SEBI Mandates Investor Charter and Complaint Disclosure by REITs and IRAs

Circular No. SEBI/HO/DDHS/DDHS-PoD-2/P/CIR/2025/88, Dated: 12-06-2025

In a move aimed at enhancing investor awareness and transparency, the Securities and Exchange Board of India (SEBI) has issued a circular directing Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (IRAs) to prominently display and circulate the Investor Charter (IC) across multiple communication channels.

1. Mandatory Display and Distribution of the Investor Charter

SEBI has instructed all REITs and IRAs to make the Investor Charter easily accessible to existing and prospective investors through the following mediums:

• Physical display at all offices
• Prominent placement on official websites
• Visibility within mobile applications, if any
• Distribution via email or letters to investors

This initiative is intended to ensure that investors are fully informed of their rights, responsibilities, and the services they are entitled to receive.

2. Regular Updates as per Regulations

REITs and IRAs are also required to periodically update the Investor Charter in line with the provisions of the SEBI (REIT) Regulations, 2014, and subsequent circulars issued by the regulator. These updates must reflect the latest compliance norms, investor grievance mechanisms, and service standards.

3. Monthly Disclosure of Investor Complaint Data

To further promote transparency and accountability, SEBI has mandated that REITs:

• Disclose monthly data on investor complaints received and redressed.
• Provide this data in a category-wise and cumulative format.
• Ensure such disclosures are published on their websites by the 7th day of the succeeding month.

This will allow investors and regulators alike to track the efficiency and responsiveness of REITs in handling investor grievances.

4. Effective Date

The provisions of this SEBI circular are effective immediately. REITs and IRAs must take prompt action to comply with the directives outlined above.

5. Conclusion

SEBI’s directive is a part of its larger effort to institutionalise investor protection frameworks and build greater trust in India’s capital markets. By enforcing clear disclosure norms and making investor-centric information readily accessible, SEBI aims to empower stakeholders and improve governance in the REIT and IRA ecosystem.

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