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ARTICLE · 05 JANUARY 2018

REITs And InvITs Framework: Amendments Notified

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With an aim to encourage investments in real estate investment trusts (REITs) and infrastructure investment trusts (InvITs), the Securities and Exchange Board of India (SEBI) has amended the REIT Regulations and the InvIT Regulations.

IndiaFinance and Banking
Sudhir Bassi
Sudhir Bassi
Manisha Shroff
Manisha Shroff
Meenakshi Kurpad
Meenakshi Kurpad
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With an aim to encourage investments in real estate investment trusts (REITs) and infrastructure investment trusts (InvITs), the Securities and Exchange Board of India (SEBI) has amended the SEBI (Real Estate Investment Trusts) Regulations 2014 (REIT Regulations) and the SEBI (Infrastructure Investment Trusts) Regulations 2014 (InvIT Regulations), which were notified on 27 December 2017.

A snapshot of the amendments is as follows:

  • Borrowing options expanded for REITs and InvITs: Prior to the amendments, REITs and InvITs were not allowed to issue debt securities of any kind. REITs and InvITs, whose units are listed on a recognised stock exchange, have now been allowed to raise funds by way of issue of non-convertible debentures and bonds. However, such debt securities must not have a convertibility option attached to them. To this effect, the SEBI (Issue and Listing of Debt Securities) Regulations 2008 (ILDS) has amended the term 'debt securities' to mean debt

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