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ARTICLE · 27 MARCH 2024

Board Nomination Rights To Unitholders Of ReITs And InvITs

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The Securities Exchange Board of India ("SEBI") through circular no. SEBI/HO/DDHS-PoD-2/P/CIR/2023/154 and SEBI/HO/DDHS-PoD-2/P/CIR/2023/153, dated and in force since September 11, 2023...

IndiaFinance and Banking
Rachika Agrawal Sahay
Rachika Agrawal Sahay
Mrinal Mishra
Mrinal Mishra
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The Securities Exchange Board of India ("SEBI") through circular no. SEBI/HO/DDHS-PoD-2/P/CIR/2023/154 and SEBI/HO/DDHS-PoD-2/P/CIR/2023/153, dated and in force since September 11, 2023, has set out the detailed procedure regarding appointment of nominee directors ("Unitholder Nominee Director") on the board of the investment managers ("Manager") of Real Estate Investment Trusts ("ReITs") and Infrastructure Investment Trust ("InvITs").

Regulation 4(2)(g) and Regulation 4(2)(h) of SEBI (Infrastructure Investment Trust) Regulations, 2014 (InvIT Regulation) and SEBI (Real Estate Investment Trusts) Regulations, 2014 (ReIT Regulation) respectively provide for the rights of unitholders of InvITs and ReITs. Proviso to the InvIT Regulation and ReIT Regulation, inserted previously vide, SEBI (Infrastructure Investment Trusts) (Second Amendment) Regulations, 2023 and SEBI (Real Estate Investment Trusts) (Second Amendment) Regulations, 2023 had introduced the right of

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