Sustainable Energy Infra Trust received an administrative warning from the Securities and Exchange Board of India (SEBI) on June 30, 2026, regarding non-compliance with regulations governing the appointment of valuers, statutory auditors, and registrars to an issue and share transfer agents (RTA). The inspection, which covered the period from September 1, 2023, to March 31, 2025, identified that the Investment Manager failed to consult the Trustee as required under the SEBI (Infrastructure Investment Trusts) Regulations, 2014.

Sustainable Energy Infra Investment Managers Private Limited, acting as the Investment Manager to sustainable energy trust , disclosed the receipt of the warning letter in a regulatory filing submitted on July 1, 2026. The disclosure was made in accordance with Regulation 23 of the SEBI InvIT Regulations.

The specific violation cited in the SEBI order relates to the non-compliance with requirements for the appointment of critical operational roles. The regulator noted that these appointments were not made in consultation with the Trustee, a stipulation designed to ensure governance and oversight within the InvIT structure.

Impact and Response

The Investment Manager has stated that the administrative warning does not result in a monetary impact on Sustainable Energy Infra Trust. In response to the regulator's observations, the manager confirmed it has taken cognizance of the letter and will undertake necessary measures. These actions include enhancing processes and systems to ensure full compliance with SEBI InvIT Regulations and other applicable provisions.

Key Details of the SEBI Order

The filing was signed by Ilaa Jayesh Udeshi, Compliance Officer and Head-Company Secretary of Sustainable Energy Infra Investment Managers Private Limited. Copies of the disclosure were sent to the Debt Securities Trustee, Catalyst Trusteeship Limited, and the Units Trustee, Axis Trustee Services Limited.

Sustainable Energy Infra Trust (SEIT) has announced its Third Annual Meeting (AM) of unitholders, scheduled for Monday, July 27, 2026, at 11:00 A.M. (IST), to be conducted through Video Conferencing/Other Audio-Visual Means (VC/OAVM). The notice, issued on June 29, 2026, by Sustainable Energy Infra Investment Managers Private Limited—the Investment Manager to the Trust—was dispatched to unitholders and debt security holders whose email addresses were registered as on June 26, 2026. The deemed venue for the meeting is the principal place of business of the Trust at CoWrks, Ground Floor, Winchester, South Avenue Road, Downtown Powai, Mumbai 400 076.

Agenda for the Third Annual Meeting

The Third AM will transact the following ordinary business items, each requiring approval by simple majority:

• Item No. 1: Consideration, approval, and adoption of the Audited Standalone and Audited Consolidated Financial Statements of SEIT for the financial year ended March 31, 2026, along with the Report of Auditors and the Report on Performance of the Trust.
• Item No. 2: Consideration, approval, and adoption of the Valuation Report of the assets of SEIT for the financial year ended March 31, 2026, prepared by Mr. S. Sundararaman, Registered Valuer (IBBI Registration No.: IBBI/RV/06/2018/10238).
• Item No. 3: Consideration and approval of the appointment and remuneration of the new Valuer of SEIT.

Appointment of New Registered Valuer

Pursuant to Regulation 21(9) of the SEBI InvIT Regulations, no valuer may undertake valuation of the same project for more than four consecutive years. Mr. S. Sundararaman has conducted valuations of SEIT's assets since his appointment at the board meeting dated September 25, 2023, covering valuation years ended March 31, 2023, March 31, 2024, March 31, 2025, and March 31, 2026—completing four consecutive years. Accordingly, SEIT is required to appoint a new registered valuer.

The Trust proposes to appoint Mr. Manish Gadia, Registered Valuer (IBBI Registration No.: IBBI/RV/06/2019/11646), as the Valuer of the Trust from the date of the Third AM until the date of the Annual Meeting for the financial year ended 2026-2027. The proposed remuneration is set out below:

Mr. Manish Gadia is a Member of ICAI since 1998 with over 27 years of experience as Partner at M/s JMP Associates, a CA firm, with expertise spanning business valuation, intangible assets valuation, ESOPs, M&A valuation, and sectors including Power & Infrastructure, Iron & Steel, Real Estate, Cement, Engineering, and Pharmaceuticals.

E-Voting and Key Dates

The Trust has appointed National Securities Depository Limited (NSDL) to provide the e-voting facility. Key dates for the Third AM process are as follows:

Only unitholders whose names appear in the Register of Beneficial Owners as on the cut-off date of July 20, 2026, will be entitled to cast their votes. Unitholders who have cast their vote through remote e-voting may still participate in the AM via VC/OAVM but will not be entitled to vote again.

FY 2025-26 Financial and Operational Highlights

The Annual Report for FY 2025-26, released alongside the AM notice, highlights SEIT's operational and financial performance across its 1.55 GWp (1,127 MWac) operational solar portfolio spanning six SPVs, eight projects, and five states.

Financial Performance

Operational Performance

Capital Structure and Distributions

As of March 31, 2026, consolidated debt outstanding stood at INR 32,305 million, with a Net Borrowing Ratio of 44.35% and a Debt Service Coverage Ratio (DSCR) of 2.05x on a trailing twelve-month basis. The Trust's debt facilities carry credit ratings of Crisil AAA/Stable and IND AAA/Stable. Since listing on NSE on January 15, 2024, SEIT has declared cumulative distributions of INR 7,132 million (INR 22.01 per unit) across eight quarterly distributions.

The Scrutinizer for the e-voting process is M/s KDA & Associates, Practising Company Secretaries. Results, along with the Scrutinizer's Report, will be communicated to the stock exchanges and placed on SEIT's website at www.seit.co.in within two days of passing of the resolutions.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE0R8O23017/4e624ff139334ecb.pdf