Review of Framework for conversion of Private Listed InvIT into Public InvIT

SEBI, through Circular SEBI/HO/DDHS/DDHS-PoD-2/P/CIR/2025/114 dated August 8, 2025, has revised the framework for the conversion of private listed InvITs into public InvITs (Chapter 14 of the Master Circular dated May 15, 2024) to streamline sponsor contribution requirements and align public issue norms with those applicable to follow-on offers. Key changes include updated provisions for minimum unitholding and lock-in requirements for sponsors and sponsor groups as per Regulations 12(3), 12(3A), and 12(5) of the InvIT Regulations, and substituting procedural and disclosure references related to “initial offer” with those applicable to “follow-on offer” to ensure consistency in regulatory compliance during conversion.

Link: https://www.sebi.gov.in/web/?file=https://www.sebi.gov.in/sebi_data/attachdocs/aug-2025/1754644766404.pdf#page=1&zoom=page-width,-16,792