SEBI has issued a Consultation paper on Ease of Doing Business for Small and Medium REITs. The following is proposed:
Bifurcation of Scheme Offer Document
The filing of scheme offer document shall be made in two parts:
- Key Information of the Trust (KIT)
- Key Information of the Scheme (KIS)
KIT shall contain details related to the SM REIT, Investment Manager, Trustee and trust level details. KIS shall be a scheme-specific document and shall capture information related to particular scheme of the SM REIT and asset(s)specific details.
Processing of KIT and KIS by SEB
IA single draft KIT (common for all schemes) shall be filed with SEBI along with draft KIS together at the time of initial offer of the first scheme of SM REIT. For the first scheme offer document, SEBI shall issue observations on the draft KIT as well as on the draft KIS. Thereafter, for subsequent scheme offer documents, the Investment Manager of SM REIT shall file updated KIT, only for records with SEBI along with draft KIS of subsequent schemes. For subsequent scheme offer documents, SEBI shall issue observations only on the subsequent draft KIS and not on the updated KIT.
Updation of KIT
All material changes (including litigation and regulatory actions) in the KIT shall be made on an ongoing basis by way of an addendum which shall be disclosed on the website of SM REIT, by the investment manager. The addendum shall also be intimated to SEBI and the stock exchange(s) within 7 days from the date of occurrence of the material event, by the investment manager. Further, the investment manager shall ensure that KIT is updated every 6 months and updated KIT is disclosed on the website of SM REIT within 30 days from the end of half year. The investment manager shall file the updated KIT with SEBI and Stock Exchanges for records within 30 days from the end of half year.
The comments/ suggestions should be submitted latest by November 13, 2024.
