AI OCR 
TaxTMI 
TaxTMI 
TaxTMI 
Definitions
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....*] (c) "Board" means the Securities and Exchange Board of India established under section 3 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 int....
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....urities) Regulations, 2008;] (l) "designated stock exchange" means a recognised stock exchange in which units of a REIT are listed or proposed to be listed and which is chosen by the REIT as a designated stock exchange for the purpose 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 u....
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....d to the REIT, its Holdco and/or SPV, parties to the REIT, its holding company or associate or their promoters or directors; (iv) who, apart from receiving a director's remuneration, does not have or has had any material pecuniary relationship with the REIT, its Holdco and/or SPV, parties to the REIT, its holding company, the subsidiary or associate or their promoters or directors, during the three 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 o....
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....over of such firm; (C) holds together with his relatives two per cent or more of the total voting power of the REIT, its Holdco and/or SPV, parties to the REIT; (D) is a chief executive or director, by whatever name called, of any non- profit organisation that receives twenty-five per cent or more of its receipts or corpus from the REIT, its Holdco and/or SPV, parties to the REIT, its holding company, subsidiary or associate, any of its promoters, directors or that holds two per cent or more 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 inclu....
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....ncludes initial offer document, follow-on offer document ^16[, letter of offer in case of rights issue] and any other document as may be specified by the Board; (zc) "parties to the REIT" shall include the ^17[sponsor group(s)], ^37[inducted] sponsor(s), manager, and trustee; (zd) "preferential issue" means an issue of units by a listed REIT to any select person or group of persons on a private placement basis and does not include an offer of units made through a public issue, rights issue, bonus issue, qualified institutions placement or any other issue as may be specified by the Board; ^56[(ze) "public" means any person other than: (i) the related party of the REIT, its sponsor, or manager; or (ii) any other person as may be specified by the Board: Provided that a person specified above, who is also a qualified institutional buyer in an offer, shall be considered as "public" for the purpose of these regulations: Provided further that the sponsor, sponsor group and manager of the REIT shall not be considered as "public" for the purpose of these regulations.] (zf) "public issue" means an initial offer or follow....
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.... therefrom without giving them the day-to-day control over the management and operation of such real estate asset(s) or property(ies). Explanation 1. - For the purpose of these regulations, a REIT or Real Estate Investment Trust shall include an SM REIT under Chapter VIB of these regulations. Explanation 2. - For the removal of doubts, it is hereby clarified that for the purpose of these regulations, any company which acquires and manages real estate asset(s) or property(ies) and offers or issues securities to the investors, shall not be construed as a REIT or Real Estate Investment Trust;] (zn) ^20["REIT assets" means real estate assets and any other assets held by the REIT, on a freehold or leasehold basis, whether directly or through a holdco and/or a special purpose vehicle."]; (zo) ^21["related party" shall be defined under the Companies Act, 2013 or under the applicable accounting standards and shall also include:] (i) parties to the REIT; (ii) ^22[****] (iii) ^23[****] ^24[promoters] ^25[****], directors and partners of the persons in clause (i) ^26[****]; (zp) "rent generating property" means property w....
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.... child of the person or of the spouse); and b. entities or person(s) which are controlled by such individual;] ^59[(ztb) "strategic investor" means, - a. an institutional investor; or b. a foreign portfolio investor not covered under sub-clause (a); or c. a middle layer, upper layer and top layer Non-Banking Finance Company registered with the Reserve Bank of India; or d. such entities as the Board may specify from time to time, who invest, either jointly or severally, not less than five per cent. of the total offer size of the REIT or such amount as may be specified by the Board from time to time, subject to compliance with the applicable provisions, if any, of the Foreign Exchange Management Act, 1999 and the rules or regulations or guidelines made thereunder: Provided that if the entity is regulated by any financial sector regulator, the Board shall consult such financial sector regulator prior to specifying the entity as a strategic investor under sub-clause (d) of clause (ztb) of sub-regulation (1) of regulation 2;] (zu) "transferable development rights" or "TDR" shall mean development rights issued by the....
