Introduction
The Securities and Exchange Board of India
(“SEBI”) issued amendments on February
14, 2023, to the Securities and Exchange Board of India
(Infrastructure Investment Trusts) Regulations, 2014
(“InvIT Regulations”) and the
Securities and Exchange Board of India (Real Estate Investment
Trusts) Regulations, 2014 (“REIT
Regulations”). These are primarily
governance-related requirements and apply to all infrastructure
investment trusts (“InvITs”) and real
estate investment trusts (“REITs”),
including those planning a listing.
Some of the amendments are effective immediately and others with
effect from April 1, 2023. Those effective immediately relate
to: (i) the appointment and re-appointment of auditors, the
requirement to undertake a limited review of the entities whose
accounts are consolidated with the InvIT or REIT; (ii) provisions
for the treatment of unclaimed or unpaid distributions; and (iii) a
clarification to the calculation of leverage
