Initial Offer defined by reference to SEBI REIT and InvIT regulations under securities transaction tax provisions. The definition of Initial Offer under section 97(5AA) of the Finance (No. 2) Act, 2004 is by statutory reference: for a business trust that is a real estate investment trust, it means the term as defined in clause (q) of sub regulation (1) of regulation 2 of the real estate investment trust regulations; for a business trust that is an infrastructure investment trust, it means the term as defined in clause (v) of sub regulation (1) of regulation 2 of the infrastructure investment trust regulations.