Corporate InVision – March 2024 Edition

SECURITIES AND EXCHANGE BOARD OF INDIA (SEBI)

New guidelines for Small and Medium ("SM") Real Estate Investment Trusts ("REITs")

SEBI, vide notification dated March 8, 2024, has introduced the SEBI (REITs) (Amendment) Regulations, 2024 ("Amended REIT Regulations"), outlining provisions for SM REITs. The key provisions are as follows:

1. Amended definition of REIT: The definition of 'REIT' is substituted to mean 'a person that pools INR 50 crores or more for the purpose of issuing units to at least 200 (two hundred) investors so as to acquire and manage real estate asset(s) or property(ies), that would entitle such investors to receive the income generated therefrom without giving them the day-to-day control over the management and operation of such real estate asset(s) or property(ies)';