Short title and commencement

1 · Substituted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016. Prior to which it read as '"associate" of any person includes'.

2 · Sub clause (v) omitted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016. Prior to which it read as 'where the said person is a company or a body corporate or an LLP, its group companies;'

3 · Sub clause (vi) omitted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016. Prior to which it read as 'companies or LLPs under the same management;'

4 · Sub clause (vii) omitted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016. Prior to which it read as 'where the said person is an InvIT, related parties to the InvIT;'

5 · Sub clause (viii) omitted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016. Prior to which it read as 'any company or LLP or body corporate in which the person or its director(s) or partner(s) holds, either individually or collectively, more than fifteen percent of its paid-up equity share capital or partnership interest, as the case may be;'

6 · Substituted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2023 w.e.f. 01.04.2023. Prior to substitution it read as follows:

7 · ["(ma) "debt securities" shall be defined under Regulation 2(1)(e) of the Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008;"]

7 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016.

10 · ["(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"]

11 · [(oa) "employee unit option scheme" means a scheme under which the investment manager grants unit options to its employees through an employee benefit trust. Explanation. - For the above purpose, employees of the investment manager shall include all directors of the investment manager except independent directors.]

8 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016.

9 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016.

10 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016.

11 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Second Amendment) Regulations, 2024, w.e.f. 13.07.2024.

13 · [(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:

14 · [(sa) "group entities of the Investment Manager" means:

15 · [ 16 [(sb)] "holdco" or "holding company" means a company or LLP,-

12 · Sub clause (q) omitted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016. Prior to omission it read as '"follow-on offer document" means any document by which follow-on offer is made to the public by an InvIT;'

13 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016.

14 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Second Amendment) Regulations, 2023, w.e.f 18.08.2023.

15 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016.

16 · Clause (sa) renumbered as clause (sb) by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Second Amendment) Regulations, 2023, w.e.f 18.08.2023.

17 · [(saa) "Independent director" in case of a company means a director, other than a nominee director of the investment manager: -

17 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2023 w.e.f. 01.04.2023.

18 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Second Amendment) Regulations, 2023, w.e.f 18.08.2023.

19 · [ 20 [(sc)] "inducted sponsor" means any company or LLP or body corporate which has been inducted as a sponsor in accordance with sub-regulation (7) of regulation 22;]

19 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Second Amendment) Regulations, 2020, w.e.f 16.06.2020.

20 · Clause (sb) renumbered as clause (sc) by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Second Amendment) Regulations, 2023, w.e.f 18.08.2023.

21 · [(ua) "initial offer" means the first offer of units of an InvIT including an offer for sale of the InvIT units by an existing unit holder whether through public issue or private placement;"]

24 · [(ya) "institutional investor" means -

25 · [(ii) a family trust or an intermediary registered with the Board, having a net worth of more than five hundred crore rupees, as per the latest audited financial statements;]]

21 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016.

22 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016 w.e.f 30.11.2016, w.e.f 30.11.2016.

23 · Sub clause (w) omitted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016. Prior to which it read as "initial offer document" means any document by which initial offer is made to the public by an InvIT;

24 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2018, w.e.f. 10.04.2018.

25 · Substituted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Fourth Amendment) Regulations, 2025, w.e.f. 11.12.2025. Prior to substitution, it read as:

27 · [(zca) "liquid asset" means cash, units of overnight or liquid mutual fund schemes, fixed deposits of scheduled commercial banks, government securities, treasury bills, repo on government securities and repo on corporate bonds.]

26 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016.

27 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Second Amendment) Regulations, 2024, w.e.f. 13.07.2024.

28 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016.

29 · [Explanation. – For the purpose of calculating the number of outstanding units, any outstanding subordinate units shall not be included];

29 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2024, w.e.f. 27.05.2024.

30 · Substituted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016. Prior to its substitution it was read as 'from the public'.

31 · Omitted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016. Prior to its omission it read as 'publically offered'.

32 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016.

33 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016.

34 · Substituted for the words and symbols "sponsor(s)" by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Second Amendment) Regulations, 2023, w.e.f 18.08.2023.

35 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016.

36 · [(zoa) "private placement" means an issue of units by an InvIT to any select person or group of persons and does not include an offer of units made through a public issue;

36 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016.

37 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2018, w.e.f. 10.04.2018.

38 · Inserted ibid in place of the words "the person".

39 · [/management] of the project as specified under regulation 11 and in case of PPP projects, shall mean the entity responsible for such execution and achievement of project milestones in accordance with the concession agreement or any other relevant project document;

43 · [(zs) "qualified institutional buyer" shall have the meaning assigned to it under clause (ss) of sub-regulation (1) of regulation 2 of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018];

39 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016.

40 · Substituted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Third Amendment) Regulations, 2025 w.e.f. 03.09.2025. Prior to substitution, it read as: " "public" for the purposes of offer and listing of units means any person other than related party of the InvIT or any other person as may be specified by the Board: Provided that in case any related party to the InvIT is a qualified institutional buyer, such person shall be included under the term 'public';".

41 · Omitted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016. Prior to the omission the clause read as "public issue" means issue of units by a publically offered InvIT to the public and includes initial offer and follow-on offer or any other issue made to the public as may be specified by the Board;

42 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016.

43 · Substituted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Fourth Amendment) Regulations, 2025, w.e.f. 11.12.2025. Prior to its substitution, it read as:

49 · [(zxa) "Self-Sponsored Investment Manager" means the Investment Manager of an InvIT who has dual responsibilities of both the Investment Manager as well as the sponsor;]

44 · Substituted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016.

45 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016.

46 · Omitted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016. Prior to the omission the clause read as any unit holder holding, directly or indirectly, more than twenty per cent. of the units of the InvIT

47 · Omitted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016. Prior to the omission the clause read as associates, promoters, directors and partners of the persons mentioned in clause (i) and (ii);

48 · Omitted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016. Prior to the omission the clause read as associates, promoters, directors and partners of the persons mentioned in clause (i) and (ii);

49 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Second Amendment) Regulations, 2023, w.e.f 18.08.2023.

50 · [ 51 [(zxb)] "Senior Management" means the officers and personnel of the investment manager who are members of its core management team, excluding the Board of Directors, and shall also comprise all members of the management, one level below the Chief Executive Officer or Managing Director or Whole Time Director or manager (including Chief Executive Officer and manager, in case they are not part of the Board of Directors) and shall specifically include the Compliance Officer and Chief Financial Officer;]

52 · [(zxc) "sponsor group" includes-

50 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2023 w.e.f. 01.04.2023.

51 · Clause (zxa) renumbered as clause (zxb) by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Second Amendment) Regulations, 2023, w.e.f 18.08.2023.

52 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Second Amendment) Regulations, 2023, w.e.f 18.08.2023.

53 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016.

54 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016.

55 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016.

59 · [(zza) "strategic investor" means, –

56 · Omitted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016. Prior to the omission it read as which is not be engaged in any other activity other than activities pertaining to and incidental to the underlying infrastructure projects;

57 · Words "and in case of PPP projects, shall mean the infrastructure developer or a special purpose vehicle holding concession agreement", omitted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2018, w.e.f. 10.04.2018.

58 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Second Amendment) Regulations, 2020, w.e.f 16.06.2020.

