Securities And Exchange Board Of India - Subsection
Section 18(6) in Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014
(6)With respect to distributions made by the InvIT and the [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,-(a)not less than ninety per cent. of net distributable cash flows of the SPV shall be distributed to the InvIT [/holdco] [Inserted by Notification No. SEBI/LAD-NRO/G.N./2016-17/021, dated 29.11.2016 (w.e.f. 26.9.2014).] in proportion of its holding in the SPV subject to applicable provisions in Companies Act, 2013 or Limited Liability Partnership Act, 2008;(b)not less than ninety per cent. of net distributable cash flows of the InvIT shall be distributed to the unit holders;(ba)[ with regard to distribution of net distributable cash flows by the holdco to the InvIT, the following shall be complied: [Inserted by Notification No. SEBI/LAD-NRO/G.N./2016-17/021, dated 29.11.2016 (w.e.f. 26.9.2014).](i)with respect to the cash flows received by the holdco from underlying SPVs, 100% of such cash flows received by the holdco shall be distributed to the InvIT; and(ii)with respect to the cash flows generated by the holdco on its own, not less than 90% of such net distributable cash flows shall be distributed by the holdco to the InvIT](c)such distributions shall be declared and made not less than once every six months in every financial year in case of publicly offered InvITs and not less than once every year in case of privately placed InvITs and shall be made not later than fifteen days from the date of such declaration;(d)subject to [sub-] [Inserted by Notification No. SEBI/LAD-NRO/G.N./2016-17/021, dated 29.11.2016 (w.e.f. 26.9.2014).] clause (c), such distribution shall be [***] [Omitted 'as per the dates and the' by Notification No. SEBI/LAD-NRO/G.N./2016-17/021, dated 29.11.2016 (w.e.f. 26.9.2014).] in the manner as mentioned in the offer document or placement memorandum.
