Regulation 15 - Offer document or placement memorandum and advertisements - Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014

Offer document or placement memorandum and advertisements 15. (1) The offer document or placement memorandum of the InvIT shall contain material, true, correct and adequate disclosures to enable the investors to make an informed decision. (2) Without prejudice to the generality of sub-regulation (1), the offer document or placement memorandum shall, (i) not be misleading or contain any untrue statements or mis-statements; (ii) not provide for any guaranteed returns to the investors; and (iii) include such other disclosures as may be specified by the Board. (3) The offer document shall include all information as specified under Schedule III. (4) 1 [The placement memorandum shall contain all information as specified under Schedule III, to the extent applicable.] (5) No advertisement shall be issued pertaining to issue of units by an InvIT which makes a private placement of its units. (6) With respect to advertisements pertaining to the offer of units by an InvIT with respect to public issue of its units,- (i) such advertisement material shall not be misleading and shall not contain anything extraneous to the contents of the offer document; (ii) if an advertisement contains positive highlights, it shall also contain risk factors with equal importance in all aspects including print size; (iii) the advertisements shall be in accordance with any circulars or guidelines as may be specified by the Board in this regard. ************** NOTES:- 1 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