The Securities and Exchange Board of India (SEBI) on May 27, 2024, issued the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2024 to further amend the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014.
The following amendments have been stated namely: -
• Regulation 2 which states “Definitions” the following explanation has been inserted under clause (zg):
“For the purpose of calculating the number of outstanding units, any outstanding subordinate units shall not be included”
• Regulation 4 which states “Eligibility Criteria” clause (h) under sub-regulation (2) has been substituted namely: -
“Subject to the provisions of Chapter IVA of these regulations, there shall be only one class of units and all units shall carry equal voting rights and distribution rights associated with such units”
• Chapter IVA which states “Framework for Issuance of Subordinate Units” has been inserted
This shall come into force on May 27, 2024
[Notification No. SEBI/LAD-NRO/GN/2024/182]
