Amendment to Master Circular for Infrastructure Investment Trusts (InvITs) dated May 15, 2024 - Review of statement of investor complaints and timeline for disclosure of statement of deviation(s)

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....tement of deviation(s) 1. SEBI vide Circular No. CIR/IMD/DF/127/2016 dated November 29, 2016 specified provisions for continuous disclosures and compliances by InvITs. The said circular was consolidated as Chapter 4 of the Master Circular for Infrastructure Investment Trusts (InvITs) dated May 15, 2024 ("Master Circular"). 2. To improve ease of doing business related to activities of InvITs and REITs, a working group was constituted by SEBI to examine and give recommendations on ease of doing business measures ("Working Group"). The Working group, inter-alia, gave recommendations on the provisions related to the review of statement of investor complaints and timeline for disclosure of statement of deviation(s). Review of statement ....

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....usiness, it is proposed to amend paragraph 4.16.4. of the Master Circular as under: "The Trustee and the Board of Directors/Governing Body of the Investment Manager shall ensure that all investor complaints are redressed by the Investment Manager in timely manner. Further, the statement as specified in Para 4.16.3. above shall be placed, on a quarterly basis, before the Board of Directors/Governing Body of the Investment Manager and the Trustee for review." Timeline for disclosure of statement of deviation(s) 6. With regard to the provisions related to the timeline for disclosure of statement of deviation(s) in the use of proceeds from the stated objects, paragraph 4.17.2 of the Master Circular reads as under: "The s....