Description
Comprehensive regulatory framework for Infrastructure Investment Trusts registration and regulation with latest amendments.
Summary
SEBI has issued the comprehensive Infrastructure Investment Trusts (InvITs) Regulations, 2014, last amended on September 3, 2025. These regulations establish the complete framework for registration and regulation of Infrastructure Investment Trusts in India, exercising powers under Section 30 read with Section 11 and 12 of the SEBI Act, 1992.
Key Points
- Regulations originally notified on September 26, 2014, with latest amendments on September 3, 2025
- Provides comprehensive framework for Infrastructure Investment Trusts and their regulation
- Defines key terms including ‘associate’, ‘body corporate’, ‘bonus issue’, ‘certificate’, and ‘change in control’
- Multiple amendments made in 2016 significantly modified the definition of ‘associate’
- Establishes foundation for InvIT registration and operational compliance
Regulatory Changes
- 2016 amendments substantially revised the definition of ‘associate’ to align with Companies Act, 2013
- Removed several sub-clauses from associate definition including group companies, companies under same management, and related parties
- Updated definition now primarily references associate company as defined under Companies Act, 2013 or applicable accounting standards
- Recent 2025 amendments update the regulatory framework (specific changes not detailed in provided excerpt)
Compliance Requirements
- Infrastructure Investment Trusts must comply with registration requirements under these regulations
- Entities seeking to establish InvITs must obtain certificate of registration
- Compliance with definitions and framework established for associate relationships and control structures
- Adherence to bonus issue provisions for unit holders
Important Dates
- Original notification: September 26, 2014
- 2016 amendments effective: November 30, 2016
- Latest amendments: September 3, 2025
- Regulations effective from date of Official Gazette notification
Impact Assessment
- High impact on infrastructure sector participants looking to establish InvITs
- Provides regulatory certainty and framework for infrastructure investment vehicles
- Amendments ensure alignment with current corporate law framework
- Establishes foundation for infrastructure financing and investment in Indian markets
- Critical for institutional and retail investors in infrastructure sector
Impact Justification
Fundamental regulatory framework for InvITs with recent amendments affecting entire infrastructure investment sector