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TMI BlogEligibility criteriaX X X X Extracts X X X X X X X X Extracts X X X X ..... accordance with these regulations and includes responsibilities of the trustee in accordance with regulation 9; (c) persons have been designated as sponsor(s), investment manager and trustee under these regulations and all such persons are separate entities; (d) with regard to sponsor(s) , (i) 3 [each sponsor 15 [ and sponsor group ] shall be clearly identified in the application of registration to the Board and in the offer document/ placement memorandum, as applicable]; 16 [ Provided that, for each sponsor group not less than one person shall be identified as a sponsor: Provided further that of the entities categorized as sponsor group, only the following entities may be considered: a) a person or entity who is directly or indirectly hol ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e combined experience of the directors/partners/employees of the investment manager in fund management or advisory services or development in the infrastructure sector is not less than 30 years: Provided that for computing the combined experience, only the experience of the directors/partners/employees with more than 5 years of experience in fund management or advisory services or development in the infrastructure sector shall be considered. ] (iii) the investment manager has not less than two employees who have at least five years experience each, in fund management or advisory services or development in the infrastructure sector; (iv) the investment manager has not less than one employee who has at least five years experience in the relev ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nits shall carry equal voting rights and distribution rights associated with such units. ] 4 [ **** ] 20 [ (i) the unitholder(s) holding not less than ten percent of the total outstanding units of the InvIT, either individually or collectively, shall - (i) be entitled to nominate one director on the board of directors of the Investment Manager, in such manner as may be specified by the Board: Provided that the director so nominated shall recuse from voting on any transaction where such nominee director or associate of such nominee director or the unitholder who nominated such nominee director or associate of such unitholder is a party; (ii) comply with stewardship code specified in Schedule VIII of these regulations. ] (i) 10 [***] (j) the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t 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. 5 Inserted by the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2018, w.e.f. 10.04.2018. 6 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 r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... LAD-NRO/GN/2020/05 dated 02-03-2020 before it was read as (ii) the investment manager has not less than five years experience in fund management or advisory services or development in the infrastructure sector; 15. Inserted vide Notification No. SEBI/LAD-NRO/GN/2023/145 dated 16-08-2023 16. Inserted vide Notification No. SEBI/LAD-NRO/GN/2023/145 dated 16-08-2023 17. Substituted vide Notification No. SEBI/LAD-NRO/GN/2023/145 dated 16-08-2023 before it was read as, ; 18. Inserted vide Notification No. SEBI/LAD-NRO/GN/2023/145 dated 16-08-2023 19. Substituted vide Notification No. SEBI/LAD-NRO/GN/2024/182 dated 27-05-2024 before it was read as, (h) no unit holder of the InvIT enjoys 8 [superior] voting or any other rights over another unit hol ..... X X X X Extracts X X X X X X X X Extracts X X X X
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