(1) The manager shall maintain records pertaining to the activity of the REIT including, 210[for a period of not less than seven years,]-
(a) decisions of the manager with respect to investments or divestments and documents supporting the same;
(b) details of investments made by the REIT and documents supporting the same;
(c) agreements entered into by the REIT or on behalf of the REIT;
(d) documents relating to appointment of persons as specified in sub-regulation (5) of regulation 10;
(e) insurance policies for real estate assets;
(f) investment management agreement;
(g) documents pertaining to issue and listing of units including initial offer document or follow-on offer document(s) or other offer document(s), in-principle approval by designated stock exchanges, listing agreement with the designated stock exchanges, details of subscriptions, allotment of units, etc.;
(h) distributions declared and made to the unit holders;
(i) disclosures and periodical reporting made to the trustee, Board, unit holders and designated stock exchanges including annual reports, half yearly reports, etc.;
(j) valuation reports including methodology of valuation;
(k) books of accounts and financial statements;
(l) audit reports;
(m) reports relating to activities of the REIT placed before the Board of Directors of the manager;
(n) unit holders' grievances and actions taken thereon including copies of correspondences made with the unit holders and the Board, if any;
(o) any other material documents.
(2) The trustee shall maintain records pertaining to,-
(a) certificate of registration granted by the Board;
210 Inserted by the SEBI (Real Estate Investment Trusts) (Amendment) Regulations, 2016, w.e.f. 30.11.2016 57
(b) registered trust deed;
(c) documents pertaining to application made to the Board for registration as a REIT;
(d) titles of the real estate assets:
Provided that where the original title documents are deposited with the lender in respect of any loan / debt, the trustee shall maintain copies of such title documents;
(e) notices and agenda send to unit holders for meetings held;
(f) minutes of meetings and resolutions passed therein;
(g) periodical reports and disclosures received by the trustee from the manager;
(h) disclosures, periodically or otherwise, made to the Board, unit holders and to the designated stock exchanges;
(i) any other material documents.
(3) The records specified in sub-regulation (2) may be maintained in physical or electronic form:
Provided that where records are required to be duly signed and are maintained in the electronic form, such records shall be digitally signed.
CHAPTER VII INSPECTION Boards right to inspect.
27. The Board may suo motu or upon receipt of information or complaint appoint one or more persons as inspecting officers to undertake inspection of the books of accounts, records and documents relating to activity of the REIT 211[ or holdco or SPVs or parties to the REIT] for any of the following reasons, namely,-
(a) to ensure that the books of account, records and documents are being maintained by the REIT or parties to the REIT in the manner specified in these regulations;
(b) to inspect into complaints received from unit holders, clients or any other person, on any matter having a bearing on the activities of the REIT;
211 Inserted by the SEBI (Real Estate Investment Trusts) (Amendment) Regulations, 2016, w.e.f. 30.11.2016 58
(c) to ascertain whether the provisions of the Act and these regulations are being complied with by the REIT and parties to the REIT;
(d) to inspect suo motu into the affairs of the REIT, in the interest of the securities market or in the interest of investors.
Notice before inspection.