Amendments to guidelines for preferential issue and institutional placement of units by a listed InvIT
- 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.” - 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.
- This Circular is available on the website of the Securities and Exchange Board of India at http://www.sebi.gov.in under the category “Legal” and under the drop down “Circulars”.