59 · Substituted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Fourth Amendment) Regulations, 2025, w.e.f. 11.12.2025. Prior to its substitution, it read as:

60 · [(zzaa) "subordinate unit" means an instrument issued by an InvIT which can be reclassified as an ordinary unit;]

60 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2024, w.e.f. 27.05.2024.

61 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016.

62 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016.

63 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2024, w.e.f. 27.05.2024.

64 · Substituted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2017, w.e.f. 15.12.2017. Prior to the substitution, the definition of the term "valuer" read as follows:

64 · [(a) a valuer in respect of financial valuation means,-

65 · Substituted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016. Prior to the substitution it read as 'value of InvIT means value of InvIT assets as assessed by the valuer based on value of the infrastructure and other assets owned by the InvIT, whether directly or through SPV excluding any debtor liabilities thereof.

66 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2018, w.e.f. 10.04.2018.

67 · Substituted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016. Prior to the substitution it read as 'value of InvIT means value of InvIT assets as assessed by the valuer based on value of the infrastructure and other assets owned by the InvIT, whether directly or through SPV excluding any debtor liabilities thereof.

68 · Substituted for the words "value of InvIT assets" by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2018, w.e.f. 10.04.2018.

69 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016.

70 · Omitted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016. Prior to the substitution it read as 'excluding any debtor liabilities thereof'

71 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016.

72 · Substituted for the word "applicant" by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2018, w.e.f. 10.04.2018.

73 · Substituted ibid for the words "an applicant".

77 · [Provided that, for each sponsor group not less than one person shall be identified as a sponsor:

74 · Substituted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016. Prior to the substitution it read as the applicant is 'a' trust and the instrument of trust is in the form of a deed duly registered in India under the provisions of the Registration Act, 1908;

75 · Substituted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016. Prior to the substitution it read as 'there are not more than 3 sponsors'.

76 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Second Amendment) Regulations, 2023, w.e.f 18.08.2023.

77 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Second Amendment) Regulations, 2023, w.e.f 18.08.2023.

78 · Omitted "Provided that in case of PPP projects, where the sponsor is the SPV, the net worth or net tangible assets shall be as defined in the eligibility criteria of the project documents;" by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016.

79 · Substituted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2020, w.e.f 02.03.2020. Prior to the substitution it read as 'the investment manager has not less than five years experience in fund management or advisory services or development in the infrastructure sector.'

82 · [Provided that if by a vacancy in the office of an independent director of the investment manager, the investment manager becomes non -compliant with such requirement, such vacancy shall be filled by the investment manager as follows -

80 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2018, w.e.f. 10.04.2018.

81 · Omitted vide Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2025 w.e.f. 2.4.2025. Prior to the substitution the symbol was " ;".

82 · Inserted vide Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2025 w.e.f. 2.4.2025.

85 · [(h) subject to the provisions of Chapter IVA of these regulations, there shall be only one class of units and all units shall carry equal voting rights and distribution rights associated with such units.";]

83 · Substituted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016. Prior to the substitution it read as the project implementation agreement has been entered into between the project manager, the concessionaire SPV and the trustee acting on behalf of the InvIT which sets out obligations of the project manager with respect to execution of the project:

84 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2018, w.e.f. 10.04.2018.

85 · Substituted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2024, w.e.f. 27.05.2024. Prior to substitution, it read as below:

85 · [Provided that unitholder(s) holding not less than ten percent of the total outstanding units of the InvIT, either individually or collectively, shall be entitled to nominate one director on the board of directors of the Investment Manager, in the manner as may be specified by the Board:

86 · Omitted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016. Prior to the substitution it read as here shall not be multiple classes of units of InvITs;

87 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2024, w.e.f. 27.05.2024.

88 · Substituted for the words "applicant, sponsor(s), investment manager, project manager(s) and trusts" by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2018, w.e.f. 10.04.2018.

89 · Substituted for the words "applicant or any related party" by the SEBI (Infrastructure Investment Trusts) (Amendment) Regulations, 2017, w.e.f. 15.12.2017.

90 · Substituted ibid for the words "applicant or any related party".

91 · Substituted for the word "applicants" by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2018, w.e.f. 10.04.2018.

92 · Substituted ibid for the word "applicant".

93 · [***]

93 · Regulation 7A omitted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Second Amendment) Regulations, 2023, w.e.f 18.08.2023. Before the omission, the regulation read as under:

7A · (1) De-classification of the status of a sponsor(s) of an InvIT whose units have been listed on the stock exchanges for a period of three years shall be permitted upon receipt of an application from the InvIT and subject to compliance with the following conditions:

94 · Substituted for the word "applicant" by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2018, w.e.f. 10.04.2018.

95 · Omitted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016. Prior to the substitution it read as (4) The trustee shall oversee activities of the project manager 'other than that relating with revenue streams from the projects' with respect to compliance with these regulations and the project management agreement and shall obtain compliance certificate from the Project manager, in the form as may be specified, on a quarterly basis.

96 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016.

97 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016.

98 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016.

99 · Substituted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016. Prior to the substitution it read as the trustee or its associates shall not invest in units of the InvIT in which it is designated as the trustee.

100 · [(23) The trustee shall, ─

100 · Inserted vide Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2025 w.e.f. 2.4.2025.

101 · Substituted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016. Prior to the substitution it read as the investment manager shall oversee activities of the project manager with respect to 'revenue streams from the projects' and the project management agreement and shall obtain compliance certificate from the project manager, in the form as may be specified, on a quarterly basis.

102 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016.

103 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

104 · [Subject to the provisions of this chapter, the investment manager of the InvIT shall appoint an individual or a firm as the auditor, who shall hold office from the date of conclusion of the annual meeting in which the auditor has been appointed till the date of conclusion of the sixth annual meeting of the unitholders in accordance with the procedure for selection of auditors, as may be specified by the Board.]

105 · [(6A) The investment manager of the InvIT shall not appoint or re-appoint—

104 · Substituted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2023 w.e.f. 14.02.2023. Prior to substitution it read as follows:

105 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2023 w.e.f. 14.02.2023.

106 · Substituted for the words "assets of the InvIT" by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2018, w.e.f. 10.04.2018.

107 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2018, w.e.f. 10.04.2018.

108 · Substituted ibid for the words "case of assets held".

109 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

110 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

111 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

112 · Substituted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016. Prior to the substitution it read as filing 'the draft and final' offer document with the Board and the exchanges within the prescribed time period;

113 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016.

114 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

115 · Substituted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016. Prior to the substitution it read as the investment manager shall review the transactions carried out between the project manager and its associates and where the project manager has advised that there may be a conflict of interest, shall obtain confirmation from the 'auditor' that such transaction is on arm's length basis.

116 · Substituted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Third Amendment) Regulations, 2025 w.e.f. 03.09.2025. Prior to substitution, the words were "thirty days of end of such quarter".

117 · The words "as required under these regulations" omitted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Third Amendment) Regulations, 2025 w.e.f. 03.09.2025.

118 · Substituted for ";" by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Third Amendment) Regulations, 2025 w.e.f. 03.09.2025.

119 · [Provided that the valuation reports specified under sub-regulation (4), sub -regulation (5), and sub-regulation (5A) of regulation 21 of these regulations shall be submitted to the trustee simultaneously at the time of submission of such reports to the stock exchange(s) under regulation 21.]

