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TMI BlogEligibility criteriaX X X X Extracts X X X X X X X X Extracts X X X X ..... foregoing provision, the Board shall consider the following, namely,- (a) the applicant is the investment manager on behalf of the trust and the instrument of trust is in the form of a deed duly registered in India under the provisions of the Registration Act, 1908; (b) the trust deed has its main objective as undertaking activity of SM REIT through one or more schemes in accordance with these ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he investment manager is unable to meet the above requirement, it shall employ at least two key managerial personnel, each of whom have not less than five years' experience in the real estate industry or real estate fund management; (iv) not less than half of the directors of the investment manager are independent and are not directors of the manager or investment manager of another REIT or SM R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nager in accordance with these regulations ; (e) the trustee is not an associate of the investment manager; (f) no unit holder of the scheme of the SM REIT enjoys superior voting or any other rights over another unit holder in the same scheme and there are no multiple classes of units of scheme of the SM REIT; (g) the rights of each unitholder in the scheme are pro-rata and pari-passu; (h) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er.] ************** NOTES:- 1. Inserted vide Notification No. SEBI/LAD-NRO/GN/2024/166 dated 08-03-2024 2. Substituted vide F. No. SEBI/LAD-NRO/GN/2025/241 dated 22-04-2025 before it was read as, ";" 3. Omitted vide F. No. SEBI/LAD-NRO/GN/2025/241 dated 22-04-2025 before it was read as, "and" 4. Inserted vide F. No. SEBI/LA ..... X X X X Extracts X X X X X X X X Extracts X X X X
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