sachinnagpal.in · Cheat sheet
SEBI InvIT rules at a glance
Borrowing bands, sponsor holding, distributions, valuation and investment conditions. · As of 25 October 2026
Distributions
- At least 90% of NDCF at SPV/HoldCo and InvIT level
- Standard NDCF format from 1 April 2024 (SEBI circulars of 6 Dec 2023)
- Public InvIT: at least once every six months; paid within 15 days of declaration
Borrowing (net of cash, to asset value)
| Level | Conditions |
|---|---|
| Up to 25% | Allowed |
| 25% to 49% | Credit rating; unitholder approval |
| 49% to 70% | AAA rating; six continuous distributions; 75% unitholder approval |
| Above 70% | Not allowed |
Use of borrowing above 49% was widened by an amendment of 17 April 2026 and a SEBI circular of May 2026.
Sponsor holding after listing
| Period | Minimum |
|---|---|
| Years 1 to 3 | 15% of units |
| Years 4 to 5 | Lower of 5% or ₹500 crore |
| Years 6 to 10 | Lower of 3% or ₹500 crore |
| Years 11 to 20 | Lower of 2% or ₹500 crore |
| After year 20 | Lower of 1% or ₹500 crore |
Investment conditions (public InvIT)
- At least 80% of value in completed, revenue-generating projects
- Up to 10% in under-construction projects
Valuation and governance
- Full valuation by a registered valuer at least yearly, half-yearly update
- Above 49% borrowing: quarterly valuation and extra ratios
- Unitholders with 10% or more may nominate a director to the manager's board
Check the current regulations and circulars on sebi.gov.in before relying on any number.