Real Estate Investment Trusts (REITs): consolidated SEBI master circular enforces filing, disclosure, NDCF framework and investor protections immediately

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....SEBI's Master Circular consolidates all REIT-related circulars to July 11, 2025 and takes immediate effect, superseding earlier circulars while preserving prior actions and applications. It prescribes mandatory online filing, detailed rules for public issues (appointment and due diligence by merchant bankers, ASBA/UPI payment flows, anchor and strategic investor allocation, pricing, allotment and listing timelines), and follow-on/rights/preferential/institutional placement procedures. It mandates financial disclosure standards (Ind AS basis, combined/pro forma statements, audit and limited review requirements, SAE 3400 certification for projections), a defined Net Distributable Cash Flow framework, continuous disclosure, governance reportin.........