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of <h1>SEBI Amends REIT Master Circular: New Lock-in Rules for Preferential Issues and Framework for Follow-on Offers</h1> The circular amends the Master Circular for Real Estate Investment Trusts (REITs) with two key changes. First, it revises lock-in provisions for preferential unit issues, requiring sponsors and sponsor groups to lock-in 15% of allotted units for three years and the remainder for one year from trading approval date. It also permits inter-se transfers of locked-in units among sponsor group entities. Second, it introduces a regulatory framework for follow-on offers by REITs, including filing requirements, allotment timelines, and disclosure obligations. These amendments aim to promote ease of doing business while maintaining investor protection.
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