Executive Summary:
This document contains the Securities and Exchange Board of India (SEBI) Real Estate Investment Trusts Amendment Regulations, 2020. These regulations, effective from March 2, 2020, amend the 2014 regulations. A key amendment pertains to the filing of draft offer documents for fast track rights issues.
Key Points / Main Content:
* **General**
* These regulations are called the Securities and Exchange Board of India Real Estate Investment Trusts Amendment Regulations, 2020.
* They come into force on the date of their publication in the Official Gazette (March 2, 2020).
* **Amendments to 2014 Regulations**
* In regulation 14, subregulation 11, a new proviso is inserted after the first proviso.
* The new proviso states that a REIT is not required to file a draft offer document with the Board for a fast track rights issue.
* This exemption is subject to fulfilling conditions specified by the Board from time to time.
* **Footnote References to Previous Amendments**
* The Securities and Exchange Board of India Real Estate Investment Trusts Regulations, 2014 was published in the Gazette of India on September 26, 2014.
* Amendments were made in 2016 (effective November 30, 2016), 2017 (effective December 15, 2017), 2018 (effective April 10, 2018), and 2019 (effective April 22, 2019).
Impact Analysis:
* **Real Estate Investment Trusts (REITs):**
* *Impact:* REITs are affected by the new regulations, particularly regarding fast track rights issues.
* *Action Required:* REITs should familiarize themselves with the conditions specified by the Board for availing the exemption from filing draft offer documents for fast track rights issues.
* **Securities and Exchange Board of India (SEBI):**
* *Impact:* SEBI is responsible for enforcing and overseeing the amended regulations.
* *Action Required:* SEBI needs to specify the conditions for the fast track rights issue exemption and ensure compliance.
* **Investors:**
* *Impact:* Investors in REITs may be indirectly affected by changes to the rights issue process.
* *Action Required:* Investors should stay informed about REIT activities and regulatory changes.
Key Entities Referenced
New Delhi, Delhi: Location of Government of India Press.
Securities and Exchange Board of India: Regulatory body in India for securities and commodity market.
Securities and Exchange Board of India Act, 1992: The Act of the Indian Parliament that established the Securities and Exchange Board of India.
Securities and Exchange Board of India Real Estate Investment Trusts Regulations, 2014: Regulations pertaining to Real Estate Investment Trusts (REITs) as formulated by the Securities and Exchange Board of India.
Securities and Exchange Board of India Real Estate Investment Trusts Amendment Regulations, 2020: Amendments made in 2020 to the Securities and Exchange Board of India Real Estate Investment Trusts Regulations, 2014.
Mumbai, Maharashtra: The city in Maharashtra where the notification was issued.
AJAY TYAGI: Chairman of the Securities and Exchange Board of India.
Official Gazette: A public journal
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. NO. D. L.-33004/99
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सी.जी.-एम.एच.-अ.-03032020-216522
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CG-MH-E-03032020-216522
असाधारण
EXTRAORDINARY
भाग III—खण् ड 4
PART III—Section 4
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 86] िई कदल्ली, सोमिार, माच ड2, 2020/फाल्ग िु 12, 1941
No. 86] NEW DELHI, MONDAY, MARCH 2, 2020/PHALGUNA 12, 1941
भारतीय प्रजतभजू त और जिजिमय बोडड
अजधसचू िा
मुम्बई, 2 माचड , 2020
भारतीय प्रजतभजू त और जिजिमय बोडड (ररयल इस्ट्टेट जिििे न्यास) (सिं ोधि) जिजियम, 2020
स.ं सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2020/06.—बोडड, भारतीय प्रजतभूजत और जिजिमय बोड ड अजधजियम,
1992 (1992 का 15) की धारा 11 तथा 12 के साथ परित धारा 30 के तहत प्रदत्त िजियों का प्रयोग करते एतद्द्वारा
