SEBI Comes Out With Compliance Rules for REITs, InvITs
SEBI has come 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. 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.
Tags : SEBI reports governance investment vehicles REIT InvIT Infrastructure investment trusts real estate infrastructure trusts investment managers board of directors committees