SECURITIES AND EXCHANGE BOARD OF INDIA (SEBI) (INFRASTRUCTURE INVESTMENT TRUSTS) (AMENDMENT) REGULATIONS, 2023
No. SEBI/LAD-NRO/GN/2023/122.—In exercise of the powers conferred under section 30 read with section 11 and section 12 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following regulations to further amend the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014, namely: –
- These regulations may be called the Securities and Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2023.
- They shall come into force on the date of their publication in the Official Gazette:
Provided that sub-regulation (1) and (6) of regulation 3 of these regulations shall come into force with effect from April 1, 2023. - In the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014, ─
(1) In regulation 2, in sub-regulation (1), –
(a) clause (g) shall be substituted with the following clause, namely, –
“(g) “Change in control” –
(i) in case of a body corporate –
(A) if its shares are listed on any recognised stock exchange, shall be construed with reference to the definition of control in terms of regulations framed under clause (h) of sub-section (2) of section 11 of the Act;
(B) if its shares are not listed on any recognised stock exchange, shall be construed with reference to the definition of control as provided in sub-section (27) of Section 2 of the Companies Act, 2013 (18 of 2013);
(ii) in a case other than that of a body corporate, shall be construed as any change in its legal formation or ownership or change in controlling interest.
Explanation – For the purpose of sub-clause (ii), the expression “controlling interest” means an interest, direct or indirect, to the extent of not less than fifty percent of voting rights or interest;”;
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