The Securities and Exchange Board of India (SEBI) on November 08, 2023, issued a notification regarding the Procedural framework for dealing with unclaimed amounts lying with Real Estate Investment Trusts (REITs) and the manner of claiming such amounts by unitholders.
A framework defining the procedure to be followed by an REIT for transfer of unclaimed amounts, initially to an Escrow Account and subsequently, to the IPEF and claim thereof by a unitholder, has been provided as Annex - A to this Circular.
The provisions of this Circular shall come into effect from March 1, 2024.
REITs having unclaimed amounts for less than 7 years, as of February 29, 2024, shall start computing interest, as per provisions of Part I of Annex - A, from March 1, 2024.
For REITs that shall be holding unclaimed amounts for more than 7 years, as of February 29, 2024, shall transfer the unclaimed amounts of the unitholders to IPEF, in compliance with the provisions of Part II of Annex - A, on or before March 31, 2024.
[Notification No. SEBI/HO/DDHS/DDHS-RAC-1/P/CIR/2023/177]
