Securities And Exchange Board Of India - Subsection
Section 11(4) in Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014
(4)If the sponsor(s) [and sponsor group(s)] [Inserted by Notification No. SEBI/L.A.D.-NRO/GN/2016-17/022, dated 29.11.2016 (w.e.f. 26.9.2014).] propose(s) to sell its units below the limit specified in clauses (b) or (c) of sub-regulation (3) of this regulation-(a)such units shall be sold only after a period of three years from the date of listing of the units;(b)prior to sale of such units, the sponsor(s) [and sponsor group(s)] [Inserted by Notification No. SEBI/L.A.D.-NRO/GN/2016-17/022, dated 29.11.2016 (w.e.f. 26.9.2014).] shall arrange for another person(s) or entity(ies) to act as the re-designated sponsor(s) where the re-designated sponsor shall satisfy the eligibility norms for the sponsor as specified under [regulation 4] [Substituted 'regulation 3' by Notification No. SEBI/LAD-NRO/GN/2017-18/022, dated 15.12.2017 (w.e.f. 26.9.2014).]:Provided that such units may also be sold to an existing sponsor;(c)The [***] [Omitted 'sponsor/' by Notification No. SEBI/L.A.D.-NRO/GN/2016-17/022, dated 29.11.2016 (w.e.f. 26.9.2014).] proposed re-designated sponsor shall obtain approval from the unit holders or provide option to exit to the unit holders in accordance with guidelines as may be specified:Provided that this clause shall not apply where the units are proposed to be sold to an existing sponsor [or member of sponsor group] [Inserted by Notification No. SEBI/L.A.D.-NRO/GN/2016-17/022, dated 29.11.2016 (w.e.f. 26.9.2014).].
