Sebi lets InvITs, REITS hold unitholder meetings via video conferencing

Capital markets regulator Sebi on Monday allowed InvITs and REITs to conduct meeting of unitholders through video conferencing and other audio-visual means.

The facility of video conferencing (VC) and other audio-visual means (OAVM) will be available for annual meeting of unitholders to be conducted during calendar year 2020, Sebi said in a circular.

For meetings other than annual meeting of unitholders, the facility shall be available up to September 30, 2020, it added.

The meeting through video conferencing or through OAVM needs to be conducted in accordance with the procedure specified by Sebi in the circular.

Among other procedures that are required to be followed, Sebi said the recorded transcript of the meeting held through VC or OAVM shall be maintained in safe custody of the investment manager of InvIT or manager of the REIT.

InvITs and REITs also need to upload the transcript on their website as soon as possible after the conclusion of the meeting.

Further, before the actual date of meeting, the facility of remote e-voting needs to be provided.

At least one independent director of investment manager of InvIT or manager of REIT and auditor of InvIT and REIT or their authorized representative shall attend such unitholders meeting, Sebi said.

The InvITs and REITs regulations provide for holding an annual meeting of all unitholders not less than once a year.

Besides, meeting of unitholders is also required for matters which require approval of unitholders of Infrastructure Investment Trusts (InvITs) or Real Estate Investment Trusts (REITs).