SEBI proposes to bring AIFs, REITs and InvITs under informal guidance

SEBI has proposed to add AIFs, REITs and InvITs to the list of entities eligible to receive informal guidance from the regulator.

Currently, SEBI is providing informal advice through no-action letter on whether it recommends an action or not on any transaction based on its regulations and in form of an interpretive letter to provide its interpretation on any specific provision.

The request made by the eligible entity is answered within 60 working days upon receipt.

SEBI has asked for public comments on the following changes related to informal guidance:

• Regulated entities like AIFs, REITs, InvITs will be eligible for informal guidance by the regulator.
• The fee for informal guidance has been revised from Rs. 25,000 to Rs. 75,000 and the non-refundable processing fee has been revised from Rs. 5,000 to Rs. 15,000.
• The informal guidance scheme should be updated based on the latest provisions.
• SEBI will designate a nodal co-ordination cell which will process and monitor the requests for informal guidance for all departments of SEBI received through online mode and will have a centralized email address. 
• Should the applicants be provided with a time period of 15 days to respond to any clarifications asked by SEBI?
• Are any further changes required in the provisions related to informal guidance?

The various stakeholders can post their comments on the proposed changes online on this link before September 15.