**Executive Summary**
The Securities and Exchange Board of India (SEBI) issued the Real Estate Investment Trusts (Amendment) Regulations, 2026, on April 16, 2026. These regulations amend the 2014 REIT framework to update credit risk value thresholds and risk classification categories. The amendments came into force immediately upon their publication in the Official Gazette on April 16, 2026.
**Key Points / Main Content**
**Amendments to Regulation 2 (Definitions)**
* **Credit Risk Threshold:** The minimum "credit risk value" required for units of overnight schemes and liquid schemes of mutual funds has been reduced from 12 to 10.
* **Risk Classification Matrix:** References to "Class A-I" have been expanded to include "or Class B-I" within the potential risk class matrix.
* **Nomenclature Update:** The phrasing "government securities, treasury bills, repo on government securities" is substituted with "Government Securities, treasury bills, repo on Government Securities."
**Amendments to Regulation 18 (Investment Conditions)**
* **Revised Credit Value:** In alignment with Regulation 2, the credit risk value requirement in sub-regulation (5) is lowered from "at least 12" to "at least 10."
* **Expanded Risk Class:** The potential risk class matrix requirements now formally include "Class B-I" alongside the existing "Class A-I" designation.
**Impact Analysis**
**Real Estate Investment Trusts (REITs)**
**Impact**
REITs are affected by modified eligibility criteria for mutual fund investments, specifically regarding lowered credit risk value thresholds and the inclusion of a new risk class (Class B-I).
**Action Required**
REITs must ensure that their investment portfolios and compliance filings align with the updated credit risk value of 10 and the revised potential risk class matrix categories.
**Mutual Funds (Overnight and Liquid Schemes)**
**Impact**
Units of these schemes are subject to revised recognition standards under the REIT regulations based on their credit risk value and risk class.
**Action Required**
Fund managers should note the expanded inclusion of Class B-I and the adjusted credit risk value threshold (10) to remain eligible for REIT investment allocations.
**Regulatory and Compliance Authorities**
**Impact**
SEBI is responsible for the oversight and enforcement of these updated standards.
**Action Required**
Authorities must monitor REIT disclosures and investment activities to ensure adherence to the amended 2026 regulatory framework.
Key Entities Referenced
Securities and Exchange Board of India (Real Estate Investment Trusts) (Amendment) Regulations, 2026: The primary regulatory document introduced to amend technical criteria, such as credit risk values and potential risk class matrices, for REIT investments.
Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014: The principal regulatory framework being amended, which governs the establishment and operational guidelines for Real Estate Investment Trusts in India.
Securities and Exchange Board of India (SEBI): The primary regulatory authority responsible for overseeing the Indian securities market and the issuer of this notification.
Securities and Exchange Board of India Act, 1992: The parent legislation that empowers SEBI to make and amend regulations under Sections 11, 12, and 30.
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
सी.जी.-एम.एच.-अ.-18042026-271894
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CG-MH-E-18042026-271894
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असाधारण
EXTRAORDINARY
भाग III—खण् ड 4
PART III—Section 4
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 276] िई ददल्ली, बहृ स्ट्प जतिार, अप्रलै 16, 2026/चत्रै 26, 1948 ष 22, 1947
No. 276] NEW DELHI, THURSDAY, APRIL 16, 2026/CHAITRA 26, 1948 s 1947
भारतीय प्रजतभजू त और जिजिमय बोडड
अजधसचू िा
मब ं ई, 16 अप्रैल, 2026
भारतीय प्रजतभजू त और जिजिमय बोडड
(ररयल इस्ट्टेट जिििे न्यास) (सिं ोधि) जिजियम, 2026
