SEBI Informal Guidance in the Matter of India Infrastructure Trust

SEBI has, by way of an ‘interpretive letter’ to India Infrastructure Trust dated March 12, 2020, clarified the following with respect to certain provisions of the InvIT Regulations:

i.    there is no provision under the InvIT Regulations which prevents an investment manager to manage more than one InvIT. However, a transaction between two or more InvITs with a common investment manager or sponsor will be deemed to be a related party transaction for each of the InvITs; and

ii.   the prohibition under Regulation 4(2)(e)(v) of the InvIT Regulations regarding independent directors (in case of a company) or independent members of the governing board (in case of a limited liability partnership) may not be applicable in case of single entity acting as an investment manager to multiple InvITs.

Published In:Inter Alia - Quarterly Edition - June 2020 [ English Chinese japanese ]
Date: June 30, 2020