Issue and listing of Commercial Paper by listed InvITs

Dated: September 28, 2022



All Entities are hereby informed that the Exchange has received a Circular from SEBI Vide Ref. No. SEBI/HO/DDHS/DDHS_Div3/P/CIR/2022/123, dated September 22, 2022 regarding Issue and listing of Commercial Paper by listed InvITs. The contents of the said circular are reproduced hereunder for information.


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SEBI/HO/DDHS/DDHS_Div3/P/CIR/2022/ 123                               September 22, 2022



All Infrastructure Investment Trusts (“InvITs”)

All Parties to InvITs

All Recognised Stock Exchanges

All Depositories

All Merchant Bankers




Sub: Issue and listing of Commercial Paper by listed InvITs


1.In terms of Reserve Bank Commercial Paper Directions, 2017 dated August 10,2017 InvIT having net worth of INR 100 Crore or higher are eligible to issue commercial paper.


2. It has been decided that, InvITs may issue listed commercial papers subject to the following:


2.1. InvITs shall abide by the guidelines prescribed by Reserve Bank of India for issuances of commercial papers.


2.2. InvITs shall abide by the conditions of listing norms prescribed by SEBI under SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021 and circulars issued thereunder.


2.3. The issuance of listed CPs shall be within the overall debt limit permitted under SEBI (Infrastructure Investment Trusts) Regulations, 2014


3. 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 SEBI (Infrastructure Investment Trusts) Regulations, 2014. This circular is issued with the approval of the competent authority.

 4. This Circular is available on the website of the Securities and Exchange Board of India at under the category “Legal” and under the drop down “Circulars”.


Yours faithfully,

Deena Venu Sarangadharan

Deputy General Manager

Department of Debt and Hybrid Securities

Tel No.+91-22-2644 9266

Email id -



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All Entities are requested to take note of the contents of the aforesaid Circular of SEBI



Dhiraj Chakraboty

CGM & Compliance Officer