Securities And Exchange Board Of India - Subsection
Section 19(3) in Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014
(3)With respect to related party transactions with respect to [***] [Omitted 'publicly offered' by Notification No. SEBI/LAD-NRO/G.N./2016-17/021, dated 29.11.2016 (w.e.f. 26.9.2014).] InvITs entered into after 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, if,-(a)the total value of all the related party transactions, in a financial year, pertaining to acquisition or sale of assets [whether directly or through holdco or through SPV,] [Inserted by Notification No. SEBI/LAD-NRO/G.N./2016-17/021, dated 29.11.2016 (w.e.f. 26.9.2014).] or investments into securities exceeds five per cent. of the value of [the] [Inserted by Notification No. SEBI/LAD-NRO/G.N./2016-17/021, dated 29.11.2016 (w.e.f. 26.9.2014).] InvIT; [assets] [Inserted by Notification No. SEBI/LAD-NRO/G.N./2016-17/021, dated 29.11.2016 (w.e.f. 26.9.2014).] or(b)the value of the funds borrowed from related parties, in a financial year, exceeds five per cent. of the total consolidated borrowings of the InvIT [holdco and the SPV(s)] [Inserted by Notification No. SEBI/LAD-NRO/G.N./2016-17/021, dated 29.11.2016 (w.e.f. 26.9.2014).],approval from the unit holders shall be obtained prior to entering into any such subsequent transaction with any related party in accordance with regulation 22.
