Synopsis :- SEBI, vide its Circular dated 24th June, 2022 introduces Unified Payments Interface (UPI) for Infrastructure Investment Trusts. The Circular is in reference to SEBI Circular dated 15th January, 2019 where SEBI provided process for payment for applications in public issue of units of Infrastructure Investment Trust (InvIT) through the facility of ASBA.
After Consultation with stakeholders, SEBI has now decided to provide an additional option to individual investors to apply in public issues of units of InvITs with a facility to block funds through Unified Payments Interface (UPI) mechanism for application value upto Rs. 5 Lakh.
The process flow for availing the option of blocking funds through UPI mechanism is placed at Annex I to this Circular.
SEBI further added that, National Payments Corporation of India (NPCI), Unified Payments Interface (UPI) and Sponsor Bank are the New entities / mechanisms to be part of the public issues through UPI.
Further, it is noted that details of investor viz. PAN, DP ID/ Client ID, entered on the Stock Exchange platform at the time of bidding, shall be validated by the Stock Exchange/s with the Depositories on real time basis.
Further, SEBI availed requirement on Stock Exchanges to update demand data on working days on their website which shall include all the UPI (accepted/pending) and ASBA bids.
Other than that, the additional text of data fields required in the Application and bidding form is placed at Annex II of the Circular. The roles of the Issuer, Registrar, Stock exchange, Intermediaries and Collecting Banks is given at Annex III of this Circular.
The provisions of this circular shall be applicable to a public issue of units of InvIT under the SEBI (Infrastructure Investment Trusts) Regulations, 2014 which opens on or after 01st August, 2022. Stock Exchanges, Depositories, NPCI, Sponsor Banks and Self Certified Syndicate Banks shall make required changes to implement the same from 01st August, 2022
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