Reduction of timelines for listing of units of privately placed Infrastructure Investment Trust (InvIT)
- Regulation 16(8)(a) of SEBI (Infrastructure Investment Trusts) Regulations, 2015 (“InvIT Regulations) provides that the listing of privately placed units shall be done within thirty working days from the date of allotment. These timelines prescribed in the InvIT Regulations are indicative. Considering the time taken for listing of units of privately placed InvITin recent past, it was decided to examine the reduction of timelines for listing of units of privately placed InvIT, which was also discussed with market participants.
- Hence, as a part of the continuing endeavour to streamline the process of allotment and listing of units, it has been decided to reduce the time taken for allotment and listing of units of privately placed Infrastructure Investment Trust (InvIT), after the closure of issue to six working days as against the present requirement of thirty working days. The timelines within which the units shall be listed from issue closure are as under:
Timelines from issue closure till date of listing - The stock exchanges and depositories shall co-ordinate to ensure completion of listing and commencement of trading of units of InvIT issued on private placement basis, within six working days from the date of the closure of issue.
- Stock Exchange(s) are advised to inform the listing approval details to the Depositories whenever listing permission is given to InvIT units issued on private placement basis, within the above prescribed timelines. Subsequently, Depositories shall activate the ISINs of InvIT units issued on private placement basis only after the Stock Exchange(s) have accorded approval for listing of such units of InvIT.
- The provisions of this circular shall be applicable to listing of units of privately placed InvIT under the SEBI (Infrastructure Investment Trusts) Regulations, 2014 which opens on or after August 01, 2022. Stock Exchanges shall make required changes to implement the same from August 01, 2022.
- This circular is issued in exercise of the powers conferred under Regulation14(6), 16(8)(a), 16(11) and 33 of SEBI (Infrastructure Investment Trusts) Regulations, 2014and Section11(1) of the Securities and Exchange Board of India Act, 1992 to protect the interests of investors in securities and to promote the development of, and to regulate the securities markets.This circular is issued with the approval of the competent authority.
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