SEBI/HO/DDHS -PoD -2/P/CIR/2025/102 — THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992

MASTER CIRCULAR SEBI/HO/DDHS -PoD -2/P/CIR/2025/102 To, Bharat InvITs Association All Infrastructure Investment Trusts (“InvITs”) All Parties to InvITs All Recognised Stock Exchanges All Registered Depositories All Self -Certified Syndicate Banks All Registered Depository Participants, Stock brokers, Registrars to an Issue, Share Transfer Agents, Bankers to issues, Merchant Bankers and other Intermediaries Madam/ Sir, Sub: Master Circular for Infrastructure Investment Trusts (InvITs) For effective regulation of Infrastructure Investment Trusts, Securities and Exchange Board of India (SEBI) has been issuing various circulars from time to time. In order to enable the stakeholders to have an access to all the applicable circulars at one place, the provisions of the circulars issued till July 11 , 2025 are incorporated in this Master Circular for Infrastructure Investment Trusts . This Master Circular shall come into force from the date of its issuance. The circulars mentioned in Appendix to this Master Circular shall stand superseded with the issuance of the Master Circular. With respect to the directions or other guidance issued by SEBI, as specifically applicable to Infrastructure Investment Trusts, the same shall continue to remain in force in addition to the provisions of any other law for the time being in force. Terms not defined in this Master Circular shall have the same meaning as provided under the relevant Regulations. Notwithstanding such supersession , 3.1. anything done or any action taken or purported to have been done or taken under the superseded circulars, including registrations or approvals granted, fees collected, registration suspended or cancelled, any inspection or investigation or enquiry or adjudication commenced or show cause notice issued prior