SEBI Continuous disclosures in compliances by InvITs – Amendments

Last updated: 23 July 2021

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The Securities and Exchange Board of India (SEBI) has amended its circular regarding continuous disclosures for Infrastructure Investment Trusts (InvITs). The changes focus on enhancing investor protection and transparency in the grievance redressal mechanism. InvITs must now disclose all complaints, including those filed via SCORES, on their website and to the stock exchange within 21 days of the financial year or quarter's end.

Securities and Exchange Board of India

Circular No. SEBI/HO/DDHS/DDHS_Div3/P/CIR/2021/600

Dated: July 22, 2021

To,

All Infrastructure Investment Trusts (“InvITs”)

All Parties to InvITs

All Stock Exchanges

Madam/Sir,

Sub: Continuous disclosures in compliances by InvITs – Amendments

1. SEBI issued Circular No. CIR/IMD/DF/127/2016 dated November 29, 2016 has inter alia prescribed guidelines for Grievance Redressal Mechanism for InvITs.

2. In order to further enhance investor protection and to increase transparency in grievance redressal, Para 5.3 of Annexure B of SEBI Circular No CIR/IMD/DF/127/2016 dated November 29, 2016 stands modified as under:

“5.3 All complaints including SCORES complaints received by the InvIT shall be disclosed in the format mentioned in Annexure – A on the website of the InvIT and also filed with the recognized stock exchange(s), where its units are listed within 21 days from the end of financial year or end of quarter, as the case may be.”

3. All other conditions specified in SEBI circular dated November 29, 2016 shall remain unchanged.

4. This circular is being issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 and Regulation 33 of the REIT Regulations.

5. This Circular is available on the website of the Securities and Exchange Board of India at sebi.gov.in under the category “Legal” and under the drop down “Circulars”.

Yours faithfully,

Deena Venu Sarangadharan
Deputy General Manager
Department of Debt and Hybrid Securities
Tel No. 022-2644-9266
Email Id – deenar@sebi.gov.in

Annexure- A

For Financial Year (FY)
	All complaints including SCORES complaints	SCORES complaints
Number of investor complaints pending at the beginning of the year.
Number of investor complaints received during the year.
Number of investor complaints disposed of during the year.
Number of investor complaints pending at the end of the year.
Average time taken for redressal of complaints
For Quarter Ending (QE)
	All complaints including SCORES complaints	SCORES complaints
Number of investor complaints pending at the beginning of the Quarter.
Number of investor complaints received during the Quarter.
Number of investor complaints disposed of during the Quarter.
Number of investor complaints pending at the end of the Quarter.
Average time taken for redressal of complaints for the Quarter

Complaints pending during FY FY/QE
	Less than 1 month	1–3 months	3-6 months	6-9 months	9-12 months	Greater than 12 months	Total
All complaints
SCORES complaints
Complaints resolved during FY/QE
	Less than 1 month	1–3 months	3-6 months	6-9 months	9-12 months	Greater than 12 months	Total
All complaints
SCORES complaints

FAQ :

The main purpose is to amend the guidelines for continuous disclosures in compliances by InvITs, specifically to enhance investor protection and increase transparency in grievance redressal.

Para 5.3 of Annexure B of SEBI Circular No CIR/IMD/DF/127/2016 has been modified to require InvITs to disclose all complaints, including SCORES complaints, on their website and file them with the stock exchange.

InvITs must disclose complaint information within 21 days from the end of the financial year or the end of the quarter, as applicable.

The format for disclosing complaints is mentioned in Annexure-A of the circular.

No, all other conditions specified in the SEBI circular dated November 29, 2016, remain unchanged.

The circular is available on the website of the Securities and Exchange Board of India (sebi.gov.in) under the 'Legal' category and the 'Circulars' drop-down.