Regulation 17C - Transfer of subordinate units - Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014

1 [Transfer of subordinate units. 17C. (1) The subordinate units shall be locked in till its reclassification into ordinary units (2) The subordinate units shall not be transferable to any person except the sponsor, its associates and the sponsor group entities. (3) The subordinate units shall not be encumbered in favor of any person except the sponsor, its associates and the sponsor group entities. (4) The depository shall not register the transfer or encumbrance of a subordinate unit in favour of any person unless such a person is a sponsor of the InvIT, associate of such sponsor or belongs to the sponsor group of the InvIT. (5) The investment manager shall disclose any inter-se transfer or inter-se encumbrance of subordinate units to the recognised stock exchange within one working day of such transfer or encumbrance. (6) In case of a change in the sponsor, the outgoing sponsor shall transfer the subordinate units held by it, if any, to another sponsor, its associates or sponsor group. ] **************** NOTES:- 1. Inserted vide Notification No. SEBI/LAD-NRO/GN/2024/182 dated 27-05-2024