TaxTMI 
TaxTMI 
Relaxation from certain provisions for units allotted to an employee benefit trust for the purpose of a unit based employee benefit scheme, Alignment of timelines for making distribution by REITs and Format of Quarterly Report and Compliance Certificate - Real Estate Investment Trusts (REITs)
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....gnment of timelines for making distribution by REITs and Format of Quarterly Report and Compliance Certificate - Real Estate Investment Trusts (REITs) Relaxation from certain provisions for units allotted to an employee benefit trust for the purpose of a unit based employee benefit scheme 1. SEBI (Real Estate Investment Trusts) Regulations, 2014 ("REIT Regulations") were amended on July 13, 2024 to provide a framework for unit based employee benefit ("UBEB") scheme. The framework for UBEB scheme, inter-alia, provides that issuance of units to the employee benefit trust shall be based on the guidelines for preferential issue of units, including pricing guidelines as specified by the Board. 2. Chapter 10 of the Master Circular for Real Es....
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....l consideration for the acquisition of such asset. 10.7.2. .........." 3. In order to promote ease of doing business and to facilitate the acquisition of units by the employee benefit trust and the subsequent transfer of units to the employees as per the terms of the UBEB scheme, it is proposed that the aforementioned lock-in and allotment related restrictions shall not apply to the employee benefit trust. Accordingly, in Chapter 10 of the Master Circular - 3.1. a new paragraph 10.6.4. is inserted as under: "The lock-in requirement mentioned at paragraph 10.6.2. and 10.6.3. above shall not be applicable in case of units allotted to an employee benefit trust for the purpose of a unit based employee benefit scheme in compliance with Ch....
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....submitted by the Manager of the REIT to the Trustee under Regulation 10(18)(a) and Regulation 9(3) of the REIT Regulations respectively, and publish it on its website. Any future changes to this format shall be made by IRA in consultation with SEBI, prior to implementation. 7. All REITs shall follow the aforementioned format specified by IRA to ensure compliance with Regulation 10(18)(a) and Regulation 9(3) of the REIT Regulations. Alignment of timelines for making distribution by REITs 8. REIT Regulations were amended on September 27, 2024 to revise the timelines for making distributions made by REITs w.e.f. November 27, 2024. Chapter 19 and Annexure 14 of the Master Circular for REITs dated May 15, 2024 related to procedural framework ....