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    <title>Master Circular for Real Estate Investment Trusts (REITs)</title>
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    <description>SEBI issues a Master Circular for REITs effective on issuance, consolidating prior REIT circulars and superseding those listed, while saving prior acts and pending applications. It mandates use of an online filing portal for registration and compliance, prescribes detailed public-issue and follow-on offer procedures (merchant banker duties, draft hosting, pricing, allocation, ASBA/UPI bidding, anchor/strategic investor rules), dematerialisation of units, and time-bound allotment/listing processes together with extensive continuous disclosure, audit, NDCF computation and investor redressal requirements.</description>
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