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New amendment allows unitholders in Real Estate Investment Trusts to nominate a director on the Board of Directors of the Manager.

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....The circular dated August 6, 2024, amends the Master Circular for Real Estate Investment Trusts (REITs) regarding board nomination rights to unitholders. The amendment clarifies that unitholders can nominate a director on the Board of Directors of the Manager of a REIT even if another unitholder has the right to nominate a director in the capacity of a lender. This change aims to facilitate business operations and is made in response to industry requests and the recommendation of the Hybrid Securities Advisory Committee. The circular, effective immediately, is issued under the authority of the Securities and Exchange Board of India Act, 1992, and the SEBI (Real Estate Investment Trusts) Regulations, 2014.....

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