Section 16 in Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014
16. Listing and trading of units.
(1)After the initial offer it shall be mandatory for all units of REITs to be listed on a recognized stock exchange having nationwide trading terminals within a period of twelve working days from the date of closure of the offer.(2)The listing of the units of the REIT shall be in accordance with the listing agreement entered into between the REIT and the designated stock exchange.(2A)[ In the event of non-receipt of listing permission from the stock exchange(s) or withdrawal of Observation Letter issued by the Board, wherever applicable, the units shall not be eligible for listing and the REIT shall be liable to refund the subscription monies, if any, to the respective allottees immediately alongwith interest at the rate of fifteen per cent. per annum from the date of allotment.] [Inserted by Notification No. SEBI/L.A.D.-NRO/GN/2016-17/022, dated 29.11.2016 (w.e.f. 26.9.2014).](3)The units of the REIT listed in recognized stock exchanges shall be traded, cleared and settled in accordance with the bye-laws of concerned stock exchanges and such conditions as may be specified by the Board.(4)Trading lot for the purpose of trading of units of the REIT shall [consist of 100 units] [Substituted 'be one lakh rupees' by Notification No. SEBI/LAD-NRO/GN/2019/09, dated 22.4.2019 (w.e.f. 26.9.2014).].(5)The REIT shall redeem units only by way of a buy-back or at the time of de-listing of units.(6)The units of REIT shall be remain listed on the designated stock exchange unless de-listed under regulation 17.(7)The minimum public holding for the units of the listed REIT shall be [in accordance with the sub-regulation (2A) of Regulation 14] [Substituted 'twenty five per cent.the total number of outstanding units at all times, and the number of unit holders of the REIT forming part of the public shall be two hundred at all times' by Notification No. SEBI/L.A.D.-NRO/GN/2016-17/022, dated 29.11.2016 (w.e.f. 26.9.2014).], failing which action may be taken as may be specified by the Board and by the designated stock exchange including delisting of units under regulation 17:Provided that in case of breach of the conditions specified in this sub-regulation, the trustee may provide a period of six months to the manager to rectify the same, failing which the manager shall apply for delisting under Regulation 17.(8)Any person other than the sponsor(s) holding units of the REIT prior to initial offer shall hold the units for a period of not less than one year from the date of listing of the units subject to circulars or guidelines as may be specified by the Board.(9)The Board and designated stock exchanges may specify any other requirements pertaining to listing and trading of units of the REIT by issuance of guidelines or circulars.
