंरचिा जििेि न्यास) (संिोधि)
जिजियम, 2019 स.ं सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2019/10, द्वारा
संिोजधत हुए थ े।
SECURITIES AND EXCHANGE BOARD OF INDIA
NOTIFICATION
Mumbai, the 2nd March, 2020
SECURITIES AND EXCHANGE BOARD OF INDIA (INFRASTRUCTURE INVESTMENT
TRUSTS) (AMENDMENT) REGULATIONS, 2020
No. SEBI/LAD-NRO/GN/2020/05.—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 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) (Amendment) Regulations, 2020.[भाग III— खण् ड 4] भारत का रािपत्र : असाधारण 3
2. They shall come into force on the date of their publication in the Official Gazette.
3. In the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations,
2014,-
I. In regulation 4,-
a. in sub-regulation (2), in clause (e), the existing sub-clause (ii) shall be substituted
with the following sub-clause, namely,-
“(ii) the investment manager has not less than five years of experience in fund
management or advisory services or development in the infrastructure sector or
the combined experience of the directors/partners/employees of the investment
manager in fund management or advisory services or development in the
infrastructure sector is not less than 30 years:
Provided that for computing the combined experience, only the experience of
the directors/partners/employees with more than 5 years of experience in fund
management or advisory services or development in the infrastructure sector
shall be considered.”
II. In regulation 14,-
a. in sub-regulation (4), in clause (l), the following new proviso shall be inserted after
the first proviso, namely,-
“Provided further that the InvIT shall not be required to file draft offer document
with the Board in case of a fast track rights issue, subject to the fulfillment of the
conditions as specified by the Board from time to time.”
AJAY TYAGI, Chairman
[ADVT.-III/4/Exty./473/19]
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 (Infrastructure Investment Trusts)
(Amendment) Regulations, 2017, vide No. SEBI/LAD-NRO/GN/2017-18/024,
with effect from December 15, 2017.
c. 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.
d. 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.
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.