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....nder : "any company or LLP or body corporate in which the person or its director(s) or partner(s) hold(s), either individually or collectively, more than fifteen percent of its paid-up equity share capital or partnership interest, as the case may be;" 6 Substituted for the word "more" by the Securities and Exchange Board of India (Real Estate Investment Trusts) (Amendment) Regulations, 2018, w.e.f. 10.04.2018. 7 Inserted by the SEBI (Real Estate Investment Trusts) (Amendment) Regulations, 2016, w.e.f. 30.11.2016. 8 Omitted, by the SEBI (Real Estate Investment Trusts) (Amendment) Regulations, 2016, w.e.f. 30.11.2016. Prior to its omission, clause (o) read as under : ""follow-on offer document" means any document by which follow-on offer is made to the public;" 9 Inserted by the SEBI (Real Estate Investment Trusts) (Amendment) Regulations, 2016, w.e.f. 30.11.2016. 10 Inserted by the SEBI (Real Estate Investment Trusts) (Amendment) Regulations, 2016, w.e.f. 30.11.2016. 11 Words "controlling interest and" omitted by the Securities and Exchange Board of India (Real Estate Investment Trusts) (Amendment) Regulations, 2018, w.e.f. 10.04....
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....he REIT" by the SEBI (Real Estate Investment Trusts) (Amendment) Regulations, 2016, w.e.f. 30.11.2016 28 Words "controlling interest and" omitted by the Securities and Exchange Board of India (Real Estate Investment Trusts) (Amendment) Regulations, 2018, w.e.f. 10.04.2018. 29 Word "one" omitted ibid. 30 Inserted by the SEBI (Real Estate Investment Trusts) (Amendment) Regulations, 2016, w.e.f. 30.11.2016 31 Inserted by the SEBI (Real Estate Investment Trusts) (Amendment) Regulations, 2016, w.e.f. 30.11.2016 32 Inserted by the SEBI (Real Estate Investment Trusts) (Amendment) Regulations, 2017, w.e.f. 15.12.2017 33 Substituted for the word "and" by the Securities and Exchange Board of India (Real Estate Investment Trusts) (Amendment) Regulations, 2018, w.e.f. 10.04.2018. 34 Substituted by the SEBI (Real Estate (Real Estate Investment Trusts) (Amendment) Regulations, 2017, w.e.f. 15.12.2017. Prior to the substitution, the definition of the term "valuer" read as follows: "(zz) "valuer" means any person who is a "registered valuer" under section 247 of the Companies Act, 2013 34[or as defined hereunder] and who has34[/have] been appointe....
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....ation No. SEBI/LAD-NRO/GN/2020/16 dated 16-06-2020 37 Substituted vide Notification No. SEBI/LAD-NRO/GN/2020/16 dated 16-06-2020 before it was read as "re-designated" 38 Omitted vide Notification No. SEBI/LAD-NRO/GN/2020/16 dated 16-06-2020 before it was read as "(zl) "re-designated sponsor" means any person who has assumed the responsibility of the sponsor as provided under regulation 11 from the person as designated under clause (zt) of sub-regulation (1) of this regulation or from any re-designated sponsor thereafter;" 39 Inserted vide Notification No. SEBI/LAD-NRO/GN/2020/16 dated 16-06-2020 40 Inserted vide Notification No. SEBI/LAD-NRO/GN/2020/16 dated 16-06-2020 41 Substituted vide Notification No. SEBI/LAD-NRO/GN/2023/123 dated 14-02-2023 w.e.f. 01-04-2023 before it was read as, "(g) "change in control" means,- (i) in case of a company or body corporate, change in control where 'control' shall have the meaning as provided in sub-section (27) of section 2 of the Companies Act, 2013; (ii) in any other case, change in the controlling interest; Explanation.─ For the purpose of sub-clause (i....