GAZETTE OF INDIA
EXTRAORDINARY
PART – III – SECTION 4
PUBLISHED BY AUTHORITY
NEW DELHI, 30th November, 2016
SECURITIES AND EXCHANGE BOARD OF INDIA
NOTIFICATION
Mumbai, the 30th November, 2016
SECURITIES AND EXCHANGE BOARD OF INDIA (INFRASTRUCTURE INVESTMENT TRUSTS) (AMENDMENT) REGULATIONS, 2016
No. SEBI/LAD/NRO/GN/2016-17/021.-In exercise of the powers conferred by section 30 read with sections 11 and 12 of the Securities and Exchange Board of India Act, 1992, the Securities and Exchange Board of India hereby makes the following regulations to amend the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014, namely:—
1. These regulations may be called the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016.
2. They shall come into force on the date of their publication in the Official Gazette.
3. In the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014,–
(1) In regulation 2, in sub-regulation (1),-
(i) in clause (b),–
(a) for the word “includes”, the words and symbols “means “associate company” as defined under the Companies Act, 2013 or under the applicable accounting standards and shall also include” shall be substituted;
(b) the sub-clauses (v) to (viii) shall be omitted;
(ii) after clause (m), the following clause shall be inserted, namely,- “(ma) “debt securities” shall be as defined under Regulation 2(1)(e) of the Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008;”
(iii) in clause (o), in sub-clause (i),-
(a) in sub-sub-clause (1),- (i) after the word “is”, the word “a” shall be inserted; (ii) after the word “generating”, the word “project” shall be inserted;
(b) after sub-sub-clause (1), the following shall be inserted, namely,-
“(1a) the Infrastructure Project, which has achieved commercial operations date and does not have the track record of revenue from operations for a period of not less than one year, or”
(iv) existing clause (q) shall be omitted;
(v) after clause (r), the following shall be inserted, namely,- “(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:
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;”
(vi) after clause (s), the following clause shall be inserted, namely,-
“(sa) “holdco” or “holding company” means a company or LLP,-
(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;