119 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Third Amendment) Regulations, 2025 w.e.f. 03.09.2025.

120 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

121 · Substituted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016. Prior to the substitution it read as the investment manager shall ensure that the audit of accounts of the InvIT by the auditor is done not less than twice annually and such report is submitted to the

122 · Omitted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016. Prior to the substitution it read as the investment manager shall ensure that the audit of accounts of the InvIT by the auditor is done not less than twice annually and such report is submitted to the designated stock exchange within forty five days of end of financial year ending March 31st and half-year ending September 30th.

123 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

124 · Substituted for the words "forty five" by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2018, w.e.f. 10.04.2018.

125 · Omitted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016. Prior to the substitution it read as the investment manager shall ensure that the audit of accounts of the InvIT by the auditor is done not less than twice annually and such report is submitted to the designated stock exchange within forty five days of end of financial year ending March 31st and half-year ending September 30th.

126 · Substituted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Third Amendment) Regulations, 2025 w.e.f. 03.09.2025. Prior to substitution, the words were "thirty days of end of every quarter".

127 · [(28) The investment manager may at its discretion, offer unit based employee benefit scheme for its employees based on the units of the InvIT subject to compliance with the provisions of Chapter IVB of these regulations]

128 · [(29) The investment manager shall ensure compliance with the Investor Charter as may be specified by the Board from time to time.]

127 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Second Amendment) Regulations, 2024, w.e.f. 13.07.2024.

128 · Inserted by the Securities and Exchange Board of India (Investor Charter) (Amendment) Regulations, 2025 w.e.f. 10 -02 -2025.

129 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

130 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Second Amendment) Regulations, 2023, w.e.f 18.08.2023.

138 · [The sponsor(s) and sponsor group(s) shall, at all times, collectively hold not less than fifteen percent of the total outstanding units of the InvIT, for three years from the date of listing of units in the initial offer, subject to the following:

131 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Second Amendment) Regulations, 2023, w.e.f 18.08.2023.

132 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Second Amendment) Regulations, 2023, w.e.f 18.08.2023.

133 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2018, w.e.f. 10.04.2018.

134 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016.

135 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2018, w.e.f. 10.04.2018.

136 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

137 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Second Amendment) Regulations, 2023, w.e.f 18.08.2023.

138 · Sub -regulation (3), clauses (i)-(iii) thereunder and the first proviso to clause (iii) substituted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Second Amendment) Regulations, 2023, w.e.f 18.08.2023. Before the substitution, the provisions read as under:

139 · Inserted Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

140 · Inserted Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

143 · [(3A) The sponsor(s) and sponsor group(s) shall collectively hold not less than –

141 · Substituted "twenty five" by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

142 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

143 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Second Amendment) Regulations, 2023, w.e.f 18.08.2023.

144 · [***]

145 · [(4) For the purpose of calculating the minimum unitholding requirements as mentioned in sub -regulations (3) and (3A) above, subordinate units shall not be considered in computing total outstanding units of the InvIT .

144 · Sub -regulation (4) omitted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Second Amendment) Regulations, 2023, w.e.f 18.08.2023

145 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2024, w.e.f. 27.05.2024.

146 · [(5) The units required to be held in terms of sub-regulation (3) and (3A) shall be locked in and shall not be encumbered:

147 · [Provided that locked-in units held by a sponsor or its sponsor group entities may be transferred only amongst such sponsor or its sponsor group entities subject to the condition that lock -in on such units shall continue for the remaining period with the transferee and such transferee shall not be eligible to transfer such units till the lockin period has expired.

146 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Second Amendment) Regulations, 2023, w.e.f 18.08.2023.

147 · Inserted vide Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2025 w.e.f. 2.4.2025.

148 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

149 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

150 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

151 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2023 w.e.f. 14.02.2023.

152 · Substituted for the words "the assets held by the InvIT" by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2018, w.e.f. 10.04.2018.

153 · Substituted "ruppes" by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

161 · [(1A) The minimum offer and allotment to public through an offer document/ placement memorandum shall be,-

154 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

155 · Substituted "with after initial offer or first offer of units under private placement" by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

156 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

157 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

158 · Substituted "of units," by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

159 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

160 · Omitted "initial" by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

161 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

162 · [***]

162 · Omitted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Third Amendment) Regulations, 2025 w.e.f. 03.09.2025. Prior to omission , the words were "Provided that any units offered to sponsor or the investment manager or the project manager or their related parties or their associates shall not be counted towards units offered to the public."

163 · The word "further" omitted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Third Amendment) Regulations, 2025 w.e.f. 03.09.2025.

164 · Substituted "invests or proposes to invest in under-construction projects, value of which is more than ten per cent. of the value of the InvIT assets, it shall raise funds, " by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

165 · Substituted "by way of private placement only " by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

166 · Substituted for the words "qualified institutional buyers" by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2018, w.e.f. 10.04.2018.

168 · [***]

169 · [(da) maximum subscription from any investor other than sponsor(s), its related parties and its associates, in initial offer shall not be more than 25 percent of the total unit capital;]

170 · [(e) shall file a placement memorandum with the Board alongwith the fee as specified in Schedule II, atleast 5 days prior to opening of the issue:

171 · [(f) it shall file the final placement memorandum with the Board within a period of ten working days from the date of listing of the units issued therein.]

172 · [***]

167 · Substituted for the words "one crore " by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Third Amendment) Regulations, 2025 w.e.f. 03.09.2025.

168 · Omitted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Third Amendment) Regulations, 2025 w.e.f. 03.09.2025. Prior to omission , it read as "Notwithstanding the above, if such an privately placed InvIT invests or proposes to invest not less than eighty per cent of the value of the InvIT assets, in completed and revenue generating assets, the minimum investment from an investor shall be rupees twenty five crore; " , as inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016 w.e.f. 30.11.2026 and the words ", in completed and revenue generating assets," inserted after the words "of the value of the InvIT assets and before the words "the minimum investment" vide Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2017 w.e.f. 15.12.2017.

169 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Second Amendment) Regulations, 2020, w.e.f 16.06.2020.

170 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

171 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2018, w.e.f. 10.04.2018.

172 · Omitted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016. Prior to the substitution it read " The InvIT as specified in sub-regulation (2) shall file the draft placement memorandum for making private placement of units with the Board along with the application for registration and the Board may communicate its comments, to such applicant which shall be incorporated by the applicant in placement memorandum prior to grant of registration. "

173 · [ If the InvIT raises funds by public issue] 174 [ *** ] 175 [***]–

180 · [(ca) maximum subscription from any investor other than sponsor(s), its related parties and its associates, in initial offer shall not be more than 25 percent of the total unit capital;]

173 · Substituted "with respect to" by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

174 · The word "InvITs" is omitted by the SEBI (Infrastructure Investment Trusts) (Amendment) Regulations, 2017, w.e.f. 15.12.2017.

175 · Omitted "that hold not less than eighty per cent. of its assets in completed and revenue generating infrastructure projects, " by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

176 · Substituted "initial issue of units shall be by way of initial offer only " by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

177 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

178 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2021, w.e.f 30.07.2021.

179 · Substituted for "be one lakh rupees" by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2021, w.e.f 30.07.2021. Prior to the substitution, "be one lakh rupees" was substituted for "be ten lakh rupees" by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2019, w.e.f. 22.4.2019.

