SEBI Releases Updated Master Circular for REITs and InvITs

Master Circular No. SEBI/HO/DDHS-PoD-2/P/CIR/2025/99 & 102; Dated: 11.07.2025

The Securities and Exchange Board of India (SEBI) has released an updated Master Circular for Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) to streamline regulatory information and enhance ease of reference for stakeholders.

1. Objective Behind the Updated Master Circular

The updated circular has been issued to consolidate all relevant and applicable instructions, clarifications, and regulatory guidelines related to REITs and InvITs. This initiative aims to provide all stakeholders—trustees, sponsors, managers, investors, and compliance officers—with a single point of reference for all circulars issued by SEBI up to July 11, 2025.

2. Key Features of the Updated Circular

2.1 Consolidation of Past Circulars

• The master circular compiles all existing circulars on REITs and InvITs issued by SEBI till the cut-off date.
• This includes operational guidelines, compliance requirements, disclosure norms, valuation principles, and governance frameworks.

2.2 Supersession of Previous Circulars

• The updated master circular replaces the earlier master circulars issued on REITs and InvITs.
• It also supersedes any subsequent individual circulars released on these subjects prior to July 11, 2025.

2.3 Ease of Access and Reference

• By compiling regulatory provisions in one place, SEBI intends to reduce fragmentation of information, thus facilitating easier compliance and better understanding of obligations.

3. Impacted Stakeholders

The updated circular is relevant for a wide range of stakeholders, including:

• Sponsors and investment managers of REITs and InvITs
• Trustees and custodians
• Institutional and retail investors
• Legal and compliance professionals
• Rating agencies and analysts

4. Conclusion

SEBI’s updated master circular on REITs and InvITs reflects its commitment to regulatory clarity and simplification. Stakeholders are advised to discontinue referring to previous circulars and instead consult this comprehensive master circular for all regulatory matters related to REITs and InvITs going forward.

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