SEBI Real Estate Investment Trusts Amendment Regulations 2016
SECURITIES AND EXCHANGE BOARD OF INDIA
NOTIFICATION
Mumbai, the 30th November, 2016
SECURITIES AND EXCHANGE BOARD OF INDIA (REAL ESTATE INVESTMENT TRUSTS) (AMENDMENT) REGULATIONS, 2016
No. SEBI/LAD/NRO/GN/2016-17/022 .─ In exercise of the powers conferred by section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following regulations to amend the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014, namely,-
1. These regulations may be called the Securities and Exchange Board of India (Real Estate Investment Trusts) (Amendment) Regulations, 2016.
2. They shall come into force on the date of their publication in the Official Gazette.
3. In the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014,-
I. in regulation 2, in sub-regulation (1), in clause (b),-
i. for the word “includes” the words and figures “shall be as defined under the Companies Act, 2013 or under the applicable accounting standards and shall also include following” shall be substituted;
ii. the sub-clauses (v), (vi), (vii) and (viii) shall be omitted;
iii. after clause (k), the following new clause shall be inserted, namely,–
“(ka) “debt securities” shall be as defined under Regulation 2(1)(e) of SEBI (Issue and Listing of Debt Securities) Regulations, 2008;”;
iv. clause (o) shall be omitted;
v. after clause (p), following new clause shall be inserted, namely,-
“(pa) “general purposes” include such identified purposes for which no specific amount is allocated or any amount so specified towards general purpose or any such purpose by whatever name called, in the offer document filed with the Board: Provided that any issue related expenses shall not be considered as a part of general purpose merely because no specific amount has been allocated for such expenses in the offer document filed with the Board;”
vi. after clause (q) , the following new clauses shall be inserted, namely, –
“(qa) “holdco” or “holding company” shall mean a company or LLP.,-
(i) in which REIT holds or proposes to hold controlling interest and not less than fifty one per cent. of the equity share capital or interest and which it in turn has made investments in other SPV(s), which ultimately hold the property(ies);
(ii) which is not engaged in any other activity other than holding of the underlying SPV(s), holding of real estate/properties and any other activities pertaining to and incidental to such holdings;”;
(qb) “initial offer” means the first offer of units of an REIT to the public for subscription and includes an offer for sale of REIT units by an existing unit holder to the public;”;
vii. clause (r) shall be omitted;
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