Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014
Summary
This part contains Chapter I Preliminary of the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014 as amended up to April 18, 2026. It provides the short title in regulation 1(1) and commencement in regulation 1(2) and the definitions in regulation 2(1) for terms including Act, associate, Board, change in control, common infrastructure and designated stock exchange. The definitions incorporate references to the Securities and Exchange Board of India Act, 1992 and the Companies Act, 2013 and specify meanings for REIT-related concepts such as bonus issue, completed property and employee unit option scheme. This part defines "governing board" for LLPs and "initial offer" as the first offer of REIT units to the public including offer for sale. It inserts definitions for "group entities of the Manager", "holdco" or "holding company", "inducted sponsor" and a detailed eight-part definition of "Independent director" for the Manager. It also defines "inspecting officer", "institutional investor", "investment management agreement" and "liquid asset". This part contains definitions under regulation 2(1) clauses (u) to (zm) of the REIT Regulations coverin
Text
These regulations may be called the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014.
They shall come into force on the date of their notification in the Official Gazette.
"Act" means the Securities and Exchange Board of India Act, 1992 (15 of 1992);
"associate" of any person shall be as defined under the Companies Act, 2013 or under the applicable accounting standards and shall also include following,- (i) any person controlled, directly or indirectly, by the said person; (ii) any person who controls, directly or indirectly, the said person; (iii) where the said person is a company or a body corporate, any person(s) who is designated as promoter(s) of the company or body corporate and any other company or body corporate with the same promoter(s); (iv) where the said person is an individual, any relative of the individual;
"Board" means the Securities and Exchange Board of India established under section 3 of the Act;
"body corporate" shall have the meaning assigned to it in or under sub-section (11) of section 2 of the Companies Act, 2013;
"bonus issue" means additional units allotted to the unit holders as on the record date fixed for the said purpose, without any cost to the unit holder;
"certificate" means a certificate of registration granted under these regulations;
"change in control", - (i) in case of a body corporate, - (A) if its shares are listed on any recognized stock exchange, shall be construed with reference to the definition of control in terms of regulations framed under clause (h) of sub-section (2) of section 11 of the Act; (B) if its shares are not listed on any recognized stock exchange, shall be construed with reference to the definition of control as provided in sub-section (27) of section 2 of the Companies Act, 2013 (18 of 2013); (ii) in a case other than a body corporate, shall be construed as any change in its legal formation or ownership or change in controlling interest. Explanation- For the purpose of sub-clause (ii), the expression "controlling interest" means an interest, whether direct or indirect, to the extent of not less than fifty percent of voting rights or interest;
"common infrastructure" includes facilities or amenities such as power plants, district or retail heating and cooling systems, water treatment or processing plants, waste treatment or processing plants and any facilities or amenities incidental to real estate business which exclusively supply or cater to, or are exclusively consumed by the REIT, its HoldCo(s) or SPV(s), irrespective of whether such facilities or amenities are co-located within any project of REIT or not: Provided that in case of common infrastructure, any excess production or capacity, not consumed by the REIT, its HoldCo(s) or SPV(s), may be sold or supplied to a central or state grid or utility in accordance with the applicable laws, subject to the following conditions: (i) the manager shall make adequate disclosures in the annual report to demonstrate that the excess production or capacity could not be consumed by the REIT, its HoldCo(s) and SPV(s); (ii) the credits or payments received from such sale or supply of excess production or capacity are applied towards the payments to be made by the REIT, its HoldCo(s) or SPV(s); and (iii) the manager shall make adequate disclosures related to sale or supply of such excess production or capacity in the annual report, including disclosures related to utilization of credits or payments received against such sale or supply, and the same shall be audited by the auditor of the REIT.
"company" means a company as defined under sub-section (20) of section 2 of the Companies Act, 2013;
"completed property" means property for which occupancy certificate has been received from the relevant authority;
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Source: SecMarx — Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.