On 28th April, 2022, Securities and Exchange Board of India (SEBI) issued circulars namely,

  1. Reduction of timelines for listing of units of Infrastructure Investment Trust (InvIT) and
  2. Reduction of timelines for listing of units of Real Estate Investment Trust (REIT).

These circulars will come into force from 1st June, 2022.

Key Points:

  • In order to regulate the public issue of units of Infrastructure Investment Trust (InvIT) and Real Estate Investment Trust (REIT), the timeline has been reduced from 12 days to six days.
  • Issue of units remains on closing date.
  • Modification of fields, application Self Certified Syndicate Banks (SCBS), RTA to receive bid from SEBI, etc reduced to one additional day to closing date.
  • SCSBs sending confirmation, RTA reconciliation, Investment manager, transfer of shares from Sponser Demat account to Trust Demat account, allotment details and demats credit and refund details to be completed until two additional days of the closing date.
  • Finalization of “technical rejection”, allotment of public issue of units, RTA and merchant banker issuing funds, etc in three additional days of closing date and trading commences in six additional days of closing date.
  • Provisions of Infrastructure Investment Trust (InvIT) are governed under InvIT under Regulation 16(9) and 33 of SEBI (Infrastructure Investment Trusts) Regulations, 2014.
  • Public issue of units of REIT under Regulation 16(1) and 33 of SEBI (Real Estate Investment Trusts) Regulations, 2014 and 11(1) of Securities and Exchange Board of India Act, 1992.
  • The SCSBs, stock exchanges, depositories, intermediaries will co-ordinate to ensure completion of listing (through public issue) and commencement of trading of units of InvIT/REIT, within six working days from the date of closure of issue.

*Shubhi Srivastava, Editorial Assistant has reported this brief.

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