The Securities and Exchange Board of India (SEBI) on September 11, 2023, issued a Board nomination rights to unitholders of Real Estate Investment Trusts (REITs).
The following has been stated-
•“Eligible Unitholder(s)” shall mean unitholder(s) holding ten percent or more of the total outstanding units of the REIT, either individually or collectively.
•“Unitholder Nominee Director” shall mean a non-independent director nominated by Eligible Unitholder(s) on the Board of Directors of the Manager.
•Conditions for Nomination of a Unitholder Nominee Director are given.
•Subsequent Nomination by unitholders on an annual basis is given.
•Change in Unitholder Nominee Director or withdrawal of nomination is stated.
This circular shall come into force with immediate effect.
[Nomination No. SEBI/HO/DDHS-PoD-2/P/CIR/2023/154]
