TaxTMI 
TaxTMI 
Eligibility criteria.
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.... 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 identified as a sponsor;] 5[Provided further that, of the entities categoriz....
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.... 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 with the requirement, such vacancy shall be filled by the manager as follows- A. if such vacancy arises due to expiry of the term of office of the independent director, then t....
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....ther 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 applicant has clearly described at the time of application for registration, details pertaining to proposed activities of the REIT; (j) the 11[REIT] and parties to the REIT are fit and proper persons based on the criteria as specified in Schedule II of the Securities an....