Securities and Exchange Board of India (Real Estate Investment Trusts) (Second Amendment) Regulations, 2020

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....usts) Regulations, 2014, namely:- 1. These regulations may be called the Securities and Exchange Board of India (Real Estate Investment Trusts) (Second Amendment) Regulations, 2020. 2. They shall come into force on the date of their publication in the Official Gazette. 3. In the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014,- I. In regulation 2, in sub-regulation (1),- a. after clause (qa), a new clause (qaa) shall be inserted, namely,- "(qaa) "inducted sponsor" means any person who has been inducted as a sponsor in accordance with sub-regulation (8) of regulation 22." b. in clause (zc), the words and symbols "re-designated" shall be substituted with the....

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....lation 14, in sub-regulation (2), a new clause shall be inserted after clause (ba), namely,- "(bb) maximum subscription from any investor other than sponsor(s), its related parties and its associates shall not be more than 25 percent of the total unit capital;" V. In regulation 22,- a. in sub-regulation (5), after clause (f), a new clause shall be inserted, namely,- "(fa) de-classification of the status of sponsor;" b. in sub-regulation (6), clause (d) shall be omitted. c. in sub-regulation (6), the proviso under clause (g) shall be omitted. d. after sub-regulation (6), the following new sub-regulation shall be inserted, namely,- "(6A) No person, other than sponsor(s), ....

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....lders an option to exit by buying their units in the manner as specified by the Board; Explanation: Change in sponsor or inducted sponsor shall mean any change due to entry of a new sponsor with or without exit of an existing sponsor." AJAY TYAGI, Chairman [ADVT.-III/4/Exty./57/2020-21] Footnotes: 1. The Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014 was published in the Gazette of India on September 26, 2014 vide No. LADNRO/GN/2014/15/11/1576. 2. The Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014 was subsequently amended by the - a. Securities and Exchange Board of India (Real Estate Investment Trusts) (Amendment) Regulation....