TaxTMI 
TaxTMI 
Definitions
X X X X Extracts X X X X
X X X X Extracts X X X X
.... of the Act; (d) "body corporate" shall have the meaning assigned to it in or under sub-section (11) of section 2 of the Companies Act, 2013; (e) "bonus issue" means additional units allotted to the unit holders as on the record date fixed for the said purpose, without any cost to the unit holder; (f) "certificate" means a certificate of registration granted under these regulations; 41[(g) "change in control", - (i) in case of a body corporate, - (A) if its shares are listed on any recognized stock exchange, shall be construed with reference to the definition of control in terms of regulations framed under clause (h) of sub-section (2) of section 11 of the Act; (B) if its shares are not listed on any recognized stock exchange, shall be construed with reference to the definition of control as provided in sub-section (27) of section 2 of the Companies Act, 2013 (18 of 2013); (ii) in a case other than a body corporate, shall be construed as any change in its legal formation or ownership or change in controlling interest. Explanation- For the purpose of sub-clause (ii), the expression "controlling interest" means an interest, whether direct or indirect, to the extent ....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... of a particular issue of the units of the REIT under these regulations: Provided that where one or more of such stock exchanges have nationwide trading terminals, the REIT shall choose one of them as the designated stock exchange: Provided further that subject to the provisions of this clause, the REIT may choose a different recognised stock exchange as a designated stock exchange for any subsequent issue of units of the REIT under these regulations; 51[(la) "employee unit option scheme" means a scheme under which the manager grants unit options to its employees through an employee benefit trust. Explanation. - For the above purpose, employees of the manager shall include all directors of the manager except independent directors.] (m) "floor space index" or "FSI" shall mean the buildable area on a plot of land as specified by the competant authority; (n) "follow-on offer" means offer of units of a listed REIT to the public for subscription and includes an offer for sale of REIT units by an existing unit holder to the public; (o) 8[***] (p) "form" means any of the forms set out in the Schedule I of these regulations; 9[(pa) "general purposes" include such identifi....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... immediately preceding financial years or during the current financial year; (v) none of whose relatives - (A) is holding securities of or interest in the REIT, its Holdco and/or SPV, parties to the REIT, their holding Company, subsidiary or associate during the three immediately preceding financial years or during the current financial year of face value in excess of fifty lakh rupees or two percent of the unit capital of the REIT, two percent of the paid-up capital of the parties to the REIT, their holding Company, subsidiary or associate or Holdco and/or SPV respectively or such higher sum as may be specified; (B) is indebted to the REIT, its Holdco and/or SPV, parties to the REIT, its holding company, subsidiary or associate or their promoters or directors, during the three immediately preceding financial years or during the current financial year, in excess of such amount as may be specified; (C) has given a guarantee or provided any security in connection with the indebtedness of any third person to the REIT, its Holdco or SPV, parties to the REIT, its holding company, subsidiary or associate or their promoters or directors, during the three immediately preceding fina....
X X X X Extracts X X X X
X X X X Extracts X X X X
....re of the total voting power of the REIT, its Holdco and/or SPV, parties to the REIT; (E) is a material supplier, service provider or customer or a lessor or lessee of the REIT, its Holdco and/or SPV, parties to the REIT, its holding company, subsidiary or associate; (vii) who is not less than 21 years of age; or (viii) who possesses such other qualifications as may be specified by the Board.] 36[(qaa) "inducted sponsor" means any person who has been inducted as a sponsor in accordance with sub-regulation (8) of regulation 22.] 47[(qc)] "initial offer" means the first offer of units of an REIT to the public for subscription and includes an offer for sale of REIT units by an existing unit holder to the public;] (r) 13[***] (s) "inspecting officer" means any one or more person appointed by the Board to exercise powers conferred under Chapter VII of these regulations; (t) "investment management agreement" means an agreement between the trustee and the manager which lays down the roles and responsibilities of the manager towards the REIT; 52[(ta) "liquid asset" means cash, 54[units of overnight mutual fund schemes, units of liquid mutual fund schemes where credi....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... means an initial offer or follow-on offer or any other issue made to the public as may be specified by the Board; (zg) "qualified institutional buyer" shall have the meaning assigned to it under clause (zd) of sub-regulation (1) of regulation 2 of the SEBI (Issue Of Capital And Disclosure Requirements) Regulations, 2009; (zh) "qualified institutions placement" means allotment of units by a listed REIT to qualified institutional buyers on private placement basis in terms of these regulations; (zi) "real estate" or "property" means land and any permanently attached improvements to it, whether leasehold or freehold and includes buildings, sheds, garages, fences, fittings, fixtures, warehouses, car parks, etc. and any other assets incidental to the ownership of real estate but does not include mortgage: Provided that any asset falling under the purview of 'infrastructure' as defined vide Notification of Ministry of Finance dated October 07, 2013 including any amendments or additions made thereof shall not be considered as 'real estate' or 'property' for the purpose of these regulations 55[except if investment in the infrastructure asset is made in compl....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ted REIT to the unit holders of the REIT as on the record date fixed for the said purpose; (zr) "right-of-first-refusal" or "ROFR" of a REIT means the right given to the REIT by a person to enter into a transaction with it before the person is entitled to enter that transaction with any other party; 49[(zra) "Self-Sponsored Manager" means the Manager of a REIT who has dual responsibilities of both the Manager as well as the sponsor.] 43[48[(zrb)] "Senior Management" means officers or personnel of the Manager who are members of its core management team excluding the Board of Directors and shall also comprise all members of the management one level below the Chief Executive Officer or Managing Director, Whole Time Director, manager (including Chief Executive Officer or manager, in case they are not part of the Board of Directors) and shall specifically include the Compliance Officer and Chief Financial Officer;] (zs) "special purpose vehicle" or "SPV" means any company or LLP, - (i) in which 27[either the REIT or the holdco] holds or proposes to hold 28[****] not less than fifty 29[30[****]] per cent. of the equity share capital or interest; (ii) which holds not less than....
