{"id":316957,"date":"2024-03-14T13:30:34","date_gmt":"2024-03-14T08:00:34","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=316957"},"modified":"2024-03-14T13:16:22","modified_gmt":"2024-03-14T07:46:22","slug":"sebi-notifies-sebi-real-estate-investment-trusts-amendment-regulations-2024-legal-news","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2024\/03\/14\/sebi-notifies-sebi-real-estate-investment-trusts-amendment-regulations-2024-legal-news\/","title":{"rendered":"SEBI introduces Small and Medium REITS vide SEBI (REIT) (Amendment) Regulations, 2024"},"content":{"rendered":"<div style=\"text-align: justify; line-height: 150%;\">\n<p style=\"margin-bottom: 3%;\">On 8-3-2024, the Securities and Exchange Board of India (&#8216;SEBI&#8217;) notified the Securities and Exchange Board of India (Real Estate Investment Trusts) (Amendment) Regulations, 2024 to amend the<\/span> <a href=\"http:\/\/www.scconline.com\/DocumentLink\/06l6CVKh\" target=\"_blank\" rel=\"noopener\">Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014<\/a>. The provisions came into force on 8-3-2024.<\/p>\n<p style=\"font-weight: bold;\">Key Points:<\/p>\n<ol style=\"list-style-type: decimal;\">\n<li>\n<p>The amendment increases the ambit of the meaning of the Real Estate Investment Trust (&#8216;REIT&#8217;).<\/p>\n<p><span style=\"font-weight: bold;\">Earlier<\/span>, REIT meant a trust registered under the SEBI (REIT) Regulations, 2014.<\/p>\n<p><span style=\"font-weight: bold;\">Now<\/span>, a person must pool at least Rs. 50 crores for issuing units to 200 investors to acquire and manage real estate assets\/ properties. The investor will be entitled to receive the income generated but the day-to-day control of management and operation will not be given to them.<\/p>\n<p>Any company which acquires and manages real estate assets\/ properties and offers or issues securities to the investors, will not be construed as a REIT.<\/p>\n<\/li>\n<li>\n<p>REIT will now include <span style=\"font-weight: bold;\">Small and Medium Reits (&#8216;SM REIT&#8217;)<\/span> which has been inserted in these regulations under <span style=\"font-weight: bold;\">Chapter VI-B.<\/span><\/p>\n<\/li>\n<li>\n<p style=\"font-weight: bold;\">The following provisions will not be applicable to SM REIT:<\/p>\n<ul style=\"list-style-type: disc;\">\n<li>\n<p><span style=\"font-weight: bold;\">Chapter II<\/span>&#8211; Registration of REITs;<\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Chapter IV<\/span>&#8211; Issue and Listing of Units;<\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Chapter V-<\/span> Investment Conditions, Related Party Transactions, Borrowing and Valuation of Assets;<\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Chapter VI Regulation 22-<\/span> Rights and meeting of unit holders.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<p>For these regulations wherever the words &#8220;manager&#8221; or &#8220;sponsor&#8221; will come, it will mean &#8220;investment manager&#8221; which will be applicable to SM REITs.<\/p>\n<p><span style=\"font-weight: bold;\">&#8220;Investment manager&#8221; means<\/span> a company incorporated in India, which sets up SM REIT and manages assets and investments of the SM REIT and undertakes operational activities of the SM REIT.<\/p>\n<\/li>\n<li>\n<p>The <span style=\"font-weight: bold;\">Registration of SM REIT<\/span> will be made by the Investment Manager on behalf of the Trust in Form-A.<\/p>\n<\/li>\n<li>\n<p>The Board will consider the following for granting the certificate of Registration to the SM REIT:<\/p>\n<ul style=\"list-style-type: disc;\">\n<li>\n<p>the applicant is the investment manager on behalf of the trust and the instrument of trust is in the form of a deed duly registered in India under the provisions of the <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0002829235\" target=\"_blank\" rel=\"noopener\">Registration Act, 1908<\/a>;<\/p>\n<\/li>\n<li>\n<p>the trust deed has its main objective as undertaking activity of SM REIT through one or more schemes in accordance with these regulations and includes responsibilities of the trustee