SEBI Cuts Cooling-Off Period For Illiquid Private Listed InvIT OFS To Eight Weeks, New Rules Effective Immediately
New Delhi [India], November 2: The Securities and Exchange Board of India (SEBI) has reduced the cooling-off period for offer for sale (OFS) of units of illiquid private listed Infrastructure Investment Trusts (InvITs) to eight weeks, with the revised provision coming into immediate effect. The move is aimed at facilitating ease of doing business and follows feedback received from market…
The Securities and Exchange Board of India (SEBI) has reduced the cooling-off period for the offer for sale (OFS) of units of illiquid private listed Infrastructure Investment Trusts (InvITs) to eight weeks, effective immediately. This change, announced in a circular on November 2, aims to facilitate ease of doing business and follows feedback from market participants.
The revised cooling-off period applies to private listed InvITs whose units are illiquid and is incorporated into the existing OFS framework governing the sale of units of Real Estate Investment Trusts (REITs) and InvITs through the stock exchange mechanism. The broader OFS framework for equity shares of listed companies will also apply to the sale of REIT and InvIT units, subject to certain conditions.
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