- In section 97 of the 2004 Act, with effect from the 1st day of June, 2015, -(i)after clause (5A), the following clause shall be inserted, namely: -'(5AA) "initial offer" shall have the meaning assigned to it in, -(i)clause (q) of sub-regulation (1) of regulation 2 of the Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014 made under the Securities and Exchange Board of India Act, 1992, (15 of 1992) in case of a business trust, being a real estate investment trust;(ii)clause (v) of sub-regulation (1) of regulation 2 of the Securities and Exchange Board of India (Infrastructure Investment Trusts) Regulations, 2014 made under the Securities and Exchange Board of India Act, 1992, (15 of 1992) in case of a business trust, being an infrastructure investment trust;';(ii)in clause (13), after sub-clause (aa), the following sub-clause shall be inserted, namely: -"(ab) sale of unlisted units of a business trust by any holder of such units which were acquired in consideration of a transfer referred to in clause (xvii) of section 47 of the Income-tax Act, 1961, (43 of 1961) under an offer for sale to the public included in an initial offer and where such units are subsequently listed on a recognised stock exchange; or".