in accordance with these regulations;<\/p>\n<\/li>\n<li>\n<p>separate persons have been designated as investment manager of the SM REIT and trustee of the SM REIT under these regulations;<\/p>\n<\/li>\n<li>\n<p>the trustee is not an associate of the investment manager;<\/p>\n<\/li>\n<li>\n<p>no unit holder of the scheme of the SM REIT enjoys superior voting;<\/p>\n<\/li>\n<li>\n<p>the rights of each unitholder in the scheme are pro-rata and pari-passu;<\/p>\n<\/li>\n<li>\n<p>If any previous application has been rejected by the Board;<\/p>\n<\/li>\n<li>\n<p>whether any disciplinary action has been taken by the Board or any other regulatory authority against the SM REIT.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<p>The certificate granted under this Chapter will be subject to the following conditions which has to be followed by SM REIT:<\/p>\n<ul style=\"list-style-type: disc;\">\n<li>\n<p>Abide by the provisions of the Act and Regulations;<\/p>\n<\/li>\n<li>\n<p>Adhere to migration plan;<\/p>\n<\/li>\n<li>\n<p>Inform the Board in writing, if any information or particulars previously submitted to the Board are found to be false or misleading in any material particular or if there is any material change in the information already submitted;<\/p>\n<\/li>\n<li>\n<p style=\"font-weight: bold;\">In case SM REIT fails to make an initial offer of a scheme within 3 years from date of registration then it will have to surrender its certificate.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<p>In case the application gets rejected by the Board, it has to be communicated to the applicant within 30 days of rejection.<\/p>\n<\/li>\n<li>\n<p>The investment manager will have to appoint 1 or more merchant bankers registered with the Board.<\/p>\n<\/li>\n<li>\n<p>Schedule IA has been inserted which have the following forms:<\/p>\n<ul style=\"list-style-type: disc;\">\n<li>\n<p>Form A- Application for Grant of Certificate of Registration as Small and Medium (SM) Real Estate Investment Trust<\/p>\n<\/li>\n<li>\n<p>Form B- Certificate of registration as a SM REIT<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<p style=\"margin-bottom: 3%;\">Schedule IIA has also been inserted which talks about the fees to be paid with respect to Registration of SM REIT.<\/p>\n<\/li>\n<\/ol>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p style=\"font-style: italic;\">SEBI increases the ambit of the definition of REIT.<\/p>\n","protected":false},"author":67515,"featured_media":316838,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,15],"tags":[52076,2563,16791,66372,66373],"class_list":["post-316957","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-rules_regulations","tag-reit","tag-SEBI","tag-securities-and-exchange-board-of-india","tag-small-and-medium-reits","tag-smreits"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SEBI (REIT) (Amendment) Regulations, 2024 | SCC Times<\/title>\n<meta name=\"description\" content=\"SEBI notified SEBI (Real Estate Investment Trusts) (Amendment) Regulations, 2024 introducing provisions for Small and Medium Reits.\" \/>\n<meta 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for issuance of debt securities by Real Estate Investment Trusts and Infrastructure Investment Trusts","author":"Saba","date":"April 16, 2018","format":false,"excerpt":"1. SEBI (Real Estate Investment Trusts) Regulations, 2014 (\u201cREIT Regulations\u201d) and SEBI (Infrastructure Investment Trusts) Regulations, 2014 (\u201cInvIT Regulations\u201d) were amended vide notifications dated December 15, 2017. The said amendments, inter-alia, clarified that REITs and InvITs can issue debt securities. 