Raj HC: Convicted Minor Gang Rapist Not Fully Barred From Open-Air Camps; Rules Allow Exceptions  ||  Calcutta High Court: Serving a Show-Cause Notice Via Email is Valid under PMLA Regulations  ||  Del HC: Candidate’s Independent Medical Opinions Don’t Justify Fresh Medical Exam in SSC Recruitment  ||  Calcutta HC: Magistrate Must Assess Grounds, Cannot Order Police Inquiry under Section 175(3) BNSS  ||  SC Grants Law Officer Exam Relief, Saying Students Can’t be Blamed When Judges Differ in Views  ||  SC: Fraudulent Diversion of Company Funds Cannot be Validated by Later Shareholder Ratification  ||  SC: Doctor’s View on a Victim’s Consciousness Prevails over Police Assessment in Dying Declarations  ||  SC: Examining Contradictions and Witness Credibility Exceeds the Scope of Section 319 CrPC  ||  Supreme Court Struck Down Section 60(4), Removing Limits on Maternity Benefits For Adoptive Mothers  ||  Supreme Court: Air Force Group Insurance Society qualifies as ‘State’ under Article 12    

Revised framework for computation of Net Distributable Cash Flow (NDCF) by Infrastructure Investment Trusts (InvITs)- (Securities and Exchange Board of India) (06 Dec 2023)

MANU/SMIS/0087/2023

Capital Market

1. Regulation 18(6) of SEBI (Infrastructure Investment Trust) Regulations, 2014 ("InvIT Regulations"), provides that the Net Distributable Cash Flow (NDCF) shall be computed at the level of InvIT and HoldCo/SPV. Further, the minimum distribution shall be 90% of the NDFC at the Trust level as well as the HoldCo/SPV level, subject to applicable provisions in the Companies Act, 2013 or the Limited Liability Partnership Act, 2008. Paragraph F of Chapter 3 of the Master Circular for Infrastructure Investment Trusts provides an indicative framework for calculating NDCF at SPV level and at the InvIT level.

2. In order to promote Ease of Doing Business, it has been decided to standardize the framework for calculation of available Net Distributable Cash Flows. Accordingly, the revised framework for computation of NDCF by InvITs and its Holdcos/SPVs shall be as per Annexure.

Applicability of revised NDCF Framework:

3. The revised framework shall be applicable with effect from April 1, 2024 and supersedes the Framework for calculation of Net Distributable Cash Flows provided in Paragraph F of Chapter 3 of the Master Circular for Infrastructure Investment Trusts (InvITs) dated July 06, 2023.

4. This circular is being issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 and Regulation 33 of the InvIT Regulations. This circular is issued with the approval of the competent authority.

Tags : REVISED FRAMEWORK   COMPUTATION   NDCF  

Share :        

Disclaimer | Copyright 2026 - All Rights Reserved