SEBI, vide its Gazette Notification dated April 16, 2026, issued the SEBI (Infrastructure Investment Trusts) (Amendment) Regulations, 2014, which came into force on the date of their publication in the Official Gazette. The amended regulations, inter alia, revise the definition of liquid assets to include units of liquid mutual funds that meet a minimum credit risk value of 10 and fall under Class A‑I or Class B‑I categories in the applicable potential risk class matrix.
Further, Regulation 2(1)(zy) has been amended to clarify provisions relating to Special Purpose Vehicles (SPVs).
It is specified that where an SPV holds an infrastructure project, the conclusion or termination of the concession agreement, or any other agreement of a similar nature, shall not affect its status as an SPV. Such an entity shall continue to be classified as an SPV, subject to the fulfilment of conditions as may be specified by the Board.
In addition, the investment framework under Regulation 18 (5) (b)(vii) has been revised by reducing the minimum required credit risk value from 12 to 10 and by expanding the eligible categories to include Class B‑I instruments alongside Class A‑I instruments in the relevant risk class matrix.
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