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of <h1>SEBI Updates NDCF Framework for REITs: New Standardized Calculation Rules Effective April 2024; Ensures Minimum 90% Distribution.</h1> The Securities and Exchange Board of India (SEBI) issued a circular revising the framework for calculating Net Distributable Cash Flow (NDCF) for Real Estate Investment Trusts (REITs) and their HoldCos/SPVs, effective April 1, 2024. The revised framework standardizes NDCF computation to promote ease of business, requiring a minimum distribution of 90% of NDCF at both the Trust and HoldCo/SPV levels. Detailed components for NDCF calculation are outlined, including cash flows from operations, treasury income, and proceeds from asset sales, while excluding finance costs, debt repayments, and required reserves. The circular specifies conditions under which surplus cash may be distributed and clarifies restrictions on using external debt for distributions.
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