Rights and responsibilities of sponsor(s) and sponsor group(s)

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....state assets to the REIT prior to allotment of units of the REIT to the applicants: Provided that this shall not apply to the extent of any mandatory holding of shares or interest ^8[and rights] in the ^9[holdco and/or] SPV by the sponsor(s) ^10[and sponsor group(s)] as required ^11[under] any Act or regulations or circulars or guidelines of government or regulatory authority as specified from time to time. ^29[(3) The sponsor(s) and sponsor group(s) shall collectively hold not less than - (i) fifteen percent of the total units of the REIT, for three years from the date of listing of units in the initial offer: Provided that any holding by the sponsor(s) and sponsor group(s) exceeding fifteen percent shall be held fo....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....this sub-regulation: Provided further that for REITs that have already issued units pursuant to an initial offer as on the date of coming into effect of the Securities and Exchange Board of India Securities and Exchange Board of India (Real Estate Investment Trusts) (Second Amendment) Regulations, 2023, the provisions contained in clauses (i) to (v) of this sub-regulation shall be applicable only for the additional units issued by the REIT after such date and the units that are locked in at the time of initial offer shall continue to be locked in till the completion of three years from the date of listing of units in such initial offer.] ^30[(3A) The units required to be held in terms of sub-regulation (3) shall be locked in and....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....nsor or its sponsor group entities may be transferred to the self-sponsored manager or its shareholders or group entities of self-sponsored manager subject to the condition that the self- sponsored manager or its shareholders or group entities of self-sponsored manager shall meet the minimum unitholding requirements after the transfer.] ^28[(4) Notwithstanding anything contained in any contract or agreement, the sponsor(s) and the sponsor group(s) shall continue to be liable to the REIT, trustees and unit holders for all acts of commission or omission, representation or covenants related to the formation of the REIT and the sale or transfer of assets or holdco or SPV to the REIT.] ^25[****] ^26[****]     ********....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... (Real Estate Investment Trusts) (Amendment) Regulations, 2016, w.e.f. 30.11.2016 14 Inserted by the SEBI (Real Estate Investment Trusts) (Amendment) Regulations, 2016, w.e.f. 30.11.2016 15 Inserted by the SEBI (Real Estate Investment Trusts) (Amendment) Regulations, 2016, w.e.f. 30.11.2016 16 Inserted by the SEBI (Real Estate Investment Trusts) (Amendment) Regulations, 2016, w.e.f. 30.11.2016 17 Inserted by the SEBI (Real Estate Investment Trusts) (Amendment) Regulations, 2016, w.e.f. 30.11.2016 18 Omitted "," by the SEBI (Real Estate Investment Trusts) (Amendment) Regulations, 2016, w.e.f. 30.11.2016. 19 Inserted by the SEBI (Real Estate Investment Trusts) (Amendment) Regulations, 2016, w.e.f. 30.11.201....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....another person(s) or entity(ies) to act as the re-designated sponsor(s) where the re-designated sponsor shall satisfy the eligibility norms for the sponsor as specified under ^22[regulation 4]: Provided that such units may also be sold to an existing sponsor; (c) The ^23[***]proposed redesignated sponsor shall obtain approval from the unit holders or provide option to exit to the unit holders in accordance with guidelines as may be specified: Provided that this clause shall not apply where the units are proposed to be sold to an existing sponsor ^24[or member of sponsor group]. (5) If re-designated sponsor(s) propose(s) to sell its units to any another person, conditions specified under clauses (b), and (c) of sub-regulation (4)....