Key regulatory requirementsSources of Income
What are the basic source-organce-discome requirements for a reit?
As Per The Securitys and Exchange Board of India (Real Estate Investment Trusts) Regulations 2014 (REIT Regulations), At Least 80 Per Center of the Value of the REIT TS Must be invested, inter-.-Gienting Properties. FURTHER, The Remaining Maximum 20 Per Center of the Value of the REIT Assets Must Be Investested, INTER Alia, In Properties under Construction Or LETED, But No Rent-Generating Properties. Provided that suchroperties shall be held by the reitFor not les that year after completing. The Balance 20 Per Center of the REIT Assets May only or UNLISTED DEBT of Companies or Bodies or Corporate in the Real Estate Sector, Mortgage-Backed Security, Equity Shares of the ListedAndlisted Companies Deriving at Least 75 Per Center of their Operating Income from Real Estate Activities, Government Securities and Money Market Instruments.
A Reit Must Not Invest in Vacant Land or Agricultual Land or Mortgages Other than Mortgage-Backed Securities. However, this restricTIN DOES NOT Apply TO ANY D that is contiguous with and an extension of an existing project bebing imaged in stages.asset composition
What are the basic asset compositions for a reit?
The REIT Regulations Prescribe that the value of the REIT Assets (IE, Real Estate Assets and Any Other Assets Held by A Reit, On A Freehold or Leasehold Basis, EI Ther Directly or Through A Holding Company or A Special Purpose Vehicle (SPV) Mustbe at Least 5 Billion Rupees, With (1) At Least 80 Per Center of the value of the REIT Assets Investle, INTER ALIA, in Completed and Rent-and/ONDE-GENENG Ties; And (2) a maximum of the remaining20 Per Center of the Value of the REIT Assets Investes, Interial Alia, in Assets Other than the Assets Mentioned in (1) Above.distributions
What are the basic distribution requirements for a reit?
As Per The REIT Regulations, At Least 90 Per Center of the Network Cash Flow of the SPV Mustral Be distributed to the reit or hold operation to its ding in the spv. Further, 100 Per Center of the Cash Flows Received by theHOLDING Company from the Underlying SPVS MUST BED BeDRIBUTED to the REIT. However, if the Cash Flows Are Generated by the Holding Company On ITS OWN, then at Least 90 Per Cen T of Such NetworkReit.
Out of the Network Cash Flow of a Reit, at Least 90 Per Center Must be distribud to the Unit Holders. very six months. If the distribution is are not promin with 15 days of the deflaration,The manager shall be liable to pay interest to the unit holders at the rate of 15 per center unnnum unnum the date distribution.
Pursuant to receive enableds, A REIT is Now Required to Transfer Any Amount Remaining University ESTOR Protection and Education Fund Constituted by the Securities and Exchange Board of India (SEBI).compliance
What Happy If Reit Fails to Meet the Basic Regulatory Requirements? Is RELIEF Available if a Company Fails to Meet Any Requirements?
As Per The REIT Regulations, a Reit or PARTIES to the REIT or Any Other Person Involution In the Activity of the REIT WHO Contravenes Any of the Secu Rities and Exchange Board of India (SEBI) Act 1992 or The REIT Regulations, OR Notifications, guidelines, circulars or instructions issued by Sebi, May Be Liable for One or More ActionS Specify Including Any Action Provided Under Security. s and Exchange Board of India (IntermediaRies) Regulations 2008. These May, Interial Alia, Include Delisting of the REIT UnitsAnd Surrender of the Registration Certification Obtained by the REIT. However, As Per The Reititions, Sebi is Authorised to Reits to Comp Ly with the REIT Regulations Instead of Delisting The Units Immediaately and Cancelling Or Revoking their Registration.comPliance Best Practices
What Best Practures Should Be Considered to Ensure Compliance with The Key Regulaments for Reits in your JurisDiction?
The repressentatives of the Sponsor, The Manager and the Trustee Must be support to regular and periodic to famaliarise the varioous privisions of Th TH. E Reit Regulations and the Circulars, Notifications, Guidelines and Instructions Issued by Sebi with Respect to REITs. Such Training and and andAWareness May Ensure Greater Compliance and More Efficient Management of the REITS.Public REITS -Regulatory Treatment
Are the Requirements for a Publicly Traded Reit Raising Capital Different from Those Imposed on Prives Or Public Non-REIT Companies?
The REIT REGULEONS SET OUT OUT The PROCEDURE and the CONDITIONS to Be Complied with By A Reit for Raising Capital. He IsUnce and Listing of Reits by Virtue of An Initial Public Offer, Including Minimum Asset Value, MinimumNumber of unit holders and minimum offer size. The REIT Regulations Require The Intial Offer of Reits to Through is Public issues and made the list of the. It University MandatorSurat Stock. The REIT Regulations Currently Deal only with Public Listed Reits, and the Concept of & LSquo; Private Reits & RSQUO; Has Not Been Recognized TheReunder.
The Provisions Related to RAISING of Capital by Public Non-REIT Companies has set out of, inter-. Losure Requirements) Regulations 2018 and the Sebi (ISSUE of Capital and DISCLOSUREEMEMENTS) Regulations 2018(as the case may be). MANDATORY Required to Adhere to Any Minimum OFFER SIZE For Raising CapitalThe Conditions or Requirements for Raising Capital by Public Non-REIT Companies are? - ONGoing Requirements
What are the authoring securities and disclosure requirements for publicly traded reits?
The REIT Regcys Prescribe General Obligations, and Disclosure and Reporting Requirements, that must be satisFied by a reit. UST -LEST Least once A Year and Any Information that is Required to be disclosed in related to any issuesOR MATTER Requering Approval of the Unit Holders May Be Taken Up in Such Meeting. The Information Required May Include the Latest Annual S and Performance of the REIT, Appointment of Any Registered Valuer and the Latest Valuation Reports of the Assets of the REITThen, then
The REIT Regcys Prescripe Various Disclosures to be Made by a Reit, Which Include, Interial Alia, The Follow: s of the REIT by Submission of An Annual Report to All Unit Holders of the REIT; Disclosure with Respect to theActivities of the REIT by Submission of a Half-Yearly Report to All Holders of the REIT; DisClosure with Respect to AnFormation A Bearing on Thes Operation or Performance of the REIT, Including Price-Sensitive Information, to the Designated Stock Exchanges;AnddisClosures with Respect to the Matters Set Out Under the Listing Agreements to the Designated Stock Exchanges and the Unit Holders.Surat Wealth Management
SEBI HAS, Interial Alia, Added Chapter Via to the REIT RegulationS Dealing with the Oblications of a Manager of A Reit. ROVISIONS of the Sebi (Listing Obligations and Disclosure Requirements) Regulations 2015 are now applicable toAll reits. The intent of this provision is to exceend disclosure requires who typically applicable on listing stocks and defentures to reits.
Reits are further mandated to submit a quarterly compliance report on corporate governance to the recognized stock exchange (s) 21 days from the end off Er. This Compliance Report Must be signher by the compliance office or the chiefscutive officer of the managerof the reit.public reits -listing rules
Do the stock Exchanges in your JurisDiction has been, spieles that do not apply to unlisted or private reits?
The REIT Regulations CurrenTly Deal only with Public Listed REITs, and the Concept of & LSquo; Unlisted Reits & RSquo; PRIVATE Quo; Has Not Been Recognised TheReunder. TheReFore, there are no spent that do not apply or private reits.
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