Securities And Exchange Board Of India - Subsection
Section 18(5) in Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014
(5)In case of InvITs as specified under sub-regulation (4) of regulation 14,-(a)not less than eighty per cent. of the value of the [InvIT] [Inserted by Notification No. SEBI/LAD-NRO/G.N./2016-17/021, dated 29.11.2016 (w.e.f. 26.9.2014).] assets shall be invested, proportionate to the holding of the InvITs, in completed and revenue generating infrastructure projects subject to the following;(i)if the investment has been made through a [holdco and/or] [Inserted by Notification No. SEBI/LAD-NRO/G.N./2016-17/021, dated 29.11.2016 (w.e.f. 26.9.2014).] SPV [(s)] [Inserted by Notification No. SEBI/LAD-NRO/G.N./2016-17/021, dated 29.11.2016 (w.e.f. 26.9.2014).], whether by way of equity or debt or equity linked instruments or partnership interest, only the portion of direct investments in eligible infrastructure [completed and revenue generating] [Inserted by Notification No. SEBI/LAD-NRO/G.N./2016-17/021, dated 29.11.2016 (w.e.f. 26.9.2014).] projects by such [holdco and/or SPV(s)] [Substituted 'SPVs' by Notification No. SEBI/LAD-NRO/G.N./2016-17/021, dated 29.11.2016 (w.e.f. 26.9.2014).] shall be considered under this sub-regulation and the remaining portion shall be included under clause (b);(ii)if any project is implemented in stages, the part of the project which can be categorised as completed and revenue generating project shall be considered under this sub-regulation and the remaining portion shall be included under clause (b);(b)not more than twenty per cent. of value of the [InvIT] [Inserted by Notification No. SEBI/LAD-NRO/G.N./2016-17/021, dated 29.11.2016 (w.e.f. 26.9.2014).] assets, [***] [Omitted 'proportionate to the holding of the InvITs' by Notification No. SEBI/LAD-NRO/G.N./2016-17/021, dated 29.11.2016 (w.e.f. 26.9.2014).], shall be invested in,-(i)under-construction infrastructure projects, whether directly or through [holdco and/or] [Inserted by Notification No. SEBI/LAD-NRO/G.N./2016-17/021, dated 29.11.2016 (w.e.f. 26.9.2014).] SPVs:Provided that investment in such assets shall not exceed ten per cent. of the value of the [InvIT assets] [Substituted 'assets of the InvIT' by Notification No. SEBI/LAD-NRO/G.N./2016-17/021, dated 29.11.2016 (w.e.f. 26.9.2014).];(ii)listed or unlisted debt of companies or body corporate in infrastructure sector:Provided that this shall not include any investment made in debt of the [holdco and/or SPV(s)] [Substituted 'SPV' by Notification No. SEBI/LAD-NRO/G.N./2016-17/021, dated 29.11.2016 (w.e.f. 26.9.2014).];(iii)equity shares of companies listed on a recognized stock exchange in India which derive not less than eighty per cent. of their operating income from infrastructure sector as per the audited accounts of the previous financial year;(iv)government securities;(v)money market instruments, liquid mutual funds or cash equivalents;(c)if the conditions specified in clauses (a) and (b) are breached on account of market movements of the price of the underlying assets or securities, the investment manager shall inform the same to the trustee and ensure that the conditions as specified in this regulation are satisfied within six months of such breach:Provided that the period may be extended to one year subject to approval from investors in accordance with regulation 22.