स.ं सबे ी/एलएडी-एिआरओ/िीएि/2026/302 - बोडड, भारतीय प्रजतभूजत और जिजिमय बोडड अजधजियम, 1992
(1992 का 15) की धारा 11 तथा धारा 12 के साथ परित धारा 30 के तहत प्रदाि की गई िजियों का प्रयोग करते हुए,
एतद्द्वारा भारतीय प्रजतभूजत और जिजिमय बोडड (ररयल इस्ट्टेट जििेि न्यास) जिजियम, 2014 का और संिोधि करि े के
जलए जिम्नजलजखत जिजियम बिाता ह,ै अथाडत:् –
1. इि जिजियमों को भारतीय प्रजतभूजत और जिजिमय बोड ड (ररयल इस्ट्टेट जििेि न्यास) (संिोधि) जिजियम, 2026
कहा िा सकेगा ।
2. ये जिजियम रािपत्र म ेंइिके प्रकाजित होिे की तारीख से लाग ूहोंगे ।
3. भारतीय प्रजतभूजत और जिजिमय बोडड (ररयल इस्ट्टेट जििेि न्यास) जिजियम, 2014 में,
2737 GI/2026 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
I. जिजियम 2 म,ें उप-जिजियम (1) म,ें
(क) खंड (िक) में,
i. िब्दों, जचह्िों तथा अंक “उि ओिरिाइट स्ट्कीमों की यूजिटें, म्यूच अल फंड की उि जलदिड
स्ट्कीमों की यूजिटें जििकी ‘क्रेजडट ररस्ट्क िल्ै यू’ कम स े कम 12” के स्ट्थाि पर िब्द, जचह्ि तथा
अंक “ओिरिाइट स्ट्कीमों की यजू िटें, म्यूच अल फंड की उि जलदिड स्ट्कीमों की यूजिटें जििकी
‘क्रेजडट ररस्ट्क िल्ै यू’ कम से कम 10” आ िाएगँ े;
ii. िब्दों, जचह्िों तथा अंक “में श्रेणी-ए-I” के बाद और िब्दों “के दायरे में आती हों” से पहल े
िब्द, जचह्ि तथा अंक “या श्रणे ी-बी-I” िोडे िाएगँ े;
iii. िब्दों तथा जचह्िों “खिािा जबल (रेज़री जबल)” के स्ट्थाि पर िब्द तथा जचह्ि “रेज़री जबल
(खिािा जबल)” आ िाएगँ े ।
II. जिजियम 18 में, उप-जिजियम (5) म,ें खंड (झ) म,ें
(क) िब्दों “कम से कम” के बाद ददए हुए अंक “12” के स्ट्थाि पर अकं “10” आ िाएगा;
(ख) िब्दों, जचह्िों तथा अंक “म ें श्रणे ी-ए-I” के बाद और िब्दों “के दायरे में आती हों” से पहले िब्द, जचह्ि
तथा अंक “या श्रणे ी-बी-I” िोड ेिाएँगे ।
बबीता राय डू, कायडपालक जिदिे क
[जिज्ञापि-III/4/असा./45/2026-27]
रटप्पणी :
1. भारतीय प्रजतभूजत और जिजिमय बोडड (ररयल इस्ट्टेट जििेि न्यास) जिजियम, 2014 (अजधसूचिा सं.
एल.ए.डी./एि.आर.ओ./िी.एि./2014-15/11/1576) 26 जसतम्बर, 2014 को भारत के रािपत्र में प्रकाजित
हुए थे, और िो अंजतम बार 11 ददसम्बर, 2025 को भारतीय प्रजतभूजत और जिजिमय बोडड (ररयल इस्ट्टेट जििेि
न्यास) (तीसरा संिोधि) जिजियम, 2025 (अजधसूचिा सं. सेबी/एलएडी-एिआरओ/िीएि/2025/287) द्वारा
संिोजधत हुए थे ।
SECURITIES AND EXCHANGE BOARD OF INDIA
NOTIFICATION
Mumbai, the 16th April, 2026
SECURITIES AND EXCHANGE BOARD OF INDIA (REAL ESTATE INVESTMENT TRUSTS)
(AMENDMENT) REGULATIONS, 2026
No. SEBI/LAD-NRO/GN/2026/302.–– 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 further 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, 2026.
2. They shall come into force on the date of their publication in the Official Gazette.[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 3
3. In the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014, ─
I. in regulation 2, in sub-regulation (1),
a. in clause (ta),
i. the number “12” appearing after the words “credit risk value is at least” shall be
substituted with the number “10”;
ii. after the words and symbol “Class A-I” and before the words “in the potential risk
class matrix” the words and symbol “or Class B-I” shall be inserted;
iii. the words and symbols “government securities, treasury bills, repo on government
securities” shall be substituted with the words and symbols “Government
Securities, treasury bills, repo on Government Securities”;
II. in regulation 18, in sub-regulation (5), in clause (i),
a. the number “12” appearing after the words “credit risk value is at least” shall be
substituted with the number “10”;
b. after the words and symbol “Class A-I” and before the words “in the potential risk class
matrix” the words and symbol “or Class B-I” shall be inserted.
BABITHA RAYUDU, Executive Director
[ADVT.-III/4/Exty./45/2026-27]
Note:
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 notification No. LAD-NRO/GN/2014-
15/11/1576 and was last amended on December 11, 2025 by the Securities and Exchange Board of
India (Real Estate Investment Trusts) (Third Amendment) Regulations, 2025 vide notification No.
SEBI/LAD-NRO/GN/2025/287.
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054.