{"id":326604,"date":"2024-07-15T18:30:28","date_gmt":"2024-07-15T13:00:28","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=326604"},"modified":"2024-07-15T18:11:52","modified_gmt":"2024-07-15T12:41:52","slug":"sebi-lays-down-framework-for-unit-based-employee-benefit-scheme-sebi-reit-second-amendment-regulations-2024","status":"publish","type":"post","link":"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\/","title":{"rendered":"SEBI lays down \u2018Framework for Unit Based Employee Benefit Scheme\u2019 vide SEBI (REIT) (Second Amendment) Regulations, 2024"},"content":{"rendered":"
\n

On 09-07-2024, the Securities and Exchange Board of India (‘SEBI’) notified the SEBI (Real Estate Investment Trusts) (Second Amendment) Regulations, 2024 (‘The Regulations’) to amend the SEBI (Real Estate Investment Trusts) Regulations, 2014<\/a>. These Regulations came into force on 12-07-2024.<\/p>\n

Key Points:<\/p>\n

    \n
  1. \n

    Regulation 2 has been modified to include the meaning of ‘employee unit option scheme’ and specify what all are included within the definition of ‘liquid asset’.<\/p>\n<\/li>\n

  2. \n

    ‘Rights and Responsibilities of a Manager’ under Regulation 10 has been modified to offer unit-based employee benefit scheme for the employees based on REIT units upon discretion of the manager.<\/p>\n

    Chapter IVA has been inserted which provides for the ‘Framework for Unit Based Employee Benefit Scheme’. It provides for the ‘nature and implementation of the scheme through trust’, the ‘manner of receiving units by the employee benefit trust’, the ‘manner of allotment of units to employee benefit trust by the REIT’, the ‘role of nomination and remuneration committee’, the ‘variation of terms of scheme’, and the ‘insider trading norms’ among other provisions.<\/p>\n<\/li>\n

  3. \n

    Regulation 22 has been modified providing ‘Rights and meetings of unit holders’. New clauses have been included to include provisions related to the unit-based employee benefit scheme as well as approval by way of special resolution.<\/p>\n<\/li>\n

  4. \n

    ‘Schedule X’ has been inserted which is divided into the following seven parts:<\/p>\n

      \n
    • \n

      Part A — Provides for the minimum provisions in Trust Deed.<\/p>\n<\/li>\n

    • \n

      Part B — Provides for the terms and conditions of schemes to be formulated by the Nomination and Remuneration Committee.<\/p>\n<\/li>\n

    • \n

      Part C — Provides the contents of the explanatory statement to the notice and resolution for unit-holders meeting.<\/p>\n<\/li>\n

    • \n

      Part D — Provides the information required in the statement to be filed with recognized Stock Exchange(s). This part mentions the description of schemes, the documents to be filed with the registration statement, and undertakings.<\/p>\n<\/li>\n

    • \n

      Part E — Provides the format of notification for the issue of units.<\/p>\n<\/li>\n

    • \n

      Part F — Lists the disclosures in the annual report of the REIT.<\/p>\n<\/li>\n

    • \n

      Part G — provides the disclosure document which mentions the statement of risks, the information about the REIT, as well as the salient features of the scheme.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

      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.<\/p>\n","protected":false},"author":67011,"featured_media":316838,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,1193],"tags":[2828,29870,30844,2563,71009],"class_list":["post-326604","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-notifications","tag-Amendment","tag-real-estate-investment-trusts","tag-regulations","tag-SEBI","tag-unit-based-employee-benefit"],"yoast_head":"\nSEBI lays down \u2018Framework for Unit Based Employee Benefit Scheme\u2019 among other amendments through SEBI (REIT) (Second Amendment) Regulations, 2024 | SCC Times<\/title>\n<meta name=\"description\" content=\"SEBI lays 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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":284240,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/02\/17\/sebi-notified-sebi-real-estate-investment-trusts-amendment-regulations-2023-to-amend-sebi-real-estate-investment-trusts-regulations-2014-legal-research-legal-update-legal-news\/","url_meta":{"origin":326604,"position":2},"title":"SEBI introduces Chapter VI A on Obligations of Manager vide SEBI (REIT) (Amendment) Regulations, 2023","author":"Editor","date":"February 17, 2023","format":false,"excerpt":"On 14-2-2023, the Securities and Exchange Board of India (\u2018SEBI\u2019) notified the SEBI (Real Estate Investment Trusts) (Amendment) Regulations, 2023 to amend the SEBI (Real Estate Investment Trusts) Regulations, 2014 (\u2018REIT\u2019). The provisions came into effect on 14-2-2023. Key Points: 1. The definitions of \u201cIndependent director\u201d and \u201cSenior Management\u201d have\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"SEBI","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/11\/MicrosoftTeams-image44.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":195255,"url":"https:\/\/www.scconline.com\/blog\/post\/2018\/04\/16\/guidelines-for-issuance-of-debt-securities-by-real-estate-investment-trusts-and-infrastructure-investment-trusts\/","url_meta":{"origin":326604,"position":3},"title":"Guidelines 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 "Business News"","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":327755,"url":"https:\/\/www.scconline.com\/blog\/post\/2024\/08\/01\/legislation-roundup-july-2024-legal-update\/","url_meta":{"origin":326604,"position":4},"title":"LEGISLATION ROUNDUP JULY 2024: Rules on Category L2-5; SEBI circulars on MFs, Stock Brokers; RBI penalty on PNB; and more","author":"Kriti","date":"August 1, 2024","format":false,"excerpt":"MINISTRY OF ROAD AND TRANSPORT AND HIGHWAYS Rules regarding Category L2- 5 introduced vide CMV (Eighth Amendment) Rules, 2024 On 26-6-2024, the Ministry of Road Transport and Highways notified the Central Motor Vehicles (Eighth Amendment) Rules, 2024 to amend the Central Motor Vehicles Rules, 1989. The provisions came into force\u2026","rel":"","context":"In "Legal RoundUp"","block_context":{"text":"Legal RoundUp","link":"https:\/\/www.scconline.com\/blog\/post\/category\/columns-for-roundup\/"},"img":{"alt_text":"Legislation Roundup July 2024","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/08\/Legislation-Roundup-July-2024.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/08\/Legislation-Roundup-July-2024.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/08\/Legislation-Roundup-July-2024.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/08\/Legislation-Roundup-July-2024.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":332175,"url":"https:\/\/www.scconline.com\/blog\/post\/2024\/10\/01\/sebi-reduces-trading-lot-for-trading-units-vide-sebi-infrastructure-investment-trusts-third-amendment-regulations-2024\/","url_meta":{"origin":326604,"position":5},"title":"SEBI reduces trading lot for InvITs on designated stock exchange to Rs. 25 Lakhs","author":"Editor","date":"October 1, 2024","format":false,"excerpt":"The 2024 Regulations have amended the trading lot for trading units, timeline for making distributions, as well as the voting threshold.","rel":"","context":"In "Legislation Updates"","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":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/326604","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/67011"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=326604"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/326604\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/316838"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=326604"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=326604"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=326604"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}