(1)

An infrastructure debt fund scheme shall be launched either as close-ended scheme maturing after more than five y of five years or interval scheme with lock in of five years and interval period not longer than one month as may be specified in the scheme information document.

(2)

Units of infrastructure debt fund schemed shall be listed on a recognized stock exchange, provided that such units shall be listed only after being fully paid up.

(3)

Mutual Funds may disclose indicative portfolio of infrastructure debt fund scheme to its potential investors disclosing the type of assets the mutual fund will be investing.

(4)

An infrastructure debt fund scheme shall have minimum five investors and no single investor shall hold more than fifty percent of net assets of the scheme.

(5)

No infrastructure debt fund scheme shall accept any investment from any investor which is less than Rupees one crore.

(6)

The minimum size of the unit shall be Rupees ten lakhs.

(7)

Each scheme launched as infrastructure debt fund scheme shall have firm commitment from the strategic investors for contribution of an amount of at least Rupees twenty five crores before the allotment of units of the scheme are marketed to other potential investors.

(8)

Mutual-Funds launching infrastructure debt fund scheme may issue partly paid units to the investors, subject to following conditions:

(a) The asset management company shall call for the unpaid portions depending upon the deployment opportunities;

(b) The offer document of the scheme shall disclose the interest or penalty which may be deducted in case of non payment of call money by the investors within stipulated time; and

(c) The amount of interest or penalty shall be retained in the scheme.

(1)

The units of an infrastructure debt fund scheme may be offered through private placement to less than fifty persons , subject to approval by the trustees and the board of the asset management company.

(2)

The offer made under sub-regulation (1), shall be subject to the following:

(a) A placement memorandum, in the manner as specified by the Board, shall be filed by the mutual fund with the Board at least seven days prior to the launch of the scheme; and

(b) the mutual fund shall pay to the Board, filing fee as specified in the Second Schedule.]