TMI BlogEligibility criteria.X X X X Extracts X X X X X X X X Extracts X X X X ..... ity of REIT in accordance with these regulations and includes responsibilities of the Trustee in accordance with regulation 9; (c) persons have been designated as sponsor(s), manager and trustee under these regulations and all such persons are separate entities; (d) with regard to sponsor(s),- (i) 3 [each sponsor shall hold or propose] to hold not less than five per cent. of the number of units of the REIT on post-initial offer basis; 4 [(ia) each sponsor and sponsor group shall be clearly identified in the application of registration to the Board and in the offer document/placement memorandum, as applicable: Provided that, for each sponsor group not less than one person shall be identified as a sponsor;] 5 [Provi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment of real estate; (iii)the manager has not less than two key personnel who each have not less than five years experience in fund management or advisory services or property management in the real estate industry or in development of real estate; (iv) the manager has not less than half, of its directors in the case of a company or of members of the governing Board in case of an LLP, as independent and not directors or members of the governing Board 6 [of the manager] of another REIT; and (v) the manager has entered into an investment management agreement with the trustee which provides for the responsibilities of the manager in accordance with regulation 10; (f) with regard to the trustee,- (i) the trustee is registered ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... i) the applicant has clearly described at the time of application for registration, details pertaining to proposed activities of the REIT; (j) the 11 [REIT] and parties to the REIT are fit and proper persons based on the criteria as specified in Schedule II of the Securities and Exchange Board of India (Intermediaries) Regulations, 2008; (k) whether any previous application for grant of certificate by the 12 [REIT or the parties to the REIT or their directors/members of governing board] has been rejected by the Board; (l) whether any disciplinary action has been taken by the Board or any other regulatory authority against the 13 [REIT or the parties to the REIT or their directors/members of governing board] under any Act o ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
