MANU/SSMD/0056/2020

Ministry : Securities and Exchange Board of India

Department/Board : Department of Debt and Hybrid Securities

Circular No. : SEBI/HO/DDHS/DDHS/CIR/P/2020/174

Date : 16.09.2020

Notification/ Circulars Referred : Notification no. G.S.R. 669(E) dated September 18, 2019 MANU/REVU/0063/2019

Citing Reference:
Notification no. G.S.R. 669(E) dated September 18, 2019 MANU/REVU/0063/2019  Referred

All Recognized Stock Exchanges in International Financial Services Centre
All Infrastructure Investment Trusts (InvITs)
All Real Estate Investment Trusts (REITs)

Listing and trading of units of Infrastructure Investment Trusts and Real Estate Investment Trusts on recognized stock exchanges in International Financial Services Centres

1. Securities and Exchange Board of India (International Financial Services Centre) Guidelines, 2015 were notified by SEBI on March 27, 2015, which came into force on April 01, 2015.

2. Clause 7 of SEBI (IFSC) Guidelines, 2015 specifies the types of securities in which dealing may be permitted by stock exchanges operating in IFSC. 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.

3. Accordingly, 'Units of InvITs and REITs by whatever name called in the Permissible Jurisdictions' meeting the following conditions may be permitted to list on stock exchanges operating in IFSC:

i. 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 in respect of sub-rule 1 of rule 9 of Prevention of Money-Laundering (Maintenance of Records) Rules, 2005; In this regard, the Government of India vide notification dated November 28, 2019, has notified the list of Permissible Jurisdictions in pursuance of notification dated September 18, 2019. Accordingly, a list of Permissible Jurisdictions for the purpose of this clause is placed at Annexure A.

ii. Such InvITs and REITs are regulated by the securities mar........