SEBI Requirements on Disclosure of Financial Info in Offer Docs/ Placement Memo for InvITs

Detailed Requirements/ Guidelines of SEBI on Disclosure of Financial Information in Offer Documents/ Placement Memorandum for InvITs

SEBI has issued Circular on detailed requirements cum guidelines for disclosure of financial information in offer document/ placement memorandum for InvITs, i.e. disclosures for financial information of the InvIT as well as the Investment Manager and the Sponsor. SEBI has issued this Circular in exercise of powers conferred under Section 11(1) of Securities and Exchange Board of India Act, 1992 read with Regulation 33 of InvIT Regulations. It may be noted that Regulation 15(3), read with Schedule III, and Regulation 15(4) of the SEBI (Infrastructure Investment Trusts) Regulations, 2014 prescribe disclosures to be made in an offer document and placement memorandum respectively.

Financial information to be disclosed in offer document/ placement memorandum

(A)Financial Information of InvIT:

(B)Projections of InvIT’s Revenues and Operating Cash flows

(C)Management Discussion and Analysis of InvIT’s operations

(D)Other Disclosures for InvIT

(E) Historical Financial information of Investment Manager and Sponsor(s)

(F) Framework for calculation of Net Distributable Cash Flows (NDCFs):

(G)Principles for preparation of combined financial statements:

(H)Minimum Disclosures for key financial statements:

For details, please view/ download pdf copy of the SEBI Circular:

SEBI Circular dt. 20 Oct. 2016 Disclosure of financial Info in Offer Docs/ Placement Memo

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