Affluence Advisory
Securities Exchange Board of India ('SEBI') vide circular SEBI/HO/DDHS-PoD-2/P/CIR/2023/100 dated June 26, 2023 issued a format of Compliance Report on Governance for Infrastructure Investment Trust ('InvITs'). This circular is applicable to InvITs whose units are listed on recognised stock exchange.
As per Regulation 26K of SEBI InvITs Regulation 2014, the investment manager has to submit a quarterly compliance report on governance to the recognized stock exchange(s) within twenty-one days from the end of each quarter. Quarterly compliance report has to be signed by the compliance officer or the chief executive officer of the investment manager.
SEBI through this circular has released a format which is divided in three parts as follows:
|
Annexure No. |
Heading of the Annexure |
Timeline |
|
I |
Format of compliance report on Governance to be submitted by the investment manager |
Within 21 days from the end of each quarter |
|
II |
Format to be submitted by investment manager for the financial year |
Within 21 days from end of financial year on an annual basis |
|
III |
Format to be submitted by the investment manager |
Within 3 months from the end of financial year on an annual basis |
The investment manager has to submit the Governance report to the stock exchange as per the timeline specified above. Apart from submitting, a copy should also be given as a part of annual report. The effective date of this circular is from the financial year 2023-2024 onwards.
However, the first reporting as per Annexure I shall be made for the quarter ended June 30, 2023 within 21 days from end of quarter i.e., on or before July 21, 2023.
It is not clear whether the Compliance Report on Governance has to be submitted in XBRL or PDF format? Hence clarity is awaited from the stock exchanges.
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