Securities And Exchange Board Of India - Subsection
Section 18(7) in Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014
(7)If any infrastructure asset is sold by the InvIT or [holdco or] [Inserted by Notification No. SEBI/LAD-NRO/G.N./2016-17/021, dated 29.11.2016 (w.e.f. 26.9.2014).] SPV or if the equity shares or interest in the [holdco/] [Inserted by Notification No. SEBI/LAD-NRO/G.N./2016-17/021, dated 29.11.2016 (w.e.f. 26.9.2014).] SPV are sold by the InvIT,-(a)if the InvIT [***] [Omitted 'or SPV' by Notification No. SEBI/LAD-NRO/G.N./2016-17/021, dated 29.11.2016 (w.e.f. 26.9.2014).] proposes to re-invest the sale proceeds into another infrastructure asset, it shall not be required to distribute any sales proceeds to the InvIT or to the investors;(b)If the InvIT [***] [Omitted 'or SPV' by Notification No. SEBI/LAD-NRO/G.N./2016-17/021, dated 29.11.2016 (w.e.f. 26.9.2014).] proposes not to invest the sales proceeds into any other infrastructure asset, [within a period of one year] [Inserted by Notification No. SEBI/LAD-NRO/G.N./2016-17/021, dated 29.11.2016 (w.e.f. 26.9.2014).] it shall be required to distribute the same in accordance with sub-regulation (6).