X X X X Extracts X X X X
X X X X Extracts X X X X
....uction is not complete and occupancy certificate has not been received; (zx) "unit" means beneficial interest of the REIT; (zy) "unit holder" means any person who owns units of the REIT; 34["(zz) "valuer" means any person who is a "registered valuer" under section 247 of the Companies Act, 2013 or as specified by the Board from time to time.] (zza) 35[****] (zzb) "value of the REIT assets" means aggregate value of all the assets under the REIT as assessed by the valuer. (2) The words and expressions used and not defined in these regulations, but defined in the Act, the Securities Contracts (Regulation) Act, 1956, (42 of 1956), the Companies Act, 2013 (18 of 2013), or any rules or regulations made thereunder, shall have the same meanings respectively assigned to them in those Acts, rules or regulations, or any statutory modification or re-enactment thereto, as the case may be. **************** NOTES:- 1 Substituted for "includes" by the SEBI (Real Estate Investment Trusts) (Amendment) Regulations, 2016, w.e.f. 30.11.2016 2 Omitted, by the SEBI (Real Estate Investment Trusts) (Amendment) Regulations, 2016, w.e.f. 30.11.2016. Prior to its omission, sub-clause ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....2016 16 Inserted by the SEBI (Real Estate Investment Trusts) (Amendment) Regulations, 2016, w.e.f. 30.11.2016 17 Substituted for "sponsor(s)" by the SEBI (Real Estate Investment Trusts) (Amendment) Regulations, 2016, w.e.f. 30.11.2016 18 Inserted by the SEBI (Real Estate Investment Trusts) (Amendment) Regulations, 2016, w.e.f. 30.11.2016 19 Substituted by the Securities and Exchange Board of India (Real Estate Investment Trusts) (Amendment) Regulations, 2018, w.e.f. 10.04.2018. Prior to the substitution, the definition read as follows: ""real estate assets" means properties owned by REIT whether directly or through a special purpose vehicle" 20 Substituted ibid. Prior to the substitution, the definition read as follows: ""REIT assets" means real estate assets and any other assets owned by the REIT whether directly or through a 20[holdco and /or] special purpose vehicle" 21 Substituted for ""related party to the REIT" shall include:" by the SEBI (Real Estate Investment Trusts) (Amendment) Regulations, 2016, w.e.f. 30.11.2016 22 Omitted, by the SEBI (Real Estate Investment Trusts) (Amendment) Regulations, 2016, w.e.f. 30.11.2016. Prior to its omission, sub-clause (ii)....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... (i) above to carry out valuation by such qualified persons; (b) a valuer in respect of technical asset valuation, means members of the following institutions for specific asset categories,- (i) Institution of Valuers; (ii) Institution of Surveyors (Valuation Branch); (iii) Institution of Government Approved Valuers; (iv) Practicing Valuers Association of India; (v) Centre for Valuation Studies, Research and Training; (vi) Royal Institution of Chartered Surveyors, UK; (vii) American Society of Appraisers, United States; (viii) Appraisal Institute, United States; (ix) Institute of Engineers; (x) Council of Architecture or the Indian Institute of Architects: Provided that, the persons referred to in sub-sub-clause (i) and qualified person referred to in sub-sub-clause (ii) of sub-clause (a) above, shall have not less than five years continuous experience after acquiring membership of respective institutions: Provided further that, the persons referred to in sub-sub-clauses (i) to (x) of sub-clause (b) above, shall have a minimum working experience of five years in relevant areas of valuation practice and in relation to relevant asset value and categories; and be citizens....