180 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Second Amendment) Regulations, 2020, w.e.f 16.06.2020.

181 · Omitted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016. Prior to the substitution it read " the units proposed to be offered to the public is not less than twenty five per cent. of the total of the outstanding units of the InvIT and the units being offered by way of the offer document:

182 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

183 · Substituted "investment manager" by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

184 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

185 · Substituted "twenty one" by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

186 · Omitted "final" by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

187 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

188 · Omitted "to be submitted to the Board, within a period of at least ten days, " by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

189 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2018, w.e.f. 10.04.2018.

190 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

191 · Omitted "final" by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

192 · Substituted "modifications" by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

193 · Substituted "suggested" by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

194 · Substituted "issue" by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

195 · Omitted "final" by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

196 · Substituted "to the public" by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

197 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2018, w.e.f. 10.04.2018.

198 · Omitted "final" by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

199 · Omitted " investment manager and " by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

200 · Omitted "final" by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

201 · Omitted "and such filing with the Board shall be accompanied by filing fees as specified under Schedule II " by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

211 · [Provided further that the InvIT shall not be required to file draft offer document with the Board in case of a fast track rights issue, subject to the fulfillment of the conditions as specified by the Board from time to time.]

202 · Substituted "make" by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

203 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

204 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

205 · Substituted "six months" by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

206 · Omitted "last" by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

207 · Omitted ", if any and if no observations have been issued by the Board, within six months from the date of filing of final offer document with the designated stock exchanges " by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

208 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

209 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

210 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

211 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2020, w.e.f 02.03.2020

212 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

213 · Substituted for "seventy five"by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

214 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

215 · Omitted "final" by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

217 · [Provided further, that the offer document shall contain adequate disclosures towards the utilisation of such oversubscription proceeds, if any, and such proceeds retained on account of oversubscription shall not be utilised towards general purposes.]

216 · Omitted "final" by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

217 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

218 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

219 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2017, w.e.f. 15.12.2017

221 · [Provided further that the compulsorily convertible securities, whose holding period has been included for the purpose of calculation for offer for sale, shall be converted to equity shares of the holdco or SPV, prior to filing of offer document.]

222 · [(va) The amount for general purposes, as mentioned in objects of the issue in the draft offer document filed with the Board, shall not exceed Ten per cent of the amount raised by the InvIT by issuance of units.]

223 · [(5A) No InvIT shall undertake any activity under Chapter VIA.]

220 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

221 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2017, w.e.f. 15.12.2017

222 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

223 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Second Amendment) Regulations, 2022, w.e.f. 01.01.2023

224 · [(5B) No InvIT shall raise funds through public issue if any subordinate units have been issued and are outstanding.]

225 · [The placement memorandum shall contain all information as specified under Schedule III, to the extent applicable.]

224 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2024, w.e.f. 27.05.2024.

225 · Substituted for "The placement memorandum shall contain all material information about the InvIT, parties to the InvIT, fees and all other expenses proposed to be charged, tenure of the InvIT, investment strategy, risk management tools and parameters employed, key service providers, conflict of interest and procedures to identify and address them, disciplinary history of the sponsor(s), investment manager, trustee and their associates, the terms and conditions on which the investment manager offers investment services, its affiliations with other intermediaries, manner of winding up of the InvIT and such other information as may be necessary for the investor to take an informed decision on whether to invest in the InvIT. " by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

226 · [(2A) In the event of non-receipt of listing permission from the stock exchange(s) or withdrawal of Observation Letter issued by the Board, wherever applicable, the units shall not be eligible for listing and the InvIT shall be liable to refund the subscription monies, if any, to the respective allottees immediately alongwith interest at the rate of fifteen per cent. per annum from the date of allotment.]

226 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

233 · [(b) trading lot for the purpose of trading of units on the designated stock exchange shall be rupees twenty five lakhs.]

227 · Omitted "publicly offered" by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

228 · Substituted for "twenty five per cent. of the total number of outstanding units, at all times, " by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

229 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

230 · The words "each holding not more than twenty five per cent. of the units of the InvIT" omitted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Second Amendment) Regulations, 2020, w.e.f 16.06.2020.

231 · The words "each holding not more than twenty five per cent. of the units of the InvIT" omitted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Second Amendment) Regulations, 2020, w.e.f 16.06.2020.

232 · Substituted for "final closing " by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

233 · Substituted vide Securities and Exchange Board of India (Infrastructure Investment Trusts) (Third Amendment) Regulations, 2024, w.e.f 27.09.2024. Prior to the substitution the words were "trading lot for the purpose of trading of units on the designated stock exchange shall be rupees one crore.

234 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

235 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

236 · Substituted for "100 units" by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2021, w.e.f. 30.07.2021. Prior to the substitution, "consist of 100 units" were substituted for "be five lakh rupees" by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2019, w.e.f. 22.4.2019

237 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

240 · [***]

238 · The words "sponsor(s) or" omitted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2019, w.e.f. 22.4.2019

239 · Inserted ibid.

240 · Omitted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Second Amendment) Regulations, 2022, w.e.f. 01.01.2023. Prior to omission, it read as:

242 · [CHAPTER IVA FRAMEWORK FOR ISSUANCE OF SUBORDINATE UNITS

17A · (1) The provisions contained in this Chapter shall only apply to subordinate units issued after the notification of this Chapter:

241 · Omitted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Second Amendment) Regulations, 2022, w.e.f. 01.01.2023. Prior to omission, it read as:

242 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2024, w.e.f. 27.05.2024.

17B · (1) The subordinate units shall only be issued by a privately placed InvIT upon acquisition of an infrastructure project.

17C · (1) The subordinate units shall be locked in till its reclassification into ordinary units

17D · (1) The entitlement date, the entitlement event and the performance benchmark for reclassification of subordinate units to ordinary units shall be clearly defined and specified in the Term Sheet.

17E · (1) The investment manager shall monitor the progress related to the achievement of performance benchmark and shall report such progress annually or with such frequency as may be specified by the Board, after certification by the statutory auditor of the InvIT and approval of the trustee and the audit committee of the investment manager.

17F · (1) The status of achievement of performance benchmark shall be certified by the statutory auditor of the InvIT for reclassification of subordinate units to ordinary units and shall be reviewed by the trustee and the audit committee of the investment manager.

243 · [CHAPTER IVB

17G · (1) The provisions of this chapter shall be applicable for all unit based employee benefit scheme introduced on or after the date of this chapter coming into force:

243 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Second Amendment) Regulations, 2024, w.e.f. 13.07.2024.

17F · (1) The unit based employee benefit scheme shall be in the nature of employee unit option scheme.

17G · (1) The employee benefit trust may receive units of the InvIT in the following manner for the purpose of offering unit based employee benefit scheme:

17H · (1) The employee benefit trust shall not be used as a mode for trading in units of the InvIT.

17I · (1) An investment manager of any InvIT that allots units to the employee benefit trust in lieu of management fees to the investment manager shall ensure the following:

17L · (1) The nomination and remuneration committee of the investment manager shall be responsible for the administration and superintendence of the unit based employee benefit scheme.

17M · (1) The investment manager may vary the terms of the unit based employee benefit scheme offered pursuant to an earlier resolution of the unitholders but not yet exercised by the employees, if such variation is not prejudicial to the interests of the employees.

