SEBI is slowly re-defining InvITs: What’s at risk for the product and its institutional audience?

SEBI is slowly re-defining InvITs: What’s at risk for the product and its institutional audience?

  • Strong minority unitholder protections introduced – for both public and private InvITs
  • Private InvITs originally designed to attract large institutional capital – light touch re- gulations allowed flexibility to parties to manage their arrangements…
Blurring lines between FPI and FDI: Can foreign investors really acquire less than 10% listed stake off market?

Blurring lines between FPI and FDI: Can foreign investors really acquire less than 10% listed stake off market?

  • Investors face roadblocks in picking up less than 10% listed stake off the market under the FDI route
  • The shift from an investor-centric to investment-centric regime has been rather mismanaged, leading to divergent market practices…
EduInfra  – Emergence of a new asset class

EduInfra – Emergence of a new asset class

  • EduInfra offers a promising 10 – 11% entry cap rate for annuity investors with rental escalations in the region of 3
    – 5%

  • Infrastructure classification allows for tax optimal exit through InvITs
  • Seller awareness needed – operators slowly moving towards asset light models; depth, but potential…
Investor or developer? Real estate regulator (RERA) classifies real estate fund as a promoter

Investor or developer? Real estate regulator (RERA) classifies real estate fund as a promoter

  • The term ‘causes to construct’ in the definition of ‘promoter’ under RERA has been interpreted to include private funds exercising rights typical to such investments

  • Protective rights of investors have been interpreted as being secondary to the rights of the homebuyers – in a conflict, the latter should be protected, notwithstanding inter-se contractual relationship between developer and fund…
Revamped Overseas Investment Regime (Part I) – A Rational Overhaul

Revamped Overseas Investment Regime (Part I) – A Rational Overhaul

  • Round tripping no longer illegitimate – doors open for externalisation and de-SPAC transactions
  • Definitional clarity on direct investments and portfolio investments
  • Indian GPs get a glidepath to setup offshore pooling structures…

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