SEBI Mandates Timely Quarterly Reports From REIT Managers
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Notification No. SEBI/LAD-NRO/GN/2025/258; Dated: 01.09.2025
1. Introduction of Amended REIT Regulations
SEBI has notified the SEBI (REITs) (Second Amendment) Regulations, 2025, bringing in significant changes aimed at improving compliance, transparency, and investor confidence in the real estate investment trust (REIT) framework. The amendments focus on strengthening reporting timelines and redefining the scope of the term “public” to provide better regulatory clarity.
2. Revised Reporting Obligations for Managers
Under the revised norms, managers of REITs are now required to submit quarterly reports on the activities of REITs to their respective trustees. These reports must be furnished within the timelines prescribed by SEBI for submission of quarterly financial results. This change replaces the earlier requirement of submitting such reports within 30 days from the end of the quarter, thereby aligning reporting obligations with broader financial reporting schedules.
3. Broader Definition of ‘Public’
The amendment also broadens the definition of “public” in the context of REITs. The revised definition now includes qualified institutional buyers (QIBs), thereby widening the participation base for public offerings. At the same time, sponsors, sponsor groups, and managers are explicitly excluded from being considered as “public,” ensuring a clear separation between promoters and genuine public investors.
4. Implications for Stakeholders
These changes are expected to enhance governance, streamline compliance with financial reporting, and foster greater transparency in REIT operations. By redefining “public” and aligning reporting timelines, SEBI aims to strengthen investor trust and create a more robust framework for the real estate investment trust market in India. The amendments are likely to encourage institutional participation while ensuring that REITs remain accountable to investors through timely and transparent disclosures.
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