The Securities and Exchange Board of India (“SEBI”), in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 and Regulation 33 of the SEBI (Real Estate Investment Trusts) Regulations, 2014, vide Circular No. SEBI/HO/DDHS-PoD-2/P/CIR/2025/99,[1] dated July 11, 2025, has issued a Master Circular for Real Estate Investment Trusts (“REITs”), incorporating all relevant circulars issued until July 11, 2025. This step aims to provide stakeholders with a single-point reference for all compliance and disclosure requirements applicable to REITs (“Master Circular”).
Key Provisions
1. Supersession of Earlier Circulars: All previous SEBI circulars relating to REITs mentioned in the Appendix are now superseded. However, any actions taken, registrations granted, investigations or proceedings initiated, fees collected or penalties imposed under the earlier circulars shall be deemed to have been done under the corresponding provisions of this Master Circular.
2. Continuity of Legal Effect: Rights, obligations, and liabilities arising under the superseded circulars remain intact. Any pending applications or ongoing proceedings will continue as though made or initiated under the new Master Circular.
3. Compliance and Reporting Obligations: Entities governed under the REIT framework must ensure ongoing compliance with all provisions laid out in the Master Circular; submission of periodic and continuous reports as specified; and stock exchanges must disseminate the contents of the Master Circular on their websites and ensure market-wide awareness.
[1][1]https://www.sebi.gov.in/legal/master-circulars/jul-2025/master-circular-for-real-estate-investment-trusts-reits-_95232.html