Master Circular for Infrastructure Investment Trusts (InvITs)
Summary
This part of the document serves as the Master Circular for Infrastructure Investment Trusts (InvITs), consolidating provisions from circulars issued up to July 06, 2023. It establishes that the circular comes into force immediately upon issuance and supersedes previous specific circulars while maintaining pending actions and liabilities under the old rules. The text outlines the legal basis for issuance under Section 11(1) of the SEBI Act and Regulation 33 of the SEBI (InvITs) Regulations, 2014. Chapter 1 mandates the use of SEBI's online Intermediary Portal for all InvIT registration applications and compliance filings. Chapter 2 outlines the appointment of merchant bankers and their specific obligations regarding public issues of InvIT units. It further details the procedural requirements for filing offer documents, including hosting periods and Board observations. This section outlines specific lock-in periods for Anchor Investors and restrictions on merchant bankers applying under this category. It mandates the preparation and distribution of application forms and abridged offer documents, along with a security deposit requirement before issue opening. The text further details
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SEBI has incorporated provisions of circulars issued till July 06, 2023 in this Master Circular to enable stakeholders to have access to all applicable circulars at one place.
This Master Circular shall come into force from the date of its issuance and the circulars mentioned in Appendix shall stand superseded with the issuance of the Master Circular.
Directions specifically applicable to InvITs continue to remain in force; terms not defined in this Master Circular have the same meaning as provided under relevant Regulations.
Anything done or any action taken under the superseded circulars, including registrations, approvals, fees, inspections, or adjudications, shall be deemed to have been done under the corresponding provisions of this Master Circular.
Any application made to SEBI under the superseded circulars prior to such supersession and pending before it shall be deemed to have been made under the corresponding provisions of this Master Circular.
The previous operation of superseded circulars, rights, obligations, liabilities, penalties, and legal proceedings incurred thereunder shall remain unaffected as if the superseded circulars have never been superseded.
Entities required to ensure compliance shall submit necessary reports on a periodic/continuous basis; Stock exchanges are advised to disseminate the contents of the Circular on their website.
This Master Circular is issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 and Regulation 33 of the SEBI (Infrastructure Investment Trusts) Regulations, 2014.
SEBI has introduced an online system for filings related for InvITs to facilitate ease of operations in terms of applying for registration, reporting and various compliances under SEBI (Infrastructure Investment Trusts) Regulations, 2014.
All applicants desirous of seeking registration as InvITs are now required to submit their applications online only, through SEBI Intermediary Portal at https://siportal.sebi.gov.in . Furthermore, all SEBI registered InvITs are required to file/submit/ apply for any request... through the online system only.
Link for SEBI Intermediary Portal is also available on SEBI website - www.sebi.gov.in. In case of any queries and clarifications, users may refer to the manual provided in the portal or contact the Portal Helpline as specified in the manual.
The Investment Manager on behalf of the InvIT, in line with Regulation 10 (5) of SEBI InvIT Regulations, shall appoint one or more merchant bankers, at least one of whom shall be a lead merchant banker and shall also appoint other intermediaries, in consultation with the lead merchant banker, to carry out the obligations relating to the issue.
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Source: SecMarx — Master Circular for Infrastructure Investment Trusts (InvITs). Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.