SEBI notifies format for annual secretarial compliance report – Infrastructure Investment Trust
Regulation 26J of SEBI (Infrastructure Investment Trusts) Regulations, 2014 (“InvIT Regulations”) states that investment manager shall submit a secretarial compliance report given by a practicing company secretary to the stock exchanges, in such form as specified, within sixty days from end of each financial year. (2) The secretarial compliance report referred to in sub-regulation (1) of this regulation shall be annexed with the annual report of the InvIT.
SEBI has now notified format of this annual secretarial compliance report vide its circular dt: June 26, 2023.
Following guidance is given by SEBI with respect to annual secretarial compliance report:
1. The investment manager of the InvIT, on an annual basis, shall appoint a practicing company secretary to examine the compliance of all applicable SEBI Regulations and circulars/ guidelines issued thereunder, consequent to which, the practicing company secretary shall submit a report to the investment manager of the InvIT. Full cooperation shall be extended to PCS appointed to do audit.
2. The investment manager of the InvIT shall submit the annual secretarial compliance report in the aforesaid format to the stock exchanges within sixty days from the end of each financial year. The annual secretarial compliance report shall also be made part of annual report of the InvIT.
3. First submission of annual secretarial compliance will start from FY 2023-24. It will be submitted within 60 days of end of financial year.
One thing that needs to be cleared from ICSI would be that whether for this audit a peer reviewed PCS would be mandatory or any other PCS can also do this?
(Republished with Amendments)