17N · (1) In case a new issue of units is made under any unit based employee benefit scheme, units so issued shall be listed immediately on all recognised stock exchange(s) where the existing units are listed, subject to the following conditions:

17O · (1) The trustee of the employee benefit trust shall be a trustee registered with the Board under the Securities and Exchange Board of India (Debenture Trustees) Regulations, 1993.

17P · (1) The provisions of the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015 and the Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices relating to the Securities Market) Regulations, 2003 shall be applicable to the investment manager, its directors, its key managerial personnel, sponsor, recipients of units under the unit based employee benefit scheme, the employee benefit trust and trustee of the employee benefit trust.

17Q · (1) The units held by the employee benefit trust shall be used only for the purpose of offering unit based employee benefit scheme.

17R · (1) The investment manager shall disclose details of the unit based employee benefit scheme being implemented in the Annual Report of the InvIT, as specified in Part F of Schedule IX of these regulations.

248 · [Provided that the shareholders' agreement or partnership agreement shall provide for an appropriate mechanism for resolution of disputes between the InvIT and the other shareholders or partners in the holdco and/or the SPV:

244 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

245 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

246 · Substituted for the word "have" by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2018, w.e.f. 10.04.2018.

247 · Substituted ibid for the words "shall be".

248 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2018, w.e.f. 10.04.2018.

252 · [(3A) The InvIT may invest in infrastructure projects through holdcos subject to the following,-

255 · [Provided that the shareholders' agreement or partnership agreement shall provide for an appropriate mechanism for resolution of disputes between the InvIT and the other shareholders or partners in the holdco and/or the SPV:

249 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

250 · Substituted for "not less than one authorized representative on " by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

251 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

252 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

253 · Substituted for the word "have" by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2018, w.e.f. 10.04.2018.

254 · Substituted ibid for the words "shall be".

255 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2018, w.e.f. 10.04.2018.

256 · [ In case of InvIT as specified under sub-regulation (2) of regulation 14, the InvIT shall invest not less than eighty per cent of the value of the InvIT assets in eligible infrastructure projects either directly or through holdcos or through SPVs:

256 · Substituted for "In case of InvIT as specified under sub-regulation (2) of regulation 14, the InvIT shall invest only in eligible infrastructure projects or securities of companies or partnership interests of LLPs in infrastructure sector: Provided that un -invested funds may be invested in liquid funds or government securities or money market instruments or cash equivalents.

257 · Substituted vide Securities and Exchange Board of India (Infrastructure Investment Trusts) (Second Amendment) Regulations, 2025 w.e.f. 2.4.2025. Prior to the substitution the words and symbols were "and (v)".

258 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

259 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

260 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

261 · Substituted for "eligible infrastructure" by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

262 · Substituted for "SPVs" by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

263 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

264 · Omitted "proportionate to the holding of the InvITs, " by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

265 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

266 · Substituted for "assets of the InvIT " by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

267 · Substituted for "SPV" by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

269 · [(vi) unlisted equity shares of a company which provides project management and other incidental services, subject to the following conditions:

268 · Omitted vide Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2025 w.e.f. 2.4.2025. Prior to the omission the words were " , liquid mutual funds".

269 · Inserted vide Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2025 w.e.f. 2.4.2025.

270 · [(5A) The investment conditions as specified at sub-regulation (4) and (5) of regulation 18 and sub -regulation shall be complied at the time of Offer document/placement memorandum and therafter.]

273 · [(ba) with regard to distribution of net distributable cash flows by the holdco to the InvIT, the following shall be complied:

270 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

271 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

272 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

273 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

275 · [Provided that if the net distributable cash flow generated by the holdco on its own is negative; the holdco may adjust it against the cash flows received from its underlying SPVs provided that it makes appropriate disclosures in this regard to the unitholders in such form and manner as may be specified by the Board.]

276 · [(bb) cash flows generated by all InvIT assets shall be considered.]

277 · [(c) such distributions shall,

274 · Substituted for "; and" by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Third Amendment) Regulations, 2025 w.e.f. 03.09.2025.

275 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Third Amendment) Regulations, 2025 w.e.f. 03.09.2025.

276 · Inserted vide Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2025 w.e.f. 2.4.2025.

277 · Substituted vide Securities and Exchange Board of India (Infrastructure Investment Trusts) (Third Amendment) Regulations, 2024, w.e.f 26.11.2024. Prior to the substitution the words were "such distributions shall be declared and made not less than once every six months in every financial year in case of publicly offered InvITs and not less than once every year in case of privately placed InvITs and shall be made not later than fifteen days from the date of such declaration;"

280 · [(e) any amount remaining unclaimed or unpaid out of the distributions declared by a InvIT in terms of sub-clause (c), shall be transferred to the 'Investor Protection and Education Fund' constituted by the Board in terms of section 11 of the Act, in such manner as may be specified by the Board 281 [;]]

282 · [Provided that the amount transferred to Investor Protection and Education fund shall not bear any interest.]

283 · [(f) the unclaimed or unpaid amount of a person that has been transferred to the Investor Protection and Education Fund in terms of sub -clause (e), may be claimed in such manner as may be specified by the Board.]

278 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

279 · Omitted "as per the dates and " by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

280 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2023 w.e.f. 14.02.2023.

281 · Substituted for "." by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Third Amendment) Regulations, 2023 w.e.f. 23.10.2023.

282 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Third Amendment) Regulations, 2023 w.e.f. 20.10.2023.

283 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Third Amendment) Regulations, 2023 w.e.f. 20.10.2023.

284 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

285 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

286 · Omitted "or SPV " by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

287 · Omitted "or SPV " by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

288 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

289 · Substituted vide Securities and Exchange Board of India (Infrastructure Investment Trusts) (Third Amendment) Regulations, 2024, w.e.f 26.11.2024. Prior to the substitution the words were " fifteen days of declaration".

290 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

291 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

292 · Omitted "publicly offered" by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

293 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

294 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

295 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

296 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

297 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

298 · Substituted for "any person or entity which is an associate of the related party " by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

299 · [(1) An InvIT, whose units are listed on a recognized stock exchange, may issue debt securities in the manner specified by the Board:

300 · [(2)] The aggregate consolidated borrowings and deferred payments of the InvIT 3 301 [, holdco and the SPV(s),] net of cash and cash equivalents shall 302 [not] exceed 303 [seventy] per cent. of the value of the InvIT assets.

304 · [Explanation 1. – Investment by InvITs in overnight mutual funds, characterized by their investments in overnight securities, having maturity of one day, shall be considered as cash and cash equivalent.

305 · [(3)] If the aggregate consolidated borrowings and deferred payments of the InvIT 306 [, holdco and the SPV(s),] net of cash and cash equivalents exceed twenty five per cent. of the value of the InvIT assets, for any further borrowing , –

307 · [a) upto forty nine percent, an InvIT shall -

299 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2017, w.e.f. 15.12.2017

300 · Re -numbered ibid.

301 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

302 · Substituted for the word "never" by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2019, w.e.f. 22.4.2019

303 · Substituted ibid for the words "forty nine".

304 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2023 w.e.f. 01.04.2023.

