Market regulator Sebi has revised its investment manager eligibility norms for Infrastructure Investment Trusts (InvITs) and also permitted fast-track rights issues by REITs and InvITs without filing a draft offer document with the regulator. The investment manager needs to have an experience of at least five years in fund management or advisory services or development in the infrastructure sector, Sebi said.
Alternatively, Sebi has also allowed a combined relevant experience of at least 30 years of directors, partners and employees of the investment manager, even if it is a newly created entity.
“For computing the combined experience, only the experience of the directors/partners/employees with more than 5 years of experience in fund management or advisory services or development in the infrastructure sector shall be considered,” the regulator added.
At present, InvIT regulations require the investment manager to have at least 5 years of experience in fund management or advisory services or development in the infrastructure sector. Besides, the investment manager needs to have at least two employees, each with five years of experience in infrastructure .
Amending the regulations on Monday, the regulator also said that REIT and InvIT will not be required to file draft offer document with the regulator in case of a fast-track rights issue, “subject to the fulfilment of the conditions as specified by the Board from time to time.”