The Securities and Exchange Board of India (SEBI) has released the Master Circular for Real Estate Investment Trusts (REITs) in July 2023. The circular incorporates all the applicable circulars issued by SEBI until the specified date, providing stakeholders easy access to the regulations and guidelines governing REITs.
SEBI’s Master Circular for REITs aims to ensure effective regulation and compliance in the real estate investment sector. It consolidates all the relevant circulars issued by SEBI, providing a comprehensive reference for stakeholders. The circular supersedes previous circulars mentioned in the appendix, and its provisions come into force immediately. It clarifies that actions taken under superseded circulars shall be considered under the corresponding provisions of the Master Circular. The circular emphasizes the need for compliance reporting and advises stock exchanges to disseminate its contents.
Full Text of the Master Circular is as follows:-
Securities and Exchange Board of India
Master Circular No. SEBI/HO/DDHS-PoD-2/P/CIR/2023/116 Dated: July 06, 2023
To,
All Real Estate Investment Trusts (“REITs”)
All Parties to REITs
All Recognised Stock Exchanges
All Registered Depositories
All Self-Certified Syndicate Banks
All Registered Depository Participants, Stock brokers, Registrars to an Issue, Share Transfer Agents, Bankers to issues, Merchant Bankers and other Intermediaries
Madam/ Sir,
Sub: Master Circular for Real Estate Investment Trusts (REITs)
1. For effective regulation of Real Estate Investment Trusts, Securities and Exchange Board of India (SEBI) has been issuing various circulars from time to time. In order to enable the stakeholders to have an access to all the applicable circulars at one place, the provisions of the circulars issued till July 06, 2023 are incorporated in this Master Circular for Real Estate Investment Trusts.
2. This Master Circular shall come into force from the date of its issuance. The circulars mentioned in Appendix to this Master Circular shall stand superseded with the issuance of this Master Circular. With respect to the directions or other guidance issued by SEBI, as specifically applicable to Real Estate Investment Trusts, the same shall continue to remain in force in addition to the provisions of any other law for the time being in force. Terms not defined in this Master Circular shall have the same meaning as provided under the relevant Regulations.
3. Notwithstanding such supersession,
3.1. anything done or any action taken or purported to have been done or taken under the superseded circulars, including registrations or approvals granted, fees collected, registration suspended or cancelled, any inspection or investigation or enquiry or adjudication commenced or show cause notice issued prior to such supersession, shall be deemed to have been done or taken under the corresponding provisions of this Master Circular;
3.2. any application made to SEBI under the superseded circulars, prior to such supersession, and pending before it shall be deemed to have been made under the corresponding provisions of this Master Circular;
3.3. the previous operation of the superseded circulars or anything duly done or suffered thereunder, any right, privilege, obligation or liability acquired, accrued or incurred under the superseded circulars, any penalty, incurred in respect of any violation committed against the superseded circulars, or any investigation, legal proceeding or remedy in respect of any such right, privilege, obligation, liability, penalty as aforesaid, shall remain unaffected as if the superseded circulars have never been superseded;
4. Pursuant to issuance of this Master Circular, the entities which are required to ensure compliance with various provisions shall submit necessary reports as envisaged in this Master Circular on a periodic/ continuous basis. Stock exchanges are advised to disseminate the contents of this Circular on their website.
5. This Master Circular is issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 and Regulation 33 of the SEBI (Real Estate Investment Trusts) Regulations, 2014 to protect the interests of investors in securities and to promote the development of, and to regulate the securities market. This Master Circular is issued with the approval of the Competent Authority.
6. This Master Circular is available on the SEBI website at https://www.sebi.gov.in/under the category “Legal -> Master Circulars
Yours faithfully,
Ritesh Nandwani
Deputy General Manager
Department of Debt and Hybrid Securities
Tel no.: 022-2644 9696
Email: riteshn@sebi.gov.in
Read Full Text at following link: https://www.sebi.gov.in/legal/master-circulars/jul-2023/master-circular-for-real-estate-investment-trusts-reits-_73585.html