305 · Re -numbered by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2017, w.e.f. 15.12.2017

306 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

307 · Substituted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2019, w.e.f. 22.4.2019. prior to the substitution, clauses (a) and (b) read as follows:

313 · [Provided that for computing six continuous distributions, maximum one distribution per quarter shall be considered and the distributions shall be consistent with the distribution policy disclosed to the unitholders;]

308 · Substituted vide Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2025 w.e.f. 2.4.2025. Prior to the substitution the words were "credit rating from".

309 · Substituted vide Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2025 w.e.f. 2.4.2025. Prior to the substitution the words were "a credit rating of".

310 · Omitted vide Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2025 w.e.f. 2.4.2025. Prior to the Omission the words were "for its consolidated borrowing and the proposed borrowing , ".

311 · Substituted vide Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2025 w.e.f. 2.4.2025. Prior to the substitution the words were " in the years preceding the financial year in which".

312 · Substituted vide Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2025 w.e.f. 2.4.2025. Prior to the substitution the symbol was ";".

313 · Inserted vide Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2025 w.e.f. 2.4.2025.

314 · [(4)]If the conditions specified in sub-regulations (1) and (2) are breached on account of market movements of the price of the underlying assets or securities, the investment manager shall inform the same to the trustee and ensure that the conditions are satisfied within six months of such breach.

315 · [Provided that such full valuation shall be conducted as at the end of the financial year ending March 31st and the valuation report shall be submitted by the investment manager to the designated stock exchange(s) along with the annual financial results.]

314 · Re -numbered by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2017, w.e.f. 15.12.2017

315 · Substituted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Third Amendment) Regulations, 2025 w.e.f. 03.09.2025. Prior to substitution, it read as: " Provided that such full valuation shall be conducted at the end of the financial year ending March 31st within two months from the date of end of such year. " 316 Substituted for the word "for" by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Third Amendment) Regulations, 2025 w.e.f. 03.09.2025.

317 · Substituted vide Securities and Exchange Board of India (Infrastructure Investment Trusts) (Third Amendment) Regulations, 2024, w.e.f 27.09.2024. Prior to the substitution, it read as "prepared within one month from the date of end of such half year: "

319 · [(5A) If the consolidated borrowings and deferred payments of an InvIT, in terms of regulation 20 of these regulations, exceeds forty nine per cent.; a quarterly valuation of the assets of InvIT shall be conducted by the valuer as at the end of the quarters ending June, September and December for incorporating any key changes from the previous quarter and such quarterly valuation report shall be submitted by the investment manager to the designated stock exchange(s) along with the quarterly financial results of the corresponding quarter:

321 · [Provided that the valuation reports specified under sub-regulation (4), subregulation (5), and sub-regulation (5A) of this regulation shall be submitted within the timelines as specified in these sub-regulations.]

318 · Omitted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Third Amendment) Regulations, 2025 w.e.f. 03.09.2025. Prior to omission, it read as "Provided that in case the consolidated borrowings and deferred payments of an InvIT, in terms of Regulation 20, is above forty nine per cent, the valuation of the assets of such InvIT shall be conducted by the valuer for quarter ending June, September and December, for incorporating any key changes in the previous quarter and such quarterly report shall be prepared within one month from the date of the end of such quarter." It was inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2019, w.e.f. 22.4.2019

319 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Third Amendment) Regulations, 2025 w.e.f. 03.09.2025.

320 · Substituted for "." by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Third Amendment) Regulations, 2025 w.e.f. 03.09.2025.

321 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Third Amendment) Regulations, 2025 w.e.f. 03.09.2025.

323 · [***]

322 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

323 · Omitted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2017, w.e.f. 15.12.2017. Prior to the omission, the sub-regulation read as follows:

324 · Substituted vide Securities and Exchange Board of India (Infrastructure Investment Trusts) (Third Amendment) Regulations, 2024, w.e.f 27.09.2024. Prior to the substitution, the words were "votes cast against".

325 · [(aa) the voting threshold specified under these regulations shall be calculated on the basis of unit holders present and voting.

327 · [Provided that a meeting of unit holders may be called after giving shorter notice than that specified in this clause if consent, in writing or by electronic mode, is accorded thereto -

325 · Inserted vide Securities and Exchange Board of India (Infrastructure Investment Trusts) (Third Amendment) Regulations, 2024, w.e.f 27.09.2024.

326 · Substituted vide Securities and Exchange Board of India (Infrastructure Investment Trusts) (Third Amendment) Regulations, 2024, w.e.f 27.09.2024. Prior to the substitution, the symbol was ";"

327 · Inserted vide Securities and Exchange Board of India (Infrastructure Investment Trusts) (Third Amendment) Regulations, 2024, w.e.f 27.09.2024.

328 · [(f) for all unit holder meetings, the investment manager shall provide an option to the unit holders to attend the meeting through video conferencing or other audio visual means and the option of remote electronic voting in the manner as may be specified by the Board.]

329 · [For an] InvITs , –

328 · Inserted vide Securities and Exchange Board of India (Infrastructure Investment Trusts) (Third Amendment) Regulations, 2024, w.e.f 27.09.2024.

329 · Substituted for "With respect to publicly offered " by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

330 · Substituted vide Securities and Exchange Board of India (Infrastructure Investment Trusts) (Third Amendment) Regulations, 2024, w.e.f 27.09.2024. Prior to the substitution, the words were "other than as specified in sub-regulation (6) under, votes cast in favour of the resolution shall be more than the votes cast against the resolution".

331 · [(c) any borrowing in terms of the limit specified under clause (a) of subregulation (3) of regulation 20;]

333 · [***]

331 · Substituted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2019, w.e.f. 22.4.2019. Prior to substitution, clause (c) read as follows:

332 · Substituted for "initial offer by a publicly offered InvIT " by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

333 · Omitted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Second Amendment) Regulations, 2023, w.e.f 18.08.2023. Before the omission, the clause read as under:

334 · Substituted for "not be less than one and half times " by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

335 · Substituted vide Securities and Exchange Board of India (Infrastructure Investment Trusts) (Third Amendment)

336 · Words "sponsor(s) or" omitted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2019, w.e.f. 22.4.2019

337 · Inserted ibid

338 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2019, w.e.f. 22.4.2019

339 · [(g) introduction of unit based employee benefit scheme after an initial offer;

339 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Second Amendment) Regulations, 2024, w.e.f. 13.07.2024.

340 · Substituted vide Securities and Exchange Board of India (Infrastructure Investment Trusts) (Third Amendment) Regulations, 2024, w.e.f 27.09.2024. Prior to the substitution, the words were "not be less than one and a half times the votes cast against the resolution:" .

341 · [***]

342 · [(5A) In case of any borrowing by an InvIT in terms of the limit specified in clause (b) of sub -regulation 3 of regulation 20, the approval from seventy five per cent. of the unit holders by value shall be obtained.

343 · [***]]

344 · [(5C) No person, other than sponsor(s), its related parties and its associates, shall acquire units of an InvIT which taken together with units held by such person and by persons acting in concert with such person in such InvIT, exceeds twenty-five per cent of the value of outstanding InvIT units unless approval from seventy five per cent. of the unit holders by value excluding the value of units held by parties related to the transaction, is obtained:

341 · Omitted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Second Amendment) Regulations, 2020, w.e.f 16.06.2020. Prior to the omission, the proviso read as follows:

342 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2019, w.e.f. 22.4.2019

343 · Omitted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Second Amendment) Regulations, 2022, w.e.f. 01.01.2023. Prior to omission, it read as:

344 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Second Amendment) Regulations, 2020, w.e.f 16.06.2020.

