Circular on Infrastructure Debt Fund (IDF)
Summary
SEBI designates specific categories of Foreign Institutional Investors as long-term investors for Infrastructure Debt Funds. Regulated foreign feeder funds are included in this category if they maintain at least 20% assets under management from the designated investor types. This circular is issued under Section 11(1) of the SEBI Act and Regulation 77 of the SEBI (Mutual Funds) Regulations.
Text
SEBI has designated the following categories of FIIs as long term investors for the purpose of IDF: a. Foreign Central Banks b. Governmental Agencies c. Sovereign Wealth Funds d. International/Multilateral Organizations/ Agencies e. Insurance Funds f. Pension Funds
Regulated foreign feeder funds, having at all times, at least 20% of their assets under management held by investors belonging to one of more of the above categories of FIIs, shall also be categorized as FIIs which are long term investors, for the purpose of IDF.
Source: SecMarx — Circular on Infrastructure Debt Fund (IDF). Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.