Sebi releases compliance rules for REITs, InvITs, ET RealEstate

June 27, 2023

NEW DELHI: Capital markets regulator Securities and Exchange Board of India (Sebi) on Monday came out with disclosure formats for compliance reports on governance and annual secretarial for emerging investment vehicles – REITs and InvITs. These would come into force from FY24 onwards, Sebi said in four circulars.

Under the format for compliance report on governance, Sebi said infrastructure investment trusts (InvITs) and real estate infrastructure trusts (REITs) will have to disclose the name of the investment managers, the composition of the board of directors of the investment managers as well as the composition of committees, meetings of the board of directors, along with meetings of committees, on a quarterly basis.

In addition, the regulator has issued separate formats for the financial year that need to be submitted by the investment managers of InvITs and REITs.

For the governance report, such investment managers are required to submit a quarterly compliance report to the stock exchanges within 21 days from the end of each quarter. The report needs to be signed either by the compliance officer or the chief executive officer of the investment manager.

With regard to the annual secretarial compliance report, Sebi said the investment manager will have to appoint a practising company secretary on an annual basis to examine the compliance of all applicable rules, consequent to which, the practising company secretary is required to submit a report to such investment managers.

In the format for the annual secretarial compliance report, the investment managers have to disclose compliance with the regulatory norms, and deviations and observations.

  • Published On Jun 27, 2023 at 09:07 AM IST

Join the community of 2M+ industry professionals

Subscribe to our newsletter to get latest insights & analysis.

Download ETRealty App

  • Get Realtime updates
  • Save your favourite articles

Scan to download App

Source link

Abhay Singh

Web Developer

Leave a Comment