TMI BlogRights and responsibilities of sponsor(s) and sponsor group(s)X X X X Extracts X X X X X X X X Extracts X X X X ..... f the real estate assets to the REIT prior to allotment of units of the REIT to the applicants: Provided that this shall not apply to the extent of any mandatory holding of shares or interest 8 [and rights] in the 9 [holdco and/or] SPV by the sponsor(s) 10 [and sponsor group(s)] as required 11 [under] any Act or regulations or circulars or guidelines of government or regulatory authority as specified from time to time. 29 [ (3) The sponsor(s) and sponsor group(s) shall collectively hold not less than - (i) fifteen percent of the total units of the REIT, for three years from the date of listing of units in the initial offer: Provided that any holding by the sponsor(s) and sponsor group(s) exceeding fifteen percent s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Provided further that for REITs that have already issued units pursuant to an initial offer as on the date of coming into effect of the Securities and Exchange Board of India Securities and Exchange Board of India (Real Estate Investment Trusts) (Second Amendment) Regulations, 2023, the provisions contained in clauses (i) to (v) of this sub-regulation shall be applicable only for the additional units issued by the REIT after such date and the units that are locked in at the time of initial offer shall continue to be locked in till the completion of three years from the date of listing of units in such initial offer. ] 30 [ (3A) The units required to be held in terms of sub-regulation (3) shall be locked in and shall not be encumber ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8, w.e.f. 10.04.2018. 7 Inserted by the SEBI (Real Estate Investment Trusts) (Amendment) Regulations, 2016, w.e.f. 30.11.2016 8 Inserted by the Securities and Exchange Board of India (Real Estate Investment Trusts) (Amendment) Regulations, 2018, w.e.f. 10.04.2018. 9 Inserted by the SEBI (Real Estate Investment Trusts) (Amendment) Regulations, 2016, w.e.f. 30.11.2016 10 Inserted by the Securities and Exchange Board of India (Real Estate Investment Trusts) (Amendment) Regulations, 2018, w.e.f. 10.04.2018. 11 Inserted ibid. 12 Omitted the sponsor(s) shall, by the SEBI (Real Estate Investment Trusts) (Amendment) Regulations, 2016, w.e.f. 30.11.2016. 13 Inserted by the SEBI (Real Estate Investment Trusts) (Amendment) Regula ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the listed REIT at all times; (c) 17 [each of the sponsor] individually 18 [***] 19 [shall] hold not less than five per cent. of the outstanding units of the listed REIT at all times. 26. Omitted vide Notification No. SEBI/LAD-NRO/GN/2020/16 dated 16-06-2020 before it was read as (4) If the sponsor(s) 20 [and sponsor group(s)] propose(s) to sell its units below the limit specified in clauses (b) or (c) of sub-regulation (3) of this regulation- (a) such units shall be sold only after a period of three years from the date of listing of the units; (b) prior to sale of such units, the sponsor(s) 21 [ and sponsor group(s)] shall arrange for another person(s) or entity(ies) to act as the re-designated sponsor(s) where ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Inserted vide Notification No. SEBI/LAD-NRO/GN/2022/100 dated 09-11-2022 29. Substituted vide Notification No. SEBI/LAD-NRO/GN/2023/144 dated 16-08-2023 before it was read as, 27 [ (3) The sponsor(s) and sponsor group(s) shall collectively hold a minimum of fifteen percent of the total units of the REIT for a period of at least three years from the date of listing of such units pursuant to initial offer on a post-issue basis: Provided that any holding of the sponsor(s) and sponsor group(s) exceeding the minimum holding, shall be held for a period of atleast one year from the date of listing of such units. ] 30. Inserted vide Notification No. SEBI/LAD-NRO/GN/2023/144 dated 16-08-2023 - - statute, statutory p ..... X X X X Extracts X X X X X X X X Extracts X X X X
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