CIRCULAR
SEBI/HO/DDHS/DDHS-PoD-2/P/CIR/2025/114 August 08, 2025
To,
Bharat InvITs Association
All Infrastructure Investment Trusts (InvITs)
All Parties to InvITs
All Recognised Stock Exchanges
All Registered Depositories
Madam / Sir,
Subject: Review of Framework for conversion of Private Listed InvIT into Public InvIT
1. Chapter 14 of the Master Circular for Infrastructure Investment Trusts (InvITs) dated May
15, 2024 (“Master Circular”) provides the framework for conversion of private listed InvIT
into public InvIT.
2. SEBI is in receipt of certain suggestions from market participants to review the
aforementioned framework. Based on the same and recommendations of the Hybrid
Securities Advisory Committee (“HySAC”), the following changes are made in Chapter
14 of the Master Circular:
2.1. Streamlining the requirements pertaining to minimum contribution from the
sponsor(s) and sponsor group(s) in the public issue of units for conversion of a private
listed InvIT into a public InvIT
2.1.1. Paragraph 14.6. of the Master Circular shall be substituted with the following:
“14.6. Minimum unitholding for sponsor(s) and sponsor group(s)
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14.6.1. The sponsor(s) and sponsor group(s) shall comply with the minimum
unitholding requirement specified in Regulation 12(3) and 12(3A) of the
InvIT Regulations, as applicable, at all times.”
2.1.2. Paragraph 14.7 of the Master Circular shall be substituted with the following:
“14.7. Lock-in
14.7.1. The lock-in on units held by the sponsor(s) and sponsor group(s) to
comply with the minimum unitholding requirement mentioned in
paragraph 14.6.1 above shall be as specified in Regulation 12(5) of the
InvIT Regulations.”
2.2. Aligning the procedure and disclosure requirements for public offer of units to convert
a private listed InvIT into a public InvIT with the procedure and disclosure
requirements applicable for follow-on offer
2.2.1. In paragraph 14.3.1. of the Master Circular, for the words “initial”, the words
“follow-on” shall be substituted.
2.2.2. Paragraph 14.5.1. of the Master Circular shall be substituted with the following:
“14.5.1. For such public issue, the InvIT shall comply with the requirements for
follow-on offer prescribed under InvIT Regulations and the circulars
issued thereunder including any amendments thereto.”
2.2.3. In paragraph 14.8.1. of the Master Circular, for the words “initial offer”, the words
“such public issue” shall be substituted.
2.2.4. In paragraph 14.9.1. of the Master Circular, for the words “mandated in terms of
Schedule III of”, the words “applicable for follow-on offer under” shall be
substituted.
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2.2.5. In paragraph 14.9.1. a) of the Master Circular, the words “as applicable for a
follow-on offer” shall be inserted after the words “ Details of distributions made
by the InvIT”.
3. This circular shall be applicable with immediate effect.
4. This circular is issued in exercise of powers conferred under Section 11(1) of the
Securities and Exchange Board of India Act, 1992 read with the provisions of
Regulations 14(6) and 33 of the Securities and Exchange Board of India (Infrastructure
Investment Trusts) Regulations, 2014, to protect the interests of investors in securities
market and to promote the development of, and to regulate the securities market. This
circular is issued with the approval of the competent authority.
5. The recognized Stock Exchanges and Bharat InvITs Association are advised to
disseminate the contents of this Circular on their website.
6. This Circular is available on the website of the Securities and Exchange Board of India
at www.sebi.gov.in under the category “Legal” and under the drop down “Circulars”.
Yours faithfully
Ritesh Nandwani
Deputy General Manager
Department of Debt and Hybrid Securities
Tel No.022-26449696
Email id - riteshn@sebi.gov.in
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