Description

BSE mandates REITs and InvITs to submit financial results in XBRL mode within 24 hours of PDF submission using revised excel utility available on Listing Centre portal.

Summary

BSE has implemented a new requirement for Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) to submit their financial results in XBRL mode. This follows SEBI Master Circulars issued on July 11, 2025, which revised the format for financial results submission. An excel utility has been made available on the Listing Centre portal to facilitate this compliance.

Key Points

  • REITs and InvITs must submit financial results in XBRL mode within 24 hours of PDF submission
  • Excel utility “Financial Results_REITs_InvITs” is available on Listing Centre portal
  • Access path: Listing Compliance > XBRL > Financial Results REITs_InvITs
  • Requirement based on revised format as per SEBI Master Circulars dated July 11, 2025
  • Queries can be directed to debt.compliance@bseindia.com

Regulatory Changes

This circular implements changes mandated by:

  • SEBI Master Circular SEBI/HO/DDHS-PoD-2/P/CIR/2025/99 dated July 11, 2025 (for REITs)
  • SEBI Master Circular SEBI/HO/DDHS-PoD-2/P/CIR/2025/102 dated July 11, 2025 (for InvITs)

The format for submission of financial results by REITs/InvITs has been revised to include mandatory XBRL mode filing in addition to existing PDF submissions.

Compliance Requirements

  1. All REITs and InvITs must use the excel utility “Financial Results_REITs_InvITs” available on the Listing Centre portal
  2. Financial results must be submitted in XBRL mode within 24 hours of submitting the PDF version
  3. The XBRL submission is in addition to, not a replacement for, the PDF submission
  4. Listed entities must access the utility through: Listing Compliance > XBRL > Financial Results REITs_InvITs

Important Dates

  • Notice Date: October 9, 2025
  • SEBI Master Circulars Date: July 11, 2025
  • Submission Deadline: Within 24 hours of PDF submission (ongoing requirement)

Impact Assessment

Operational Impact: Medium - REITs and InvITs will need to adapt their reporting processes to include XBRL submissions within a tight 24-hour window after PDF filing. This requires familiarity with the new excel utility and potentially updating internal workflows.

Market Impact: Low - This is a procedural change affecting disclosure format and does not impact trading, pricing, or market operations directly.

Affected Entities: All listed REITs and InvITs on BSE. This is a focused requirement affecting a specific category of listed entities rather than the broader market.

Compliance Burden: The 24-hour timeline for XBRL submission after PDF filing creates a tight compliance window that entities must manage effectively to avoid non-compliance.

Impact Justification

Procedural compliance requirement for REITs and InvITs to submit financial results in XBRL format, affecting only these specific entities with operational impact but no immediate market disruption