The Securities and Exchange Board of India (SEBI) set certain regulations to amend the Infrastructure Investment Trusts Regulations, 2014 and Real Estate Investment Trusts Regulations, 2014.
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, the Board makes certain regulations to amend the Infrastructure Investment Trusts Regulations, 2014 and Real Estate Investment Trusts Regulations, 2014.
The Infrastructure Investment Trusts Regulations, 2014 may be called the Securities and Exchange Board of India-SEBI (Infrastructure Investment Trusts) (Amendment) Regulations, 2020. This amendment shall come into force on the date of their publication in the Official Gazette.
In the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014, In regulation 4 shall be substituted with the following sub-clause, “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.”
In regulation 14 the following new proviso shall be inserted after the first proviso that “Provided further that the InvIT shall not be required to file a draft offer document with the Board in case of a fast track rights issue, subject to the fulfilment of the conditions as specified by the Board from time to time.”
The Real Estate Investment Trust Regulations, 2014, maybe called the Securities and Exchange Board of India (Real Estate Investment Trusts) (Amendment) Regulations, 2020. This amendment shall come into force on the date of their publication in the Official Gazette.
In the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014,- I. In regulation 14 the following new proviso shall be inserted after the first proviso, namely,- “Provided further that the REIT shall not be required to file draft offer document with the Board in case of a fast track rights issue, subject to the fulfilment of the conditions as specified by the Board from time to time.”
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