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.
Please find a copy of the REIT Circular here.
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