Listing and trading of units of Infrastructure Investment Trusts (InvITs) and Real Estate Investment Trusts (REITs) on recognized stock exchanges in International Financial Services Centres (IFSC)
Summary
SEBI permits the listing and trading of units of Infrastructure Investment Trusts (InvITs) and Real Estate Investment Trusts (REITs) on stock exchanges in International Financial Services Centres (IFSC). These trusts must be incorporated in Permissible Jurisdictions, regulated by local securities market regulators, and listed on specified international exchanges. Stock exchanges in IFSC are required to evolve detailed frameworks for initial and continuous listing requirements for these entities.
Text
It has been decided to permit ‘Units of InvITs and REITs by whatever name called in the Permissible Jurisdictions’ as permissible security under sub-clause (vi) of Clause 7 of SEBI (IFSC) Guidelines, 2015.
Such InvITs and REITs which are incorporated/settled in Permissible Jurisdictions, as may be notified by the Government of India from time to time pursuant to notification no. G.S.R. 669(E) dated September 18, 2019.
Such InvITs and REITs are regulated by the securities market regulator(s) in the Permissible Jurisdictions.
Such InvITs and REITs are listed on any of the specified international exchanges in the Permissible Jurisdiction.
Stock exchanges in IFSC shall evolve a detailed framework prescribing the initial and continuous listing requirements for such InvITs and REITs whose units are listed/proposed to be listed on stock exchanges in IFSC.
The applicability of this circular is subject to such conditions that may be prescribed by SEBI, Reserve Bank of India and other appropriate authority from time to time.
This circular is being issued in exercise of powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act, 1992, to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.
Source: SecMarx — Listing and trading of units of Infrastructure Investment Trusts (InvITs) and Real Estate Investment Trusts (REITs) on recognized stock exchanges in International Financial Services Centres (IFSC). Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.