SEBI introduces new regulatory framework for depository receipts

06 Feb 2023 CW Team

Real Estate Investment Trusts and Infrastructure Investment Trusts are Business Trusts that hold and operate revenue-generating real estate or infrastructure assets. REITs and InvITs raise funds by selling units to the general public.

REITs and InvITs do not have multiple schemes or unit classes. The units are denominated in Indian rupees, and they must be listed on an Indian recognised stock exchange.

“Permitting issuance of Depository Receipts against units of REITs and InvITs which are listed on a foreign stock exchange gives foreign investors an opportunity to participate in the units of Indian REITs and InvITs,” sebi said.

The Securities and Exchange Board of India (sebi) has requested public feedback on the proposed regulatory framework until February 21.

Sebi proposed that REITs and InvITs will be eligible to issue permissible securities for the issuance of depository receipts if such trusts, their directors, and selling unit holders are not barred from accessing the capital market by Sebi, and they are not a willful defaulter or fugitive economic offender.

Under certain conditions, existing unit holders would be able to transfer permissible securities for the issuance of depository receipts.

The listing of DRs on international bourses should adhere to the highest standards. REITs and InvITs should make certain that DRs are only issued with units as permissible securities.

REITs and InvITs must file with Sebi and the recognised Indian stock exchange a copy of the initial document for DRs issued on the back of permissible securities. Furthermore, for record purposes, final documents for such initial issues should be filed with them.

According to Sebi, REITs and InvITs must ensure that any public disclosures they make on international bourses comply with the requirements of the permissible jurisdiction where the DRs are listed. These disclosures must also be filed with a recognised bourse within 24 hours of the filing date.

Sebi proposed allowing REITs and InvITs to issue depository receipts in order to allow foreign investors to participate in units of Indian emerging investment instruments. The Securities and Exchange Board of India (Sebi) stated in a consultation paper that this will benefit foreign investors because depository receipts eliminate the need to trade directly with the Indian stock exchange. Real Estate Investment Trusts and Infrastructure Investment Trusts are Business Trusts that hold and operate revenue-generating real estate or infrastructure assets. REITs and InvITs raise funds by selling units to the general public. REITs and InvITs do not have multiple schemes or unit classes. The units are denominated in Indian rupees, and they must be listed on an Indian recognised stock exchange. “Permitting issuance of Depository Receipts against units of REITs and InvITs which are listed on a foreign stock exchange gives foreign investors an opportunity to participate in the units of Indian REITs and InvITs,” sebi said. The Securities and Exchange Board of India (sebi) has requested public feedback on the proposed regulatory framework until February 21. Sebi proposed that REITs and InvITs will be eligible to issue permissible securities for the issuance of depository receipts if such trusts, their directors, and selling unit holders are not barred from accessing the capital market by Sebi, and they are not a willful defaulter or fugitive economic offender. Under certain conditions, existing unit holders would be able to transfer permissible securities for the issuance of depository receipts. The listing of DRs on international bourses should adhere to the highest standards. REITs and InvITs should make certain that DRs are only issued with units as permissible securities. REITs and InvITs must file with Sebi and the recognised Indian stock exchange a copy of the initial document for DRs issued on the back of permissible securities. Furthermore, for record purposes, final documents for such initial issues should be filed with them. According to Sebi, REITs and InvITs must ensure that any public disclosures they make on international bourses comply with the requirements of the permissible jurisdiction where the DRs are listed. These disclosures must also be filed with a recognised bourse within 24 hours of the filing date. See also: Highways InvIT to be open on stock exchange Infrastructure financing to evolve with new initiatives

Resources

09 Mar 2026

Haworth India Hosts Women’s Leadership Panel Series

Haworth India marked International Women’s Day by hosting a leadership roundtable series titled ‘Give to Gain’, bringing together senior women leaders from architecture and design firms, corporates and project management consultancies. The series has been conducted in Delhi and Mumbai, with upcoming sessions scheduled in Bengaluru and Hyderabad on 27 March 2026. Structured as moderated panel discussions followed by audience interaction, the initiative examined the business impact of women’s leadership and the role of inclusive workplaces in supporting professional growth. Manish Khan..

Real Estate

09 Mar 2026

Max Estates Secures RERA For Max One Project

Max Estates has secured RERA approval (UPRERA No.: UPRERAPRJ9759) for its Max One development around Max Towers in Sector 16B, Noida, bringing renewed progress to a project previously stalled following the insolvency of its earlier developer. Spread across around 10 acres with an estimated development potential of about 2.5 million sq ft, Max One is planned as an integrated mixed-use campus combining serviced residences, premium offices, retail spaces and a private club. The project is expected to generate total sales potential of about Rs 20 billion along with an estimated annuity rental inc..

Real Estate

09 Mar 2026

Hindware Introduces Starc Smart Wall Mount Toilet

Hindware has introduced the Starc Smart Wall-Mount Toilet under its Hindware Italian Collection, designed to combine automation, hygiene and contemporary bathroom aesthetics. The model features automatic flushing, sensor-based seat opening and closing, and remote-controlled functions. It also includes an oscillating water spray and warm air dryer for cleaning, along with a self-cleaning nozzle designed to maintain hygiene. Additional features include adjustable heated seating, customisable water temperature and pressure settings, a foot-touch flush system and an LCD control interface. The wa..