भारतीय प्रजतभूजत और जिजिमय बोडड (ररयल इस्ट्टेट जििेि न्यास) जिजियम, 2014 का संिोधि करिे के जलए
जिम्नजलजखत जिजियम बिाता ह,ै अथाडत:् —
1. इि जिजियमों को भारतीय प्रजतभूजत और जिजिमय बोडड (ररयल इस्ट्टेट जििेि न्यास) (संिोधि) जिजियम, 2020
कहा िा सकेगा ।
2. िे रािपत्र में उिके प्रकािि की तारीख को प्रिृत्त (लाग)ू होंगे ।
3. भारतीय प्रजतभूजत और जिजिमय बोड ड (ररयल इस्ट्टेट जििेि न्यास) जिजियम, 2014 में,-
I. जिजियम 14 म,ें -
क. उप-जिजियम (11) म,ें पहल े परंतुक के पश्चात् जिम्नजलजखत िया परंतुक अंतःस्ट्थाजपत ककया िाएगा,
अथाडत,् -
1202 GI/2020 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC. 4]
“परंत ु यह और कक ररयल इस्ट्टेट जििेि न्यास के जलए तीव्र-पथीय साजधकार जिगडम (फास्ट्ट रैक राइट्स
इश्य)ू के मामले म ें बोडड के पास प्रारूप प्रस्ट्ताि दस्ट्तािेि (ड्राफ्ट ऑफर डॉक्यूमेंट) दाजखल करिा िरूरी
िहीं होगा, बिते कक बोडड द्वारा समय-समय पर जिधाडररत की गई ित ें पूरी की िाएँ ।”
अिय त्यागी, अध्यक्ष
[जिज्ञापि-III/4/असा./474/19]
पाद रटप्पण :
1. भारतीय प्रजतभूजत और जिजिमय बोडड (ररयल इस्ट्टेट जििेि न्यास) जिजियम, 2014, स.ं एल.ए.डी./
एि.आर.ओ./िी.एि./2014-15/11/1576 द्वारा, 26 जसतम्बर, 2014 को भारत के रािपत्र म ें प्रकाजित हुए थ े
।
2. भारतीय प्रजतभूजत और जिजिमय बोडड (ररयल इस्ट्टेट जििेि न्यास) जिजियम, 2014 तत्पश्चात् -
क. 30 ििम्बर, 2016 स े भारतीय प्रजतभूजत और जिजिमय बोडड (ररयल इस्ट्टेट जििेि न्यास) (संिोधि)
जिजियम, 2016, सं. सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2016-17/022, द्वारा
ख. 15 कदसम्बर, 2017 स े भारतीय प्रजतभूजत और जिजिमय बोड ड (ररयल इस्ट्टेट जििेि न्यास) (संिोधि)
जिजियम, 2017, सं. सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2017-18/022, द्वारा
ग. 10 अप्रलै , 2018 स े भारतीय प्रजतभूजत और जिजिमय बोडड (ररयल इस्ट्टेट जििेि न्यास) (संिोधि)
जिजियम, 2018, सं. सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2018/06, द्वारा
घ. 22 अप्रलै , 2019 स े भारतीय प्रजतभूजत और जिजिमय बोडड (ररयल इस्ट्टेट जििेि न्यास) (संिोधि)
जिजियम, 2019, सं. सेबी/एल.ए.डी.एि.आर.ओ./िी.एि./2019/09, द्वारा
संिोजधत हुए थ े।
SECURITIES AND EXCHANGE BOARD OF INDIA
NOTIFICATION
Mumbai, the 2nd March, 2020
SECURITIES AND EXCHANGE BOARD OF INDIA (REAL ESTATE INVESTMENT TRUSTS)
(AMENDMENT) REGULATIONS, 2020
No. SEBI/LAD-NRO/GN/2020/06.—In exercise of the powers conferred under section 30 read
with sections 11 and 12 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, 2020.
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 14,-
a. in sub-regulation (11), the following new proviso shall be inserted after the first
proviso, namely,-
“Provided further that the REIT shall not be required to file draft offer document with
the Board in case of a fast track rights issue, subject to the fulfillment of the conditions
as specified by the Board from time to time.”
AJAY TYAGI, Chairman
[ADVT.-III/4/Exty./474/19][ भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 3
Footnotes:
1. The Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations,
2014 was published in the Gazette of India on September 26, 2014 vide No. LAD-
NRO/GN/2014/15/11/1576.
2. The Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations,
2014 was subsequently amended by the –
a. Securities and Exchange Board of India (Real Estate Investment Trusts)
(Amendment) Regulations, 2016, vide No. SEBI/LAD/NRO/GN/2016-17/022, with
effect from November 30, 2016;
b. Securities and Exchange Board of India (Real Estate Investment Trusts)
(Amendment) Regulations, 2017, vide No. SEBI/LAD-NRO/GN/2017-18/022, with
effect from December 15, 2017.
c. Securities and Exchange Board of India (Real Estate Investment Trusts)
(Amendment) Regulations, 2018, vide No. SEBI/LAD-NRO/GN/2018/06, with effect
from April 10, 2018.
d. Securities and Exchange Board of India (Real Estate Investment Trusts)
(Amendment) Regulations, 2019, vide No. SEBI/LAD-NRO/GN/2019/09, with effect
from April 22, 2019.
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