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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.
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Amending the regulations on Monday, the regulator also said that REIT and InvIT will not be required to file a 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.”
For this, the regulator has amended the Securities and Exchange Board of India Infrastructure Investment Trusts) Regulations, 2014 and Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014.
The regulations were amended after the regulator in its board meeting on February 17 decided to amend its investment manager eligibility norms for InvITs and permit fast-track issuance of units to existing investors in REITs and InvITs.
The changes in the eligibility norms will help a mega offering worth an estimated Rs 20,000 crore by the National Highways Authority of India (NHAI), which is in the process of setting up an InvIT to monetise its completed public-funded national highways.