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The Securities and Exchange Board of India (SEBI) has approved a provision that ensures opinions of retail unitholders are fairly represented in the decisions taken by Infrastructure Investment Trusts (InvITs) and Real Estate Investment Trusts (REITs). It has approved amendments to the SEBI(Infrastructure Investment Trusts) Regulations, 2014 and SEBI (Real Estate Investment Trusts) Regulations, 2014 to provide nomination rights to unitholders holding 10 percent or more of the total outstanding units of the InvIT/REIT, either individually or collectively, on the board of directors of the Investment Manager/Manager. Presently, SEBI Regulations mandate the Sponsor to hold a minimum of 15 percent units for a period of at least three years from the date of listing of units. The Board also approved the proposal for introduction of self-sponsored Investment Manager/ Manager i.e. an Investment Manager/ Manager who also takes on the responsibilities of the Sponsor of InvIT/ REIT Some of the key conditions for conversion of Investment Manager/Manager to self-sponsored Investment Manager/Manager include minimum five years of listing, at least one of the sponsors proposing to disassociate to have been a sponsor of the InvIT/REIT for a minimum period of five years, and the existing sponsor or their associates to not own or control the Investment Manager, among others.
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