Securities and Exchange Board of India (Real Estate Investment Trusts) (Second Amendment) Regulations, 2025

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....ment Trusts) Regulations, 2014, namely : - 1. These regulations may be called the Securities and Exchange Board of India (Real Estate Investment Trusts) (Second Amendment) Regulations, 2025. 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, ─ (1) in regulation 2, in sub-regulation (1), clause (ze) shall be substituted with the following, namely, - "(ze) "public" means any person other than: (i) the related party of the REIT, its sponsor, or manager; or (ii) any other person as may be specified by the Board: Provided that a person specified above,....

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....8, in sub-regulation (16), in clause (aa), (a) in sub-clause (i), after the words "shall be distributed to the REIT", the word and symbol "; and" shall be substituted with the symbol ":"; (b) after sub-clause (i), the following proviso shall be inserted, namely, - "Provided that if the net distributable cash flow generated by the holdco on its own is negative; the holdco may adjust it against the cash flows received from its underlying SPVs provided that it makes appropriate disclosures in this regard to the unitholders in such form and manner as may be specified by the Board."; (5) in regulation 21, (a) after sub-regulation (4), the proviso shall be substituted with the following, namely, - ....

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....ol ", investor" may be omitted. BABITHA RAYUDU, Executive Director [ADVT.-III/4/Exty./334/2025-26] 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. LAD-NRO/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) Regulations, 2016, vide No. SEBI/LAD/NRO/GN/2016-17/022, with effect from November 30, 2016. b) Securities and Exchange Board of India (Payment of Fees and Mode of Payment) (Amendment....

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....e No. SEBI/LAD-NRO/GN/2021/30 with effect from August 03, 2021. k) Securities and Exchange Board of India (Real Estate Investment Trusts) (Amendment) Regulations, 2022 vide No. SEBI/LAD-NRO/GN/2022/100 with effect from November 9, 2022. l) Securities and Exchange Board of India (Real Estate Investment Trusts) (Amendment) Regulations, 2023 vide No. LAD-NRO/GN/2023/123 with effect from February 14, 2023. m) Securities and Exchange Board of India (Alternative Dispute Resolution Mechanism) (Amendment) Regulations, 2023 vide No. SEBI/LAD-NRO/GN/2023/137 with effect from July 4, 2023. n) Securities and Exchange Board of India (Real Estate Investment Trusts) (Second Amendment) Regulation....