Conducting meeting of unit holders of InvITs and REITs through Video Conferencing (VC) or through other audio-visual means (OAVM)
Securities & Exchange Board of India
CIRCULAR
SEBI/HO/DDHS/DDHS/CIR/P/2020/102 June 22, 2020
To,
All Infrastructure Investment Trusts (InvITs)
All Real Estate Investment Trusts (“REITs”)
All Parties to InvITs and REITs
All Recognized Stock Exchanges
Madam/ Sir,
1. Regulation 22(3)(a) of SEBI (Infrastructure Investment Trusts) Regulations, 2014 (“InvIT Regulations”) inter alia provides for holding of an annual meeting of all unitholders of InvIT not less than once a year.
2. Regulation 22(3) of SEBI (Real Estate Investment Trusts) Regulations, 2014 (“REIT Regulations”) inter alia provides for holding of an annual meeting of all unitholders of REIT not less than once a year.
3. Further, meeting of unitholders are also required for matters which require approval of unitholders of InvITs/ REITs.
4. In this respect, representations have been received to allow InvITs/ REITsto conduct meeting of unitholders through Video Conferencing (VC) or through other audio-visual means (OAVM).
5. In this regard, it is clarified that InvITs/ REITs may conduct meetingof unit holders through VC or OAVM. InvITs/ REITs conducting such meetings through VC or OAVM shall follow the procedure specified in Annexure I of this circular.
6. The facility of VC or OAVM shall be available for annual meeting of unitholders in terms of Regulation 22(3)(a) of InvIT Regulations and Regulation 22(3) of REIT Regulations, to be conducted during calendar year 2020.For meetings, other than annual meeting of unitholders, the facility for conducting meeting of unitholders through VC or OAVM shall be available upto September 30, 2020.
7. The Circular is issued in exercise of the powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 read with Regulation 33 of InvIT Regulations and Regulation 33 of REIT Regulations.
8.This Circular is available on SEBI website at ww.sebi.gov.inunder the categories “Legal Framework” and under the drop down “Circulars”.
Yours faithfully
Sabir Vasant Sawant
Deputy General Manager
Post Issuance and Compliance and Monitoring Division
Department of Debt and Hybrid Securities
Tel No. +91-22-26449393
Email-sabirvs@sebi.gov.in
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