Capital markets regulator Sebi on Tuesday said it has sought public views on the proposed amendments to the master circulars for REITs and InvITs.
In a consultation paper, Sebi said these amendments will provide clarity on the nomination rights of directors to the boards of REIT (Real Estate Investment Trusts) and InvIT (Infrastructure Investment Trusts) managers.
In the proposed amendments, the markets watchdog has addressed market participants’ requests for clarification on the rights of unitholders to nominate a director to the board of the investment manager or manager of REITs and InvITs.
The changes propose that the restriction on nominating a unitholder nominee director will not apply if the right to appoint a nominee director is available as per the Sebi (Debenture Trustees) regulations.
Under the current norms, a unitholder holding a significant portion of units in an InvIT or REIT has the right to nominate a director, provided their unitholding exceeds a specified …
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