2. For issuance of debt securities, REITs\/InvITs shall follow provisions\u2026","rel":"","context":"In &quot;Business News&quot;","block_context":{"text":"Business News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/business_news\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":326604,"url":"https:\/\/www.scconline.com\/blog\/post\/2024\/07\/15\/sebi-lays-down-framework-for-unit-based-employee-benefit-scheme-sebi-reit-second-amendment-regulations-2024\/","url_meta":{"origin":316957,"position":1},"title":"SEBI lays down \u2018Framework for Unit Based Employee Benefit Scheme\u2019 vide SEBI (REIT) (Second Amendment) Regulations, 2024","author":"Editor","date":"July 15, 2024","format":false,"excerpt":"As per the Regulations, the manager may offer unit-based employee benefit scheme based on the units of Real Estate Investment Trusts subject to compliance with Chapter IVA.","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"Securities and Exchange Board of India","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/Securities-and-Exchange-Board-of-India.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/Securities-and-Exchange-Board-of-India.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/Securities-and-Exchange-Board-of-India.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/03\/Securities-and-Exchange-Board-of-India.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":344202,"url":"https:\/\/www.scconline.com\/blog\/post\/2025\/03\/24\/breaking-new-ground-sebis-reit-regulations-and-their-ripple-effects\/","url_meta":{"origin":316957,"position":2},"title":"Breaking New Ground: SEBI&#8217;s REIT Regulations and their Ripple Effects","author":"Bhumika Indulia","date":"March 24, 2025","format":false,"excerpt":"by Shreeya Kajaria* and Adityaa Agarwal**","rel":"","context":"In &quot;Op Eds&quot;","block_context":{"text":"Op Eds","link":"https:\/\/www.scconline.com\/blog\/post\/category\/op-ed\/legal-analysis\/"},"img":{"alt_text":"Breaking New Ground","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/03\/Breaking-New-Ground.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/03\/Breaking-New-Ground.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/03\/Breaking-New-Ground.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/03\/Breaking-New-Ground.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":227494,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/03\/24\/sebi-relaxation-from-compliance-to-reits-and-invits-due-to-the-covid-19-virus-pandemic\/","url_meta":{"origin":316957,"position":3},"title":"SEBI | Relaxation from compliance to REITs and InvITs due to the CoVID -19 virus pandemic","author":"Bhumika Indulia","date":"March 24, 2020","format":false,"excerpt":"1. Due to the developments arising due to the spread of the COVID 19 virus, a need for temporary relaxations in compliance requirements for REITs and InvITs is warranted. Accordingly, it has been decided to extend the due date for regulatory filings and compliances for REIT and InvIT for the\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":186314,"url":"https:\/\/www.scconline.com\/blog\/post\/2018\/02\/08\/sebi-real-estate-investment-trustsamendment-regulations-2017-notified\/","url_meta":{"origin":316957,"position":4},"title":"SEBI (Real Estate Investment Trusts)(Amendment) Regulations, 2017 notified","author":"Saba","date":"February 8, 2018","format":false,"excerpt":"SEBI in exercise of the powers conferred by Section 30 r\/w Sections 11 and 12 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), made the following regulations called the \u2018Securities and Exchange Board of India (Real Estate Investment Trust) (Amendment) Regulations, 2017\u2019 w.e.f. 15th December,\u2026","rel":"","context":"In &quot;Foreign Legislation&quot;","block_context":{"text":"Foreign Legislation","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/foreign\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":274264,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/09\/23\/sebi-permits-reits-and-invits-to-issue-commercial-paper\/","url_meta":{"origin":316957,"position":5},"title":"SEBI permits REITs and InvITs to issue Commercial Papers","author":"Bhumika Indulia","date":"September 23, 2022","format":false,"excerpt":"On 22-09-2022, the Securities and Exchange Board of India has issued circulars stating that InvITs\/REITs may issue listed commercial papers subject to the following conditions: InvITs and REIT shall abide by the guidelines prescribed by Reserve Bank of India for issuances of commercial papers. 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