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<h1>SEBI amends REIT rules: redefines 'public', treats QIBs as public, changes valuation and disclosure timing, allows holdco cash flow offsets</h1> SEBI amends the REIT Regulations to (1) redefine 'public' to exclude related parties, sponsors, sponsor group and manager while treating QIBs in offers as public; (2) adjust timing and submission requirements for quarterly and annual valuation and financial disclosures, requiring valuation reports to be submitted to designated stock exchanges with specified quarterly/annual results and simultaneously to trustees; (3) permit a holdco with negative standalone net distributable cash flow to offset it against cash flows from underlying SPVs subject to board-specified disclosure requirements; and (4) make various technical and proviso deletions and textual substitutions across regulations 2, 10, 14, 18 and 21.