TaxTMI 
TaxTMI 
Continuous disclosures and compliances by REITs
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....ar is available on SEBI website at www.sebi.gov.in under the categories "Legal Framework" and under the drop down "Circulars". Yours faithfully, Barnali Mukherjee Chief General Manager Investment Management Department Tel No.022-2644 9660 Email id - [email protected] Annexure - 'A' Disclosure of Financial information to Stock Exchanges (A) Financial Information of REIT: While disclosing its financial information to the Stock Exchanges, a REIT shall comply with the following: 1. Frequency and Time period for disclosures: 1.1. A REIT shall submit its half yearly and annual financial information to the Stock Exchanges. 1.2. The financial information shall be submitted to the Stock Exchanges within the following time period: (a) The financial information of the first half year period of the financial year, shall be submitted within 45 days from the end of the half year. (b) The annual financial information shall be submitted within 60 days from the end of the financial year. (c) The financial information of the second half year period of the financial year, shall be submitted along with the annual financial information. Th....
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....hlighted and explained. 5. Key Financial Statements: 5.1. The financial information presented by the REIT can be in the form of condensed financial statements. Such financial information shall comply with the minimum requirements for condensed financial statements as described in Ind AS 34 on 'Interim Financial Reporting', to the extent applicable. 5.2. The annual financial information shall include the following financial statements: (a) Balance Sheet; (b) Statement of Profit and Loss/Income and Expenditure; (c) Statement of Changes in Unit holders' Equity; (d) Statement of Cash Flows / Receipts and Payments; (e) Statement of Net Assets at Fair Value; (f) Statement of Total Returns at Fair Value; (g) Explanatory notes annexed to, or forming part of, any statements referred above. 5.3. The half yearly financial information shall include the following financial statements (a) Statement of Profit and Loss/Income and Expenditure; (b) Explanatory notes annexed to, or forming part of, any statements referred above. 5.4. For the key financial statements listed above, the minimum information to....
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.... any, REIT shall make adequate disclosures required as per the applicable accounting laws (including Ind AS 8 issued by the ICAI). 6.4. Disclosures related to Modified Opinion(s) The below mentioned disclosures would be required only in case of annual financial information of the REIT: (a) If the auditor has expressed any modified opinion(s) in respect of the audited annual financial information of the REIT, then the REIT, while submitting such financial information to the Stock Exchange(s), shall file a "Statement on Impact of Audit Qualifications" disclosing such modified opinion(s) and the cumulative impact of the same in the format as specified in Annexure I to the SEBI Circular No. CIR/CFD/CMD/56/2016 dated May 27, 2016. With respect to the format referred in the aforementioned Circular, the reference to "Earnings per Share' and 'Management' should be construed as a reference to 'Earnings per Unit' and 'Board of Directors/Governing Body of the Manager' respectively. Further, the aforementioned statement on impact of audit qualifications shall be signed by the following: • Chairperson/CEO/MD of the Manager • CFO or the Head of the Financ....
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....f yearly financial information may be either audited or unaudited. In case the REIT opts to submit unaudited financial information, the same shall be subject to limited review by the auditor of REIT. 8.2. The audit/limited review shall be carried out by the auditor appointed for the REIT as per the REIT regulations. The auditor, so appointed, shall be the one who has subjected itself to the peer review process of the Institute of Chartered Accountants of India ('ICAI') and who holds a valid certificate issued by the Peer Review Board of ICAI. 8.3. In case the financial information is audited, it shall comply with all the requirements specified in Paragraph 5 in Section A of Annexure-A to the SEBI Circular No. 'CIR/IMD/DF/141/2016' dated December 26, 2016 on 'Disclosure of financial information in offer document for REITs', to the extent applicable, and the audit report shall contain disclosures stated therein. In addition to the auditor's opinion on the matters specified in Paragraph 5.1 (e) in Section A of Annexure-A to the aforementioned SEBI Circular, the auditor shall also give his opinion on the following: i. whether the statement of NDCFs gives a true and....
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....se its Unit holding pattern for each class of unit holders, as applicable, within the following time periods, as applicable: • One day prior to listing of units on the stock exchanges; • On quarterly basis, within 21 days from the end of each quarter; and • Within 10 days of any capital restructuring of REIT resulting in a change exceeding 2% of the total outstanding units of REIT. 2.2. The Unit holding pattern shall be disclosed in the following format: Category Category of Unit holder No. of Units Held As a % of Total Out-standing Units ( A) Sponsor(s) / Manager and their associates/related parties and Sponsor Group ( 1) Indian ( a) Individuals / HUF ( b) Central/State Govt. ( c) Financial Institutions/Banks (d) Any Other (specify) Sub- Total (A) (1) ( 2) Foreign ( a) Individuals (Non Resident Indians / Foreign Individuals) ( b) Foreign government &nbs....
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....nce Sheet, Profit and Loss Account, etc.; • Contact information of the designated officials of the company who are responsible for assisting and handling investor grievances; • Email ID for grievance redressal and other relevant details; • Information, report, notices, call letters, circulars, proceedings, etc. concerning units; • All information and reports including compliance reports filed by REIT with respect to units; and • All intimations and announcements made by REIT to the stock exchanges • Any other information which may be relevant for the investors 4.2. Further, the contents of the website should be updated within 2 days of any changes / developments which trigger a need for an update on the website. 5. Grievance Redressal Mechanism: 5.1. REIT shall ensure that adequate steps are taken for expeditious redressal of investor complaints. 5.2. REIT shall ensure that it is registered on the SCORES platform or such other electronic platform or system of the Board as shall be mandated from time to time, in order to handle investor complaints electronically in the manner specified by the B....