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REITs (Real Estate Investment Trusts)
Context
The recent Hindenburg report has raised allegations against SEBI chief Madhabi Puri Buch, claiming she had stakes in offshore companies linked to the Adani 'scam.' The report also criticized recent changes to REIT regulations, suggesting these changes benefited certain entities, including Blackstone.
What are REITs?
- REITs (Real Estate Investment Trusts) are trusts registered with SEBI (Securities and Exchange Board of India) under the SEBI (Real Estate Investment Trusts) Regulations, 2014.
- Function: REITs raise funds by issuing units to investors. These funds are invested primarily in real estate assets.
- Investment Structure: Investments can be made through Special Purpose Vehicles (SPVs) or Holding Companies.
- Unit Holders: Investors who purchase units of a REIT are known as unit holders.
- Income Distribution: The income generated from the REIT’s assets is distributed to unit holders regularly.
- Trading: REITs are listed on stock exchanges and traded like securities. Investors can buy and sell REIT units on primary and secondary markets, similar to shares or mutual funds.
- India’s First REIT: The first REIT in India was the Embassy REIT, sponsored by Blackstone, which received SEBI approval in April 2019.
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