Conducting meeting of unit holders of InvITs and REITs through Video Conferencing / audio-visual means

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,

Subject: Conducting meeting of unit holders of InvITs and REITs through Video Conferencing (VC) or through other audio-visual means (OAVM)

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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