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Corporate Laws Central Ministry of Finance Securities and Exchange Board of India Act, 1992

Review of - (a) disclosure of financial information in offer document, and (b) continuous disclosures and compliances by Real Estate Investment Trusts (REITs)

07-May-2025 | SEBI/HO/DDHS/DDHS-PoD-2/P/CIR/2025/64

SEBI has issued the notification regarding Review of - (a) disclosure of financial information in offer document / placement memorandum, and (b) continuous disclosures and compliances by Real Estate Investment Trusts (REITs) effective from 7th May, 2025. Key highlights are as follows: 1. Chapter 3 of the master circular has been revised which specifies the provision regarding Disclosure of financial information in offer document/placement memorandum for REITs . 2. Chapter 4 of the master circular has been revised which specifies the provision regarding the Continuous Disclosures and Compliances by REITs. 3. In Clause 4.1 which is regarding the Frequency and Time period for disclosures, it has been specified that the InvIT shall submit quarterly and year-to-date financial results to the stock exchanges within forty-five days of end of each quarter, other than the last quarter. and for last quarter, financial results in respect of the last quarter along with the results for the entire financial year, with a note stating that the figures of last quarter are the balancing figures between audited figures in respect of the full financial year and the published year to date figures upto the third quarter of the current financial year. 4. In clause 3.1. which specifies the provision regarding Period of financial statements to be disclosed, the offer document /placement memorandum should contain audited financial statements (earlier only financial information was required) for a period of three financial years and stub period (if applicable) and the stub period should not end up to a date earlier than six months from the date of filing of the offer document /placement memorandum. Kindly refer to the attached document for more information.

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