345 · [(7) In case of any change in sponsor or inducted sponsor or change in control of sponsor or inducted sponsor 346 [or conversion to Self-Sponsored Investment Manager] , -

347 · [(iii) in case of conversion to Self-Sponsored Investment Manager, the Investment Manager shall provide the dissenting unit holders an option to exit by buying their units in the manner specified by the Board;]

345 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Second Amendment) Regulations, 2020, w.e.f 16.06.2020.

346 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Second Amendment) Regulations, 2023, w.e.f 18.08.2023.

347 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Second Amendment) Regulations, 2023, w.e.f 18.08.2023.

348 · Substituted vide Securities and Exchange Board of India (Infrastructure Investment Trusts) (Third Amendment) Regulations, 2024, w.e.f 27.09.2024. Prior to the substitution, the words were "with or without".

349 · [(8) The existing sponsor(s) proposing to disassociate as sponsor(s) by seeking to convert the Investment Manager to Self-Sponsored Investment Manager shall comply with the following conditions:

349 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Second Amendment) Regulations, 2023, w.e.f 18.08.2023.

350 · [(xiia) there are no outstanding subordinate units; and]

351 · [Dispute Resolution.

22A · (1) All claims, differences or disputes between investors and the investment manager arising out of or in relation to the activities of the investment manager in the securities market shall be submitted to a resolution mechanism that includes mediation and/or conciliation and/or arbitration, in accordance with the procedure specified by the Board.

350 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2024, w.e.f. 27.05.2024.

351 · Inserted by the Securities and Exchange Board of India (Alternative Dispute Resolution Mechanism) (Amendment) Regulations, 2023, w.e.f. 04-07-2023.

354 · ***

355 · above forty nine per cent.]

356 · [Annual/ half yearly /quarterly reports shall contain disclosures as specified under Part -A, Part-B and Part -C, respectively, of Schedule IV.]

352 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Third Amendment) Regulations, 2025 w.e.f. 03.09.2025.

353 · Substituted for the words "within forty five days from the end of half year ending September 30th: " by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Third Amendment) Regulations, 2025 w.e.f. 03.09.2025.

354 · Omitted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Third Amendment) Regulations, 2025 w.e.f. 03.09.2025. Prior to omission, it read as "Provided that for any InvIT, whose units are listed and whose consolidated borrowings and deferred payments, in terms of regulation 20, is above forty nine per cent., such InvIT shall also submit a quarterly report to the designated stock exchange within thirty days from the end of every quarter ending June and December." It was inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2019, w.e.f. 22.4.2019

355 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Third Amendment) Regulations, 2025 w.e.f. 03.09.2025.

356 · Substituted ibid. Prior to the substitution, sub -regulation (5) read as follows:

357 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

358 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

359 · [(10) The investment manager shall disclose the unitholding pattern for ordinary units and subordinate units separately in such manner as may be specified by the Board.]

359 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2024, w.e.f. 27.05.2024.

360 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

361 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

362 · [The investment manager and the trustee shall ensure that adequate backup systems, data storage capacity, system capacity for secure handling, data transfer and arrangements for alternative means of communication in case of internet link failure, are maintained for the records maintained electronically.

363 · [CHAPTER VIA

26A · Applicability

362 · Inserted vide Securities and Exchange Board of India (Infrastructure Investment Trusts) (Third Amendment) Regulations, 2024, w.e.f 27.09.2024.

363 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2019, w.e.f. 22.4.2019

364 · Omitted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Second Amendment) Regulations, 2022, w.e.f. 01.01.2023. Prior to omission, the words were "proposes to issue units or".

365 · Omitted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Second Amendment) Regulations, 2022, w.e.f. 01.01.2023. Prior to omission, it read as:

366 · Omitted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Second Amendment) Regulations, 2022, w.e.f. 01.01.2023. Prior to omission, the words and symbols were "issuing units/".

26B · Raising of funds and investments

367 · [***]

367 · Omitted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Second Amendment) Regulations, 2022, w.e.f. 01.01.2023. Prior to omission, it read as:

368 · [(3) The minimum number of unit holders in an InvIT, other than the sponsor(s), its related parties and its associates, shall be five, together and collectively holding at least twenty-five per cent of the total units of the InvIT, at all times.

26C · Disclosures

369 · [***]

368 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2021, w.e.f. 30.07.2021

369 · Omitted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Second Amendment) Regulations, 2022, w.e.f. 01.01.2023. Prior to omission, it read as:

26D · General

370 · [***]

26E · Surrender of certificate

26F · Listing of units

370 · Omitted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Second Amendment) Regulations, 2022, w.e.f. 01.01.2023. Prior to omission, it read as:

371 · [(1)] An InvIT which has issued units in terms of the provisions of this Chapter, may list such units on a recognised stock exchange, subject to it complying with the requirements specified for privately placed and listed InvIT under these regulations and in the manner specified by the Board from time to time.]

372 · [(2) Notwithstanding anything contained in these regulations, the Board may grant any exemptions to the InvITs which have issued units in terms of the provisions of this Chapter, from these regulations, for the purpose of facilitating listing the units of such InvITs on a recognized stock exchange having nationwide trading terminals.]

373 · [CHAPTER VIB

26G · Subject to other provisions of this Chapter, the provisions contained in sub-regulations (2), (4), (5), (9) and (10) of regulation 17 and regulations 18, 19, 20, 21, 26 and subregulation (1), (2), (2A), (3), (4), (5), (7), (8), (9), (10) and (11) of regulation 25 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 shall be applicable, as in force from time to time, with necessary modifications as if the said provisions were the provisions of these regulations.

371 · Renumbered as clause (1) by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Second Amendment) Regulations, 2022, w.e.f. 01.01.2023.

372 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Second Amendment) Regulations, 2022, w.e.f. 01.01.2023.

373 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2023 w.e.f. 01.04.2023.

26H · (1) The Board of Directors of the investment manager shall comprise of not less than six directors and have not less than one woman independent director 375 [:]

376 · [Provided that if by a vacancy in the office of a director of the investment manager, the investment manager becomes non-compliant with such requirement, such vacancy shall be filled by the investment manager as follows -

374 · Inserted vide Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2025 w.e.f. 2.4.2025.

375 · Substituted vide Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2025 w.e.f. 2.4.2025. Prior to the substitution the symbol was " . ".

376 · Inserted vide Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2025 w.e.f. 2.4.2025.

26I · (1) The investment manager shall formulate a vigil mechanism, including a whistle blower policy for directors and employees to report genuine concerns.

26J · The investment manager shall submit a secretarial compliance report given by a practicing company secretary to the stock exchanges, in such form as specified, within sixty days from end of each financial year.

26K · (1) The investment manager shall submit a quarterly compliance report on governance in the format as may be specified by the Board, to the recognized stock exchange(s) within twenty-one days from the end of each quarter.

377 · [Grievance Redressal Mechanism.

26L · (1) The Manager shall redress investor grievances promptly but not later than twentyone calendar days from the date of receipt of the grievance and in such manner as may be specified by the Board.

