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

Securities And Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2025

02-Apr-2025 | SEBI/LAD-NRO/GN/2025/240

SEBI has issued the "Securities And Exchange Board of India (Infrastructure Investment Trusts) (Amendment) Regulations, 2025", effective from the 2nd April, 2025.

Key highlights are as follows :
1. A proviso has been added in Regulation 4(2)(e)(v), regarding the vacancy of the office of independent director in case of the investment manager, in cases arising due to the expiry of the term of office and due to any other reason.
2. In Regulation 9, a new sub-regulation 23 has been added regarding the compliance with the core principles defining the role and responsibilities of the trustee and the responsibility of the trustee to act in their fiduciary capacity and prioritizing protection of unitholders' interests (this sub-regulation will be effective on 180th day from the date of notification i.e. September 28, 2025.)
3. For compliance with the provision mentioned at point 2 above, trustee is required to engage an external agency during the period of 18 months from the date of publication of notification. (Regulation 9(23))
3. A proviso has been added in Regulation 12(5) regarding the transfer of locked-in units held by sponsor or its sponsor group entities, subject tothe condition that lock-in on such units shall continue for the remaining period with the transferee and the transferee can't transfer such locked-in units.
4. Schedule-X has been inserted, which provides "Illustrative Roles and Responsibilities of Trustees"

Kindly refer to the attachment for more information.

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