SEBI circular on Issue and listing of Commercial Paper by listed InvITs – 22 nd September, 2022

SEBI vide its circular dated 22^nd September, 2022 came out with conditions for issuing of listed commercial papers by listed InvITs as following :

1. InvITs shall abide by the guidelines prescribed by Reserve Bank of India for issuances of commercial papers.

1. InvITs shall abide by the conditions of listing norms prescribed by SEBI under SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021 and circulars issued thereunder.

1. The issuance of listed CPs shall be within the overall debt limit permitted under SEBI (Infrastructure Investment Trusts) Regulations, 2014

Further it is to be noted that in terms of Reserve Bank Commercial Paper Directions, 2017 dated 10^th August, 2022 InvIT having net worth of INR 100 Crore or higher are eligible to issue commercial paper.

This Circular is applicable to all Infrastructure Investment Trust (“InvITs”), Parties to InvITs, Recognised Stock Exchanges, Depositories, and Merchant Bankers.

Link to the Circular:

https://www.sebi.gov.in/legal/circulars/sep-2022/issue-and-listing-of-commercial-paper-by-listed-invits_63263.html