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Regulation 14(18) of the Securities and Exchange Board of India (Real Estate Investment Trust) Regulations, 2014 ("REIT Regulations") provides that the units of Real Estate Investment Trusts ("REITs") shall be issued only in dematerialized form to all the applicants.
Regulation 14(18) of the Securities and Exchange Board of India
(Real Estate Investment Trust) Regulations, 2014
("REIT Regulations") provides that the
units of Real Estate Investment Trusts
("REITs") shall be issued only in
dematerialized form to all the applicants.
In order to promote dematerialization of securities, the
Securities and Exchange Board of India
("SEBI") has vide its circular dated May
22, 2023 ("REIT Circular") mandated that
REITs will henceforth hold the securities of Hold Cos and SPVs
in dematerialized form only, and the manager of
the REIT will ensure the same.
Further, for existing securities held by REITs in
physical form, the manager of the REIT has been directed
to dematerialize such securities of Hold Cos and SPVs on or
before June 30, 2023.
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