SEBI - Extension of facility for conducting meetings of unitholders of REITs & InvITs through VC or OAVM

Securities and Exchange Board of India 

CIRCULAR

SEBI/HO/DDHS/DDHS/CIR/P/2021/21

February 26, 2021

To,

All Real Estate Investment Trusts (“REITs”)
All Infrastructure Investment Trusts (InvITs)
All Parties to REITs and InvITs
All Recognized Stock Exchanges

Madam/ Sir,

Subject: Extension of facility for conducting meeting(s) of unitholders of REITs and InvITs through Video Conferencing (VC) or through other audio-visual means (OAVM)

1. SEBI vide circular no. SEBI/HO/DDHS/DDHS/CIR/P/2020/102 dated June 22, 2020 read with circular no. SEBI/HO/DDHS/DDHS/CIR/P/2020/201 dated October 08, 2020 permitted REITs/InvITs to conduct annual meetings and other meetings of unitholders through VC or OAVM up to December 31, 2020.

2. Representations have been received to further extend the aforesaid facility to conduct meetings of unitholders which become due in the year 2021 through VC or OAVM for some more time. It is observed that MCA, vide circulars dated December 31, 2020 and January 13, 2021, permitted companies to conduct their Extraordinary General meetings upto June 30, 2021 and Annual General meetings due in the year 2021 through VC or OAVM.

3. Accordingly, it has been decided to extend the facility to conduct meetings of unitholders, through VC or OAVM for REITs/InvITs, as under:

a. Annual meetings of unitholders in terms of Regulation 22(3) of SEBI (Real Estate Investment Trusts) Regulations, 2014 and Regulation 22(3)(a) of SEBI (Infrastructure Investment Trusts) Regulations, 2014, (which becomes due in the calendar year 2021) to be conducted till December 31, 2021.

b. For meetings other than annual meeting of unitholders till June 30, 2021.

4. REITs/ InvITs shall comply with the procedure prescribed in Annexure-I of SEBI circular no. SEBI/HO/DDHS/DDHS/CIR/P/2020/102 dated June 22, 2020.

5. This 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.

6. This circular is available on SEBI website at www.sebi.gov.in under 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