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The Tax Publishers Circular No. SEBI/HO/DDHS/DDHS_Div3/P/CIR/2022/085, dt. 24-06-2022 Introduction of Unified Payments Interface (UPI) mechanism for Infrastructure Investment Trusts 1. SEBI Circular No. CIR/DDHS/CIR/P/2019/16 dt. 15-01-2019 (hereinafter to be referred as ASBA Circular) lays down the process for payment for applications in public issue of units of Infrastructure Investment Trust (InvIT) through the facility of ASBA. 2. After consultation with stakeholders, it has been decided to provide an additional option to individual investors to apply in public issues of units of InvITs with a facility to block funds through Unified Payments Interface (UPI) mechanism for application value upto Rs. 5 Lac. 3. The process flow for availing the option of blocking funds through UPI mechanism is placed at Annex I to this Circular. 4. New entities / mechanisms part of the public issue process using UPI 4.1. National Payments Corporation of India (NPCI) : NPCI, a Reserve Bank of India (RBI) initiative, is an umbrella organization for all retail payments in India. It has been set up with the guidance and support of the Reserve Bank of India (RBI) and Indian Banks Association (IBA). 4.2. Unified Payments Interface (UPI) : UPI is an instant payment system developed by the NPCI. It enables merging several banking features, seamless fund routing & merchant payments into one hood. UPI allows instant transfer of money between any two persons bank accounts using a payment address which uniquely identifies a person's bank account. 4.3. Sponsor Bank : Sponsor Bank means a Banker to the Issue registered with SEBI which is appointed by the Issuer to act as a conduit between the Stock Exchanges and NPCI in order to push the mandate collect requests and / or payment instructions of the retail investors into the UPI. 5. Validation by Stock Exchanges and Depositories 5.1. The details of investor viz. PAN, DP ID / Client ID, entered on the Stock Exchange platform at the time of bidding, shall be validated by the Stock Exchange/s with the Depositories on real time basis. 5.2. Stock Exchanges and Depositories shall put in place necessary infrastructure for this purpose. 6. Other requirements 6.1. Stock Exchanges shall update demand data on working days on their websites which shall include all the UPI (accepted/pending) and ASBA bids; Working day for this purpose shall be the working day of the Stock Exchange on which units of InvIT are proposed to be listed. 6.2. The additional text of data fields required to be included in the Application-and-bidding-form relating to UPI is placed at Annex II to this Circular. The roles of the Issuer, Registrar, Stock exchange, Intermediaries and Collecting Banks is given at Annex III of this Circular. 6.3. The details of commission and processing fees payable to each intermediary and the timelines for payment shall be disclosed in the offer document. SUBSCRIBE FOR FULL CONTENT

The Tax Publishers

Circular No. SEBI/HO/DDHS/DDHS_Div3/P/CIR/2022/085, dt. 24-06-2022

Introduction of Unified Payments Interface (UPI) mechanism for Infrastructure Investment Trusts

1. SEBI Circular No. CIR/DDHS/CIR/P/2019/16 dt. 15-01-2019 (hereinafter to be referred as ASBA Circular) lays down the process for payment for applications in public issue of units of Infrastructure Investment Trust (InvIT) through the facility of ASBA.

2. After consultation with stakeholders, it has been decided to provide an additional option to individual investors to apply in public issues of units of InvITs with a facility to block funds through Unified Payments Interface (UPI) mechanism for application value upto Rs. 5 Lac.

3. The process flow for availing the option of blocking funds through UPI mechanism is placed at Annex I to this Circular.

4. New entities / mechanisms part of the public issue process using UPI

4.1. National Payments Corporation of India (NPCI) : NPCI, a Reserve Bank of India (RBI) initiative, is an umbrella organization for all retail payments in India. It has been set up with the guidance and support of the Reserve Bank of India (RBI) and Indian Banks Association (IBA).

4.2. Unified Payments Interface (UPI) : UPI is an instant payment system developed by the NPCI. It enables merging several banking features, seamless fund routing & merchant payments into one hood. UPI allows instant transfer of money between any two persons bank accounts using a payment address which uniquely identifies a person's bank account.

4.3. Sponsor Bank : Sponsor Bank means a Banker to the Issue registered with SEBI which is appointed by the Issuer to act as a conduit between the Stock Exchanges and NPCI in order to push the mandate collect requests and / or payment instructions of the retail investors into the UPI.

5. Validation by Stock Exchanges and Depositories

5.1. The details of investor viz. PAN, DP ID / Client ID, entered on the Stock Exchange platform at the time of bidding, shall be validated by the Stock Exchange/s with the Depositories on real time basis.

5.2. Stock Exchanges and Depositories shall put in place necessary infrastructure for this purpose.

6. Other requirements

6.1. Stock Exchanges shall update demand data on working days on their websites which shall include all the UPI (accepted/pending) and ASBA bids; Working day for this purpose shall be the working day of the Stock Exchange on which units of InvIT are proposed to be listed.

6.2. The additional text of data fields required to be included in the Application-and-bidding-form relating to UPI is placed at Annex II to this Circular. The roles of the Issuer, Registrar, Stock exchange, Intermediaries and Collecting Banks is given at Annex III of this Circular.

6.3. The details of commission and processing fees payable to each intermediary and the timelines for payment shall be disclosed in the offer document.