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 read with the provisions of Regulation 15(2)(d), Regulation 23(7) and Regulation 33 of the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014, vide Circular No. SEBI/HO/DDHS/DDHS-PoD-2/P/CIR/2025/64,[1] dated May 07, 2025, has issued updated norms related to the disclosure of financial information in offer documents and continuous disclosure requirements for Real Estate Investment Trusts (“REITs”), through amendments to Chapters 3 and 4 of the Master Circular for REITs dated May 15, 2024 (“Mater Circular”) (“Amended Circular”). The provisions under this Amended Circular shall be applicable with immediate effect except for the requirements specified under Chapter 4 of the said Master Circular, which shall be applicable for disclosure of financial information for the period beginning on or after April 01, 2025.
These revisions have been made in Chapter 3 and Chapter 4 of the Master Circular along with Paragraph 7 of Annexure-5 and Paragraph 7 of Annexure -6 of the Master Circular. This move is followed by the recommendations from the Working Group on REITs and InvITs under the Hybrid Securities and Advisory Committee (HySAC), along with inputs from the Indian REITs Association and SEBI’s internal consultations.
[1] https://www.sebi.gov.in/legal/circulars/may-2025/review-of-a-disclosure-of-financial-information-in-offer-document-and-b-continuous-disclosures-and-compliances-by-real-estate-investment-trusts-reits-_93837.html