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of <h1>SEBI Sets New Rules for REITs: Unclaimed Funds to Move to IPEF After 7 Years; Effective March 2024.</h1> The circular from SEBI outlines the procedural framework for managing unclaimed amounts with Real Estate Investment Trusts (REITs) and how unitholders can claim these amounts. It mandates that unclaimed distributions be transferred to an Unpaid Distribution Account and eventually to the Investor Protection and Education Fund (IPEF) if unclaimed for seven years. The circular specifies obligations for REITs, including appointing a Nodal Officer, maintaining records, and providing a search facility for unitholders. It also details the process for unitholders to claim unclaimed amounts and the procedure for REITs to seek refunds from IPEF. The provisions take effect from March 1, 2024.
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