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

SEBI- Status of SPVs post conclusion or termination of Concession Agreement

15-May-2026 | SEBI/HO/DDHS/DDHS-PoD-2/I/11698/2026

SEBI has issued a circular on the status of SPVs post conclusion or termination of the concession agreement. Through this circular, the following conditions have been specified, which are to be followed by the investment manager for SPV holding an infrastructure project: 1. The Investment Manager shall either exit investment in SPV by way of sale/liquidation/winding-up/merger of such SPV, or acquire any new infrastructure project in SPV within one year from - completion/termination of concession agreement or such other agreement of a similar nature, or conclusion of all pending claims/litigations/tax assessments and related appeals, or completion of defect liability period, whichever is later. 2. The time taken to obtain relevant statutory or regulatory approvals for exiting investment shall be excluded from the timeline of one year. 3. Adequate disclosures shall be made in the annual report, as specified in the document. Kindly refer to the attached document for more information.

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