New Delhi (ABC Live): The SEBI (Infrastructure Investment Trusts) Regulations, 2014 (“InvIT Regulations”) have been notified, vide a notification no LAD-NRO/GN/2014-15/10/1577 dated September 26, 2014
In exercise of the powers conferred by Section 30 read with Section 11 and 12 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), laying a framework for Infrastructure Investment Trusts and registration and regulation thereof, the Securities and Exchange Board of India.
Short title and commencement 1. (1) These regulations InvIT Regulations 2014 may be called the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014. (2) They shall come into force on the date of their notification in the Official Gazette.
Registration of infrastructure investment trusts 3. (1) No person shall act as an InvIT unless it has obtained a certificate of registration from the Board under these regulations. (2) An application for grant of certificate of registration as InvIT shall be made by the sponsor in Form A as specified in the Schedule I and shall be accompanied by a non-refundable application fee as specified in Schedule II. (3) The Board may, in order to protect the interests of investors, appoint any person to take charge of records, documents of the applicant and for this purpose, also determine the terms and conditions of such an appointment. (4) The Board shall take into account requirements as specified in these regulations for the purpose of considering grant of registration. Eligibility criteria. 4. (1) For the purpose of the grant of certificate to an applicant, the Board shall consider all matters relevant to the activities as an InvIT Regulations 2014. (2) Without prejudice to the generality of the foregoing provisions, the Board shall consider the following, mandatory requirements namely,– (a) the applicant is a trust and the instrument of trust is in the form of a deed duly registered in India under the provisions of the Registration Act, 1908; (b) the trust deed has its main objective as undertaking activity of InvIT Regulations 2014 in accordance with these regulations and includes responsibilities of the trustee in accordance with regulation 9; (c) persons have been designated as sponsor(s), investment manager and trustee under these regulations and all such persons are separate entities;