TaxTMI 
TaxTMI 
Continuous disclosures and compliances by InvITs
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....on SEBI website at www.sebi.gov.in under the categories "Legal Framework" and under the drop down "Circulars". Yours faithfully, Richa G. Agarwal Deputy General Manager Investment Management Department Tel No.022-2644 9596 Email id - [email protected] Annexure - 'A' Disclosure of Financial information to Stock Exchanges (A) Financial Information of InvIT: While disclosing its financial information to the Stock Exchanges, an InvIT shall comply with the following: 1. Frequency and Time period for disclosures: 1.1. An InvIT 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. The s....
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....orting Standards. 5. Key Financial Statements: 5.1. The financial information presented by the InvIT 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; (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 be disclosed shall be as specified in Section H of Annexure-A to the SEBI Circular ....
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....kup of the investments across all sectors/sub-sectors clearly showing investments in each major sector/sub-sector (major sector/sub-sector would constitute not less than 5% of the total investment in the major classification) together with the percentage thereof in relation to the total investment. For determining the infrastructure sectors/sub-sectors, the InvIT shall be guided by latest notifications and any other communications by Ministry of Finance. 6.4. Changes in Accounting policies: In cases of changes in accounting policies, if any, InvIT shall make adequate disclosures required as per the applicable accounting laws (including Ind AS 8 issued by the ICAI). 6.5. Disclosures related to Modified Opinion(s) The below mentioned disclosures would be required only in case of annual financial information of the InvIT: (a) If the auditor has expressed any modified opinion(s) in respect of the audited annual financial information of the InvIT, then the InvIT, 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....
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....n do not contain any false or misleading statement or figures and do not omit any material fact which makes the statements or the figures contained therein misleading. 7.2. Subsequent to the above, the financial information shall be signed by the Chairperson or the Managing director/partner or the Whole time director/partner on the Board of Directors/Governing Body of the Investment Manager and in the absence of all of them; it shall be signed by any other director/partner of the Investment Manager who is duly authorized by the Board of Directors/Governing Body to sign the financial information. 8. Audit of Financial Information: 8.1. The annual financial information shall be audited, whereas the half yearly financial information may be either audited or unaudited. In case the InvIT opts to submit unaudited financial information, the same shall be subject to limited review by the auditor of InvIT. 8.2. The audit/limited review shall be carried out by the auditor appointed for the InvIT as per the InvIT 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'....
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....ancial year, or where the InvIT had been in existence for a period of less than eight years, in respect of all the preceding years. Annexure - 'B' Other Continuous Disclosures to Stock Exchanges and Other Compliances 1. Listing Agreement: 1.1. InvIT shall enter into a simplified listing agreement, with all the Stock Exchanges where it proposes to list its units, in lines with the format as specified under the SEBI Circular No. CIR/CFD/CMD/6/2015 dated October 13, 2015 on 'Format of uniform Listing Agreement'. 1.2. However, with respect to the compliance with the listing conditions, InvIT shall follow the InvIT regulations and circulars issued therein. 2. Disclosure of Unit holding pattern: 2.1. An InvIT shall disclose 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 InvIT resulting in a change exceeding 2% of the total outstanding units of InvIT. ....
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....ations, shall be reviewed once a year, by the registered credit rating agency. 3.2. The credit rating review shall be completed annually within 30 days from the end of the financial year. Further, immediately upon completion of the credit rating review exercise and upon the receipt of the credit rating report, an intimation along with all pertinent information should be made to the Stock Exchanges. 4. Website of InvIT: 4.1. An InvIT shall maintain a functional website wherein the contents of the said website should be updated up to last 2 days and the website which should contain all the relevant information about InvIT, inter-alia, including the following: • Details of its business; • Financial information including complete copy of the Annual Report including Balance 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. concern....