SEBI has issued Relaxation from certain provisions for units allotted to an employee benefit trust for the purpose of a unit based employee benefit scheme, Alignment of timelines for making distribution by InvITs and Format of Quarterly Report and Compliance Certificate by Infrastructure Investment Trusts and Real Estate Investment Trusts.
Where a distribution has been made by the Investment Manager within the timelines specified under InvIT or REITs Regulations, but the payment to any unitholders has remained unpaid or unclaimed, the Investment Manager shall, within seven working days from the date of expiry of timelines, transfer such unclaimed amounts to an Escrow Account to be opened by it on behalf of the InvIT or REITs in any scheduled bank. Such account shall be termed as the ‘Unpaid Distribution Account’.
