Sebi allows InVITs, REITs to conduct unitholders’ annual meetings virtually till Jun 2022

Among other requirements, a recorded transcript of the meetings held through VC or OAVM should be maintained in the safe custody of the investment manager of InvIT or manager of the REIT.

The regulator has also made amendments to other regulations, including tighter norms for primary markets, consent for closure of mutual fund schemes and rationalisation of settlement regulations.
The regulator has also made amendments to other regulations, including tighter norms for primary markets, consent for closure of mutual fund schemes and rationalisation of settlement regulations.

Markets regulator Sebi on Wednesday allowed infrastructure investment trusts (InvITs) and real estate investment trusts (REITs) to conduct annual meetings of their unitholders and other meetings through videoconferencing and other audio-visual means till June 30, 2022.

The circular came after Sebi received representations from REITs/InvITs to further extend the facility to conduct annual meetings and other meetings of unitholders through videoconferencing (VC) or through other audio-visual means (OAVM).

“Accordingly, it has been decided to extend the facility to conduct annual meetings of unitholders…and meetings other than the annual meeting, through VC or OAVM till June 30, 2022,” Sebi said.

For conducting such meetings, they need to comply with the procedure prescribed by the regulator.
Among other requirements, a recorded transcript of the meetings held through VC or OAVM should be maintained in the safe custody of the investment manager of InvIT or manager of the REIT.

Also, InvITs and REITs are required to upload the transcript on their respective websites as soon as possible after the conclusion of the meetings.
In addition, the convenience of different persons positioned in different time zones shall be kept in mind before scheduling the meeting.

Before the actual date of the meeting, the facility of remote e-voting needs to be provided, among others.

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