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Sebi's norms for realty trusts
Sebi's Norms For Realty Trusts. Reviving a five-year old proposal, Sebi on Thursday issued draft norms for listing Real Estate Investment Trusts (REITs), which will help in channelising more funds into the real estate sector.
Mumbai/New Delhi: Reviving a five-year old proposal, Sebi on Thursday issued draft norms for listing Real Estate Investment Trusts (REITs), which will help in channelising more funds into the real estate sector.
REITs, a popular investment vehicle in many parts of the world, is similar to mutual funds except that investments would be on real estate assets that generate rental income.
Looking to attract more real estate investors into the capital market, Sebi on Thursday proposed listing of REITs saying the evolution of such investment vehicles is “crucial” for the rapidly growing real estate industry.
REITs would be allowed to list on stock exchanges through initial public offer (IPO) and can raise funds further through follow-on offers, according to the draft norms issued by Sebi.
“REIT shall be set up as a Trust under the provisions of the Indian Trusts Act, 1882,” it said while seeking comments from stakeholders by end of this month. However, REITs would not be allowed to launch any schemes. As per draft rules, only such entities that have at least 90 per cent investment in completed revenue generating projects.
