India:
SEBI: Dematerialization Of Securities Of Hold Cos And SPVS Held By InvITs
07 June 2023
Argus Partners
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Regulation 14(4)(r) of the Securities and Exchange Board of
India (Infrastructure Investment Trusts) Regulations, 2014
("InvIT Regulations") provides that the
units of Infrastructure Investment Trusts
("InvITs") shall be issued only in
dematerialized form to all the applicants.
In order to promote dematerialization of securities and improve
transparency in the dealings of securities of Hold Cos/ SPVs, the
Securities and Exchange Board of India
("SEBI") has vide its circular dated May
22, 2023 ("InvITs Circular") decided
that InvITs will henceforth hold the securities of Hold Cos and
SPVs in dematerialized form only, where the
Investment manager of the InvIT will ensure the same.
Further, for existing securities held by InvITs in Hold Cos and
SPVsin physical
form, the investment manager of the InvIT is
required to dematerialize the securities of Hold Cos and SPVs of
the InvIT on or before June 30, 2023.
Please find a copy of the InvITs Circular,
here.
Originally published by 31 May, 2023
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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