Amendments to guidelines for preferential issue and institutional placement of units by a listed InvIT - SEBI - SEBI/HO/DDHS/DDHS/CIR/P/2020/232

CIRCULAR SEBI/HO/DDHS/DDHS/CIR/P/2020/232 November 17, 2020 To, All Infrastructure Investment Trusts ( InvITs ) All Parties to InvITs All Stock Exchanges All Merchant Bankers and other Intermediaries Madam/Sir, Sub: Amendments to guidelines for preferential issue and institutional placement of units by a listed InvIT 1. SEBI issued circular SEBI/HO/DDHS/DDHS/CIR/P/2019/143 dated November 27, 2019 providing guidelines for preferential issue and institutional placement of units by listed InvITs . The said circular stands modified as under: 1.1. Clause 4.1 of Annexure I is modified as under: 4.1. Preferential issue of units shall not be made to any person who has sold or transferred any units of the issuer during the six months preceding the relevant date. Explanation: Where any person belonging to sponsor(s) has sold/transferred their units of the issuer during the six months preceding the relevant date, the sponsor(s) shall be ineligible for allotment of units on preferential basis. 2. This circular is being issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 and Regulation 33 of the InvIT Regulations . 3. This Circular is available on the website of the Securities and Exchange Board of India at www.sebi.gov.in under the category Legal and under the drop down Circulars . Yours faithfully, Deena Venu Sarangadharan Deputy General Manager Department of Debt and Hybrid Securities Tel No. 022-2644-9266 Email Id [email protected]