The Securities Exchange Board of India (SEBI) on June 24, 2022, Introduction of Unified Payments Interface (UPI) mechanism for Infrastructure Investment Trusts (InvITs) with reference to circular No. CIR/DDHS/CIR/P/2019/16 dated January 15, 2019, lays down the process for payment for applications in the public issue of units of Infrastructure Investment Trust (InvIT) through the facility of ASBA. After consultation with stakeholders, it has been decided to provide an additional option to individual investors to apply in public issues of units of InvITs with a facility to block funds through the Unified Payments Interface (UPI) mechanism for application values up to Rs. 5 Lac. The process flow for availing the option of blocking funds through the UPI mechanism is placed in Annex I of this Circular.
The provisions of this circular shall be applicable to a public issue of units of InvIT under the SEBI (Infrastructure Investment Trusts) Regulations, 2014 which opens on or after August 01, 2022. Stock Exchanges, Depositories, NPCI, Sponsor Banks, and Self Certified Syndicate Banks shall make the required changes to implement the same from August 01, 2022.
[SEBI/HO/DDHS/DDHS_Div3/P/CIR/2022/085]
