SEBI informed of amendments to Real Estate Investments Trust, mirroring the directives put forward in the proposed draft released during July, 2016.
The key amendments to the proposed draft are as follows:
1) Holding structure has been approved;
2) Above 20% REIT value in development property is not allowed.
3) From now on, even hotels, hospitals and convention halls are to be included in Real Estate Investments Trust;
4) It ratified certain segments of unit holders’ approval prerequisite for associated party transactions;
5) It also got rid of cap on number of sponsors; and
6) It synchronized minimum public holding requirement with Securities Contracts (Regulation) Rules.