377 · Inserted by the Securities and Exchange Board of India (Facilitation of Grievance Redressal Mechanism) (Amendment) Regulations, 2023 w.e.f. 18-08-2023.

378 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

379 · Omitted "or" by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

380 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

32A · (1) The Board may, exempt any person or class of persons from the operation of all or any of the provisions of these regulations for a period as may be specified but not exceeding twelve months, for furthering innovation 382 [***] relating to testing new

381 · Inserted by the SEBI (Regulatory Sandbox) (Amendment) Regulation, w.e.f. 17-04-2020.

382 · The words "in technological aspects" omitted by the SEBI (Regulatory Sandbox) (Amendment) Regulations, 2021 w.e.f. 3 -8 -2021.

383 · [Power to relax strict enforcement of Regulations

33A · The Board may, in the interest of investors or for the development of the securities market, relax the strict enforcement of any requirement of these regulations, if the Board is satisfied that,-

383 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

1 · GENERAL INFORMATION

2 · 387[DETAILS OF TRUST]

3 · DETAILS OF TRUSTEE

384 · Substituted for "applicant or its associates or its sponsor(s)/trustee/ manager is/" by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

385 · Substituted for the word "applicant" by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2018, w.e.f. 10.04.2018.

386 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Second Amendment) Regulations, 2023, w.e.f 18.08.2023.

387 · Substituted ibid for the words "DETAILS OF APPLICANT".

388 · Substituted ibid for the word "applicant".

390 · [(i) Copy of the executed trust deed]

4 · DETAILS OF SPONSOR(S) (Provide details for every sponsor separately)

389 · Omitted "List of associates of the trustee " by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

390 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2018, w.e.f. 10.04.2018.

5 · DETAILS OF INVESTMENT MANAGER

6 · DETAILS OF PROJECT MANAGER(s) (Provide details for every project manager separately)

391 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2018, w.e.f. 10.04.2018.

7 · DETAILS OF BUSINESS PLAN AND INVESTMENT STRATEGY

8 · DETAILS OF REGULATORY ACTION TAKEN IN THE PAST, IF ANY

392 · Omitted "Copy of Project Implementation Agreement" by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

393 · Substituted for the words "Investment Manager" by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2017, w.e.f. 15.12.2017

394 · Omitted "including copy of the draft initial offer document/draft placement memorandum, as applicable" by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

395 · Substituted for "SPV" by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

396 · Substituted for "applicant or any of its related party(ies)" by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

397 · Substituted for the word "applicant" by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2018, w.e.f. 10.04.2018.

9 · OTHER INFORMATION/DECLARATIONS

398 · Substituted for "applicant or any of its related party(ies)" by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

399 · Substituted for "applicant or any of its related party(ies)" by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

400 · Substituted for the words "applicant, Sponsor(s), Investment Manager and Project Manager(s)" by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2018, w.e.f. 10.04.2018.

0 · 1% in case of initial and follow -on offer; and

0 · 05% in case of rights issue

401 · Substituted for "within seven days of registering the prospectus with the Registrar of Companies or filing the letter of offer" by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

402 · [With respect to privately placed InvIT, the InvIT shall pay non-refundable filing fees of:

0 · 1% in case of initial offer; and

0 · 05% in case of rights issue,

402 · Substituted for "With respect to privately placed InvIT, the InvIT shall pay non-refundable filing fees of 0.1% of the total issue size including green shoe option, if any, at the time of filing of placement memorandum with the Board;" by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2022, w.e.f 4.05.2022

403 · Inserted by the Securities and Exchange Board of India (Payment of Fees and Mode of Payment) (Amendment) Regulations, 2017, w.e.f. 6.3.2017.

1 · Introduction

2 · Details of sponsor(s), Investment Manager, Project Manager, Trustee and other parties

404 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

3 · Brief background of the InvIT

4 · Terms of the issue

5 · Market overview

6 · Description of the assets under the InvIT

405 · Substituted for "SPV" by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

406 · Substituted for "SPV" by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

407 · Substituted for "SPV" by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

408 · Substituted for "SPV" by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

7 · Business Details and Strategy

8 · Leverage

409 · Substituted for "since COD of the project till date " by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

9 · Related party transactions

10 · Valuation

11 · Financials

410 · Substituted for "undertaken prior to the offer" by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

12 · Rights of Unit Holders

13 · Title and approval disclosures, litigations and regulatory actions

14 · Risk factors

411 · Substituted for "as on date" by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

412 · Substituted for "whether completed or pending, against the InvIT, sponsor(s), Investment Manager, Trustee, or any of their associates" by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

413 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Second Amendment) Regulations, 2023, w.e.f 18.08.2023.

414 · The words "in the last 5 years" omitted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2018, w.e.f. 10.04.2018.

15 · Brief details on taxation and regulatory aspects to enable the investors to make an informed decision

16 · Other general information

17 · Sector specific information

18 · Supporting Documents

415 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

416 · [The documents to be provided to the Board,-

416 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

417 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2019, w.e.f. 22.4.2019

418 · [(1)] Details of all related party transactions during the year, value of which exceeds five per cent. of value of the InvIT 419 [assets]

420 · [2. Details regarding the monies lent by the InvIT to the holding company or the special purpose vehicle in which it has investment in.]

418 · Clause numbered by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2017, w.e.f. 15.12.2017

419 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

420 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2017, w.e.f. 15.12.2017

421 · [ Brief details of material and price sensitive information]

424 · [Part-B] Mandatory disclosures in the Half-yearly report

425 · [***] 426 [Financial] statements for the half year; (Standalone and consolidated)

421 · Substituted for "Brief report on corporate governance" by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

422 · Substituted for "whether completed or pending, against the InvIT, sponsor(s), Investment Manager, Trustee or any of their associates," by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

423 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Second Amendment) Regulations, 2023, w.e.f 18.08.2023.

424 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2019, w.e.f. 22.4.2019

425 · Omitted "Audited" by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

426 · Substituted for "financial" by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

427 · [Part -C Mandatory disclosures in the quarterly report

427 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2019, w.e.f. 22.4.2019

428 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

429 · [xiii. List of one-time sanctions/approvals which are obtained or pending;

432 · [fa. Information regarding the assumed factors while calculating the valuation such as discounting rate, tenure etc.]

429 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

430 · The word "included" omitted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2018, w.e.f. 10.04.2018.

431 · The words "and closed" omitted ibid.

432 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

433 · Inserted by Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2016, w.e.f 30.11.2016

434 · [SCHEDULE VII: GOVERNANCE NORMS

434 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2023 w.e.f. 01.04.2023.

435 · Substituted vide Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2025 w.e.f. 2.4.2025. Prior to the substitution the words were "investment manager".

436 · [SCHEDULE VIII: STEWARDSHIP CODE

436 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Second Amendment) Regulations, 2023, w.e.f 18.08.2023.

437 · [Schedule – IX

437 · Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Second Amendment) Regulations, 2024, w.e.f. 13.07.2024.

438 · [Schedule – X

1 · Asset Management Oversight:

2 · Regulatory Compliance and Reporting:

438 · Inserted vide Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2025 w.e.f. 2.4.2025.

3 · Managerial Oversight:

4 · Information and Documentation:

5 · Record -Keeping:

6 · Ethics and Conflict of Interest:

7 · Auditing and Financial Review:

8 · Due Diligence: