Now mutual funds can float a ‘Infrastructure Debt Fund’ as a close-ended scheme maturing after five years or an interval scheme with lock-in of five years.
The IDF would invest 90 per cent of its assets in the debt securities of infrastructure companies.
The minimum investment into IDF would be Rs one crore and the minimum size of the unit would be 10 lakh, Sebi said.
The IDF, which was proposed by Finance Minister Pranab Mukherjee in the Union Budget for FY12, is aimed at accelerating and enhancing flow of long-term debt for funding the ambitious programme of infrastructure development in the country.
The requirement of infrastructure in the 12th Plan has been pegged at US$1 trillion.
As per government norms an IDF may be set up either as a trust or company. While the trust based IDF (Mutual Fund) would be regulated by Sebi, an IDF set up as a company (NBFC) would be regulated by RBI.
While coming out with the guidelines for IDFs floated by MFs, Sebi said, the strategic investor would have to make a firm commitment of Rs 25 crore. The units of infrastructure debt fund schemes shall be listed on the stock exchange.