Securities And Exchange Board Of India - Subsection
Section 2(2) in Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014
(2)the Infrastructure Project is a pre-COD project;ii. In non-PPP projects, the infrastructure project has received all the requisite approvals and certifications for commencing construction of the project;(p)"follow-on offer" means offer of units of an InvIT to the public for subscription and includes an offer for sale of InvIT units by an existing unit holder to the public;(q)[ ***] [Omitted by Notification No. SEBI/LAD-NRO/G.N./2016-17/021, dated 29.11.2016 (w.e.f. 26.9.2014).](r)"form" means any of the forms set out in the Schedule I;(ra)[ "general purposes" include such identified purposes for which no specific amount is allocated or any amount so specified towards general purpose or any such purpose by whatever name called, in the draft offer document filed with the Board: [Inserted by Notification No. SEBI/LAD-NRO/G.N./2016-17/021, dated 29.11.2016 (w.e.f. 26.9.2014).]Provided that any issue related expenses shall not be considered as a part of general purpose merely because no specific amount has been allocated for such expenses in the draft offer document filed with the Board;](s)"governing board" in case of an LLP shall mean a group of members assigned by the LLP to act in a manner similar to the board of directors in case of a company;(sa)[ "holdco" or "holding company" means a company or LLP,- [Inserted by Notification No. SEBI/LAD-NRO/G.N./2016-17/021, dated 29.11.2016 (w.e.f. 26.9.2014).](i)in which InvIT holds or proposes to hold controlling interest and not less than fifty one per cent of the equity share capital or interest and which in turn has made investments in other SPV(s), which ultimately hold the infrastructure assets;(ii)which is not engaged in any other activity other than holding of the underlying SPV(s), holding of infrastructure projects and any other activities pertaining to and incidental to such holdings;](t)"infrastructure" includes all infrastructure sub-sectors as defined vide notification of the Ministry of Finance dated October 07, 2013 and shall include any amendments or additions made thereof;(u)"infrastructure project" means any project in infrastructure sector;(ua)[ "initial offer" means the first offer of units of an InvIT including an offer for sale of the InvIT units by an existing unit holder whether through public issue or private placement;] [Inserted by Notification No. SEBI/LAD-NRO/G.N./2016-17/021, dated 29.11.2016 (w.e.f. 26.9.2014).](v)"initial [public] [Inserted by Notification No. SEBI/LAD-NRO/G.N./2016-17/021, dated 29.11.2016 (w.e.f. 26.9.2014).] offer" means the first offer of units of an InvIT to the public for subscription and includes an offer for sale of the InvIT units by an existing unit holder to the public;(w)[ ***] [Omitted by Notification No. SEBI/LAD-NRO/G.N./2016-17/021, dated 29.11.2016 (w.e.f. 26.9.2014).](x)"infrastructure developer" in case of PPP projects shall mean the lead member of the concessionaire SPV;(y)"inspecting officer" means any one or more person appointed by the Board to exercise powers conferred under Chapter V;(ya)[ "institutional investor" means - [Inserted by Notification No. SEBI/LAD-NRO/GN/2018/07, dated 10.4.2018 (w.e.f. 26.9.2014).](i)a qualified institutional buyer; or(ii)family trust or systematically important NBFCs registered with Reserve Bank of India or intermediaries registered with the Board, all with net-worth of more than five hundred crore rupees, as per the last audited financial statements;](z)"investment management agreement" means an agreement between the trustee and the investment manager which lays down the roles and responsibilities of the investment manager towards the InvIT;(za)"InvIT" or 'Infrastructure Investment Trust' shall mean the trust registered as such under these regulations;(i)has not achieved commercial operation date as defined under the relevant project agreements including the concession agreement, power purchase agreement or any other agreement of a similar nature entered into in relation to the operation of a project or any agreement entered into with the lenders; and(ii)has,-(zb)"InvIT assets" means assets owned by the InvIT, whether directly or 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, and includes all rights, interests and benefits arising from and incidental to ownership of such assets;(zc)"Lead member" means the lead member of the Concessionaire SPV for PPP projects as defined in the project documents;(zd)"listed InvIT" means an InvIT whose units are listed on a recognized stock exchange;(ze)"LLP" means a limited liability partnership as defined under the Limited Liability Partnership Act, 2008;(zf)"investment manager" means a company or LLP or body corporate which manages assets and investments of the InvIT and undertakes activities of the InvIT as specified under regulation 10;(zg)"NAV" or "net asset value" means the value of the InvIT [assets reduced by the external debt] [Inserted by Notification No. SEBI/LAD-NRO/G.N./2016-17/021, dated 29.11.2016 (w.e.f. 26.9.2014).] divided by the number of outstanding units as on a particular date;(zh)"net worth" in relation to a company or a body corporate shall have the meaning assigned to it under sub-section (57) of Section 2 of the Companies Act, 2013;.(zi)"non-PPP project" means an infrastructure project that is not a PPP project;(zj)"offer document" means any document described or issued as an offer document including any notice, circular, advertisement or other document inviting offers [through a public issue] [Substituted 'from the public' by Notification No. SEBI/LAD-NRO/G.N./2016-17/021, dated 29.11.2016 (w.e.f. 26.9.2014).] for the subscription or purchase of units of the [***] [Omitted 'publicly offered' by Notification No. SEBI/LAD-NRO/G.N./2016-17/021, dated 29.11.2016 (w.e.f. 26.9.2014).] InvIT and includes initial [public] [Inserted by Notification No. SEBI/LAD-NRO/G.N./2016-17/021, dated 29.11.2016 (w.e.f. 26.9.2014).] offer document, follow-on offer document [, letter of offer in case of rights issue] [Inserted by Notification No. SEBI/LAD-NRO/G.N./2016-17/021, dated 29.11.2016 (w.e.f. 26.9.2014).] and any other offer document as may be specified by the Board;(zk)"parties to the InvIT" shall include the sponsor(s), investment manager, project manager [s] [Inserted by Notification No. SEBI/LAD-NRO/G.N./2016-17/021, dated 29.11.2016 (w.e.f. 26.9.2014).] and the trustee;(zl)"placement memorandum" means any document through which private placement of units of the InvIT is made;(zm)"PPP project" means an infrastructure project undertaken on a Public- Private Partnership basis between a public concessioning authority and a private SPV concessionaire selected on the basis of open competitive bidding or on the basis of an MoU with the relevant authorities;(zn)"pre-COD project" means an infrastructure project which,-
