Eligibility criteria.

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....taking activity of REIT in accordance with these regulations and includes responsibilities of the Trustee in accordance with regulation 9; (c) persons have been designated as sponsor(s), manager and trustee under these regulations and all such persons are separate entities; (d) with regard to sponsor(s),- (i) ^3[each sponsor shall hold or propose] to hold not less than five per cent. of the number of units of the REIT on post-initial offer basis; ^4[(ia) each sponsor and sponsor group shall be clearly identified in the application of registration to the Board and in the offer document/placement memorandum, as applicable: Provided that, for each sponsor group not less than one person shall be iden....

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....nd management or advisory services or property management in the real estate industry or in development of real estate; (iii) the manager has not less than two key personnel who each have not less than five years experience in fund management or advisory services or property management in the real estate industry or in development of real estate; (iv) the manager has not less than half, of its directors in the case of a company or of members of the governing Board in case of an LLP, as independent and not directors or members of the governing Board ^6[of the manager] of another REIT ^16[:] ^17[Provided that if by a vacancy in the office of an independent director of the manager, the manager becomes non-compliant w....

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....han ten percent of the total outstanding units of the REIT, either individually or collectively, shall be entitled to nominate one director on the board of directors of the Manager, in the manner as may be specified by the Board: Provided further that the director so nominated shall recuse from voting on any transaction in which such nominee director or associate of such nominee director or the unitholder who nominated such nominee director or the associate of such unitholder is a party: Provided further that any unitholder holding not less than ten percent of the total outstanding units of the REIT shall comply with the stewardship code specified in Schedule IX of these regulations.] (h) ^10[***] (i) the....

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....ties and Exchange Board of India (Real Estate Investment Trusts) (Amendment) Regulations, 2018, w.e.f. 10.04.2018. 7 Substituted for "preferential" by the SEBI (Real Estate Investment Trusts) (Amendment) Regulations, 2016, w.e.f. 30.11.2016 8 Substituted for ";" by the SEBI (Real Estate Investment Trusts) (Amendment) Regulations, 2016, w.e.f. 30.11.2016 9 Inserted by the SEBI (Real Estate Investment Trusts) (Amendment) Regulations, 2016, w.e.f. 30.11.2016 10 Omitted, by the SEBI (Real Estate Investment Trusts) (Amendment) Regulations, 2016, w.e.f. 30.11.2016. Prior to its omission, clause (h) read as under :, "there are no multiple classes of units of REIT;" 11 Substituted for "applicant" by the Securities a....