The Securities and Exchange Board of India (SEBI) on August 18, 2023, published the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Second Amendment) Regulations, 2023 to further amend the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014
This shall come into force on August 18, 2023
The following has been amended namely: -
• In regulation 2 which states “definitions” 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).
• in regulation 4 which states “Eligibility criteria” in sub-regulation (2), -
i. in clause (d), in sub-clause (i), after the words “each sponsor” and before the words “shall be”, the words “and sponsor group” shall be inserted
ii. in clause (d), after sub-clause (i), the following provisos shall be inserted namely,
“Provided that, for each sponsor group not less than one person shall be identified as a sponsor
Provided further that of the entities categorized as sponsor groups, only the following entities may be considered.
• In Regulation 12 which states “Rights and responsibilities of sponsors”
i. in the heading, after the 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;
[Notification No. SEBI/LAD-NRO/GN/2023/145]
