1. SEBI issued circular SEBI/HO/DDHS/DDHS/CIR/P/2019/143 dated November 27, 2019, providing guidelines for the preferential issue and institutional placement of units by listed InvITs. The said circular stands modified as under:
1.1. Clause 4.1 of Annexure I is modified as under:
“4.1. Preferential issue of units shall not be made to any person who has sold or transferred any units of the issuer during the six months preceding the relevant date. Explanation: Where any person belonging to sponsor(s) has sold/transferred their units of the issuer during the six months preceding the relevant date, the sponsor(s) shall be ineligible for allotment of units on a preferential basis.”
2. This circular is being issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 and Regulation 33 of the InvIT Regulations.
Securities Exchange Board of India
[Circular dt. 17-11-2020]
