SEBI issues Consultation Paper on Regulatory Framework for REITs and InvITs to issue Depository Receipts

SEBI has issued a Consultation Paper on Regulatory Framework for Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) to issue Depository Receipts (DRs). The paper was issued on 1st February, 2023.

The objective of this consultation paper is to seek comments/views/suggestions from market participants on the proposed regulatory framework to allow DRs being issued as against units of REITs and InvITs established in India.

The consultation paper proposes a series of eligibility conditions for REITs and InvITs to fulfil in order for them to issue securities.

The paper also contemplates the permissible jurisdictions and international exchanges for the issue of DRs.

The paper also covers the obligations of the listed entity, voting rights and pricing.

The public are invited to provide their comments/ suggestions in the prescribed format mentioned in the consultation paper. These comments/ suggestion shall be furnished latest by 21st February, 2023. The subject of the communication shall read as, “Comments on Consultation Paper on Regulatory Framework to allow Depository Receipts against units ofREITs and InvITs”

These may be sent in any of the following manner:

a. Preferably by email to:; or or

b. By post to: Deena Sarangadharan, Deputy General Manager, Department of Debt and Hybrid Securities, Securities and Exchange Board of India, SEBI Bhavan, C4-A, G-Block, Bandra Kurla Complex, Bandra (East), Mumbai -400051