SEBI, vide circular dated 24th June, 2022 reduces timelines for listing of units of privately placed Infrastructure Investment Trust (InvIT) to six working days which under Regulation 16 (8) (a) of SEBI (Infrastructure Investment Trusts) Regulations, 2015 (“InvIT Regulations) was of thirty working days from the date of allotment.
After discussion with Market Participants, it was felt that these timelines prescribed in the InvIT Regulations are indicative. Hence, the change is a part of continuing endeavour to streamline the process of allotment and listing of units.
| Sr. No. | Details of Activities | Due Date |
| 1. | Closure of issue and receipt of funds | T day |
| 2. | Post receipt of funds, Sponsor shall transfer its entire shareholding or interest or rights in the HoldCo and /or SPV or ownership of the infrastructure projects as disclosed in the placement memorandum. | Within T+3 working day |
| 3. | Finalize the list of allottees along with the number of units to be allotted to the applicants pursuant to the issue. | |
| 4. | Finalization of Final Placement Memorandum (FPM) and dispatch of confirmation of allocation notes (“CANs”) along with FPM. | |
| 5. | Investment manager on behalf of the InvIT to initiate corporate action for credit of units of InvIT to the demat account of sponsor(s)/other shareholders of the SPV/Holdcos and to the demat account of the investors in the private placement. | |
| 6. | Receipt of confirmation by Investment Manager from Depositories for credit of Units in demat accounts of sponsor(s)/other shareholders of the SPV/Holdcosand the investors in the private placement, and lock-in of units to the extent applicable. | Within T+4 working day |
| 7. | Post successful allotment, Investment Manager on behalf of InvIT shall make listing application to stock exchange(s) for listing and trading permission | Within T+5 working day |
| 8. | Stock exchange(s) to issue notice for listing and commencement of trading. | |
| 9. | Stock exchange to send the notice to depositories in order to change the status of ISIN to active. | |
| 10. | Trading commences | Within T+6 working day |
The timelines within which the units shall be listed from issue closure under six working days are as under :-
SEBI further added that stock exchanges and depositories shall co-ordinate to ensure completion of listing and commencement of trading of units within six working days.
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 01st August, 2022.
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