SEBI Releases Updated Master Circular for REITs and InvITs

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  • Last Updated on 15 July, 2025

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SEBI Circular on 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.

Click Here To Read The Full Circular

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Author: Taxmann

Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.

The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:

  • The statutory material is obtained only from the authorized and reliable sources
  • All the latest developments in the judicial and legislative fields are covered
  • Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
  • Every content published by Taxmann is complete, accurate and lucid
  • All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
  • The golden rules of grammar, style and consistency are thoroughly followed
  • Font and size that's easy to read and remain consistent across all imprint and digital publications are applied