Reduction of timelines for listing of units of Real Estate Investment Trust (REIT)

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....state Investment Trust (REIT), it has been decided to reduce the time taken for allotment and listing after the closure of issue to six working days as against the present requirement of within twelve working days. The indicative timelines from issue closure till listing are as under: Timelines from issue closure till listing Sl. No. Details of activities Due date (working day*) 1 Issue closes T (Issue closing date) 2 • Stock exchange(s) shall allow modification of selected fields (till 11 AM) in the bid details already uploaded. • RTA to get the electronic bid details from the stock exchanges by end of the day. • Designated branches of Self Certified Syndicate....

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....or Demat a/c to Trust Demat account       T+2 4 • Finalization of technical rejection and minutes of the meeting between manager on behalf of REIT, merchant banker, RTA. • The allotment in the public issue of units to applicants other than anchor investors and strategic investors shall be on proportionate basis. • RTA shall finalise the basis of allotment and submit it to the designated stock exchange for approval. • Designated stock exchange to approve the basis of allotment. • RTA to prepare funds transfer schedule based on approved basis of allotment. • RTA and merchant banker to issue funds transfer instructions to SCSBs. ....

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....cable, are done electronically. • Manager on behalf of REIT shall make listing application to stock exchange(s) to give listing and trading permission. • Stock exchange(s) to issue notice for listing and commencement of trading.         T+5 7 Trading commences T+6 * Working days will be all trading days of stock exchanges, excluding Sundays, and bank holidays 2. The SCSBs, stock exchanges, depositories, intermediaries shall co-ordinate to ensure completion of listing (through public issue) and commencement of trading of units of REIT, within six working days from the date of closure of issue. 3. The provisions of this circular shall be applicable to a public....