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Corporate Laws Central Ministry of Finance Securities and Exchange Board of India Act, 1992

Revised framework for computation of Net Distributable Cash Flow (NDCF) by Infrastructure Investment Trusts (InvITs)

06-Dec-2023 | SEBI/HO/DDHS/DDHS-PoD/P/CIR/2023/184

The Securities Exchange Board of India has issued a notification on Revised framework for computation of Net Distributable Cash Flow (NDCF) by Infrastructure Investment Trusts (InvITs). By virtue of this notification , it has been decided to standardize the framework for calculation of available Net Distributable Cash Flows. Accordingly, the revised framework for computation of NDCF by InvITs and its Holdcos/SPVs shall be as per Annexure A of the circular. Key points of Annexure:- 1. Computation of Net Distributable Cash Flow at HoldCo/ SPV level 2. Computation of Net Distributable Cash Flow at Trust level The revised framework shall be applicable with effect from April 1, 2024 and supersedes the Framework for calculation of Net Distributable Cash Flows provided in Paragraph F of Chapter 3 of the Master Circular for Infrastructure Investment Trusts (InvITs) dated July 06, 2023.

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