Securities And Exchange Board Of India - Subsection
Section 26B(1) in Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014
(1)An InvIT raising funds by way of a private placement in terms of the provisions of this Chapter -(a)shall do it through a placement memorandum;(b)shall raise funds only from institutional investors and body corporates, whether Indian or foreign:Provided that in case of foreign investors, such investment shall be subject to guidelines as may be specified by the Reserve Bank of India and the Government from time to time;(c)shall not accept from an investor, an investment of value less than rupees one crore;(d)shall not raise funds from more than twenty investors;(e)shall file a placement memorandum with the Board alongwith the fee as specified in Schedule II, atleast 5 days prior to opening of the issue;(f)shall file the final placement memorandum with the Board within a period of ten working days from the date of allotment of the units to the investors;(g)invest not less than eighty per cent of the value of the InvIT assets in eligible infrastructure projects either directly or through holdcos or through SPVs:Provided that un-invested funds may be invested in instruments as provided under sub-clause (ii), (iii), (iv) and (v) of clause (b) of sub-regulation 5 of Regulation 18.
