9911796707
TMI BlogContinuous disclosures and compliances by InvITsX X X X Extracts X X X X X X X X Extracts X X X X ..... e 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 i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e International Financial Reporting 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tors, then it shall disclose a breakup 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 c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r 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 ) and who holds a valid certificate issued by the Peer Review Board of ICAI. 8.3. In case the financial information is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... receding 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. 2.2. The Unit holding pattern shall be disclosed in the following format: Category Category of Unit hold ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Provident/pension funds ( g) Foreign Portfolio Investors ( h) Foreign Venture Capital investors ( i) Any Other (specify) Sub- Total (B) (1) ( 2) Non-Institutions ( a) Central Government/State Governments(s)/President of India ( b) Individuals (c) NBFCs registered with RBI ( d) Any Other (specify) Sub- Total (B) (2) Total Public Unit holding (B) = (B)(1)+(B)(2) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ays from the end of each quarter, a statement giving the following details Number of investor complaints pending at the beginning of the quarter Number of investor complaints received during the quarter Number of investor complaints disposed of during the quarter Number of investor complaints pending at the end of the quarter 5.4. The Trustee and the Board of Directors/Governing Body of the Investment Manager, shall review the aforementioned statement, before submission of the same to the Stock Exchange(s), and shall ensure that all investor complaints are redressed by the Investment Manager in timely manner. 6. Statement of deviation(s) or variation(s) 6.1. The InvIT shall submit to the recognized stock exchange(s), where its units are listed, the following statement(s) on a quarterly basis for any private issue, public issue, rights issue, preferential issue, etc.: a) Statement indicating deviations, if any, in the use of proceeds from the objects stated in the offer document/placement memorandum or explanatory statement to the notice for the general meeting, as applicable; b) Statement indicating category wise variation between projected ut ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
