The Securities and Exchange Board of India (SEBI) on May 22 issued a Circular regarding the Dematerialization of securities of Hold Cos and SPVs held by Real Estate Investment Trusts (REITs)
The following has been stated namely: -
• It states that in order to promote the dematerialization of securities, encourage ease of doing business, and improve transparency in the dealings of securities of SPVs/ Hold Cos, it has been decided that REITs shall hold the securities of Hold Cos and SPVs in dematerialized form only.
• it further states that for the existing securities holdings by REITs in Hold Cos and SPVs in physical form, the Manager of the REIT shall be directed to dematerialize the securities of Hold Cos and SPVs of the REIT on or before June 30, 2023
• This Circular is available on the website of the Securities and Exchange Board of India at www.sebi.gov.in under the category “Legal” and under the drop-down “Circulars”
[Circular No. SEBI/HO/DDHS-PoD-2/P/CIR/2023/75]
