Description
Comprehensive regulatory framework for Real Estate Investment Trusts including registration, regulation, and governance provisions with latest amendments.
Summary
SEBI has published the consolidated Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014, as last amended on September 3, 2025. These regulations establish a comprehensive framework for Real Estate Investment Trusts, covering registration requirements, regulatory compliance, governance structures, and operational guidelines for REITs in India.
Key Points
- Establishes complete regulatory framework for Real Estate Investment Trusts in India
- Defines comprehensive terminology including ‘associate’, ‘change in control’, ‘bonus issue’, and other key concepts
- Sets out registration certificate requirements for REITs
- Includes multiple amendments from 2016 and 2023 incorporating evolved regulatory requirements
- Provides detailed definitions of associates including controlled entities, promoters, and related parties
- Specifies governance and compliance standards for REIT operations
Regulatory Changes
- Updated definition of ‘associate’ to align with Companies Act, 2013 and applicable accounting standards
- Revised ‘change in control’ definition as per 2023 amendment effective April 1, 2023
- Removed certain sub-clauses from associate definition through 2016 amendments
- Streamlined regulatory definitions to reduce ambiguity and improve compliance clarity
Compliance Requirements
- REITs must obtain registration certificate under these regulations
- Compliance with associate and change in control definitions for related party transactions
- Adherence to bonus issue procedures and unit holder record date requirements
- Implementation of governance frameworks as specified in the regulations
- Regular compliance with amended provisions effective from respective dates
Important Dates
- Original regulations effective: September 26, 2014
- 2016 amendments effective: November 30, 2016
- 2023 amendments effective: April 1, 2023
- Latest consolidation date: September 3, 2025
Impact Assessment
- High impact on existing and prospective REITs requiring compliance with updated framework
- Establishes clear regulatory pathway for real estate investment through REIT structure
- Provides investor protection through comprehensive governance and disclosure requirements
- Enables growth of real estate investment market through structured regulatory approach
- Streamlined definitions reduce regulatory uncertainty and improve compliance efficiency
Impact Justification
Foundational regulatory framework for REIT sector with comprehensive governance and compliance requirements affecting entire REIT ecosystem