NISM-Series V-A: Mutual Fund Certification Exam Notes
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Infrastructure Debt Funds (IDFs), can be set up either as a Trust or as a Company. A trust based IDF would normally be a Mutual Fund (MF), regulated by SEBI, while a company based
IDF would normally be a NBFC regulated by the Reserve Bank.
IDF means a close ended mutual fund scheme that invests primarily (minimum 90 percent of scheme assets) in the debt securities or securitized debt instrument of infrastructure companies or infrastructure capital companies or infrastructure projects or special purpose vehicles which are created for the purpose of facilitating or promoting investment in infrastructure or bank loans in respect of completed and revenue generating projects of infrastructure companies or projects or special purpose vehicles.
IDF-MFs can be sponsored by banks and NBFCs. Only banks and Infrastructure Finance companies can sponsor IDF-NBFCs.
Real Estate Mutual Fund scheme invests directly or indirectly in real estate assets - atleast 75 percent of portfolio in real estate assets, mortgage-backed securities, equity shares or debentures of real estate companies- at least 35 percent of the portfolio held in physical assets.
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