Securities And Exchange Board Of India - Subsection
Section 11(2) in Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014
(2)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 transfer or undertake to transfer, subject to a binding agreement and adequate disclosures in the initial offer document, [their] [Substituted 'its' by Notification No. SEBI/L.A.D.-NRO/GN/2016-17/022, dated 29.11.2016 (w.e.f. 26.9.2014).] entire shareholding or interest [and rights] [Inserted by Notification No. SEBI/LAD-NRO/GN/2018/06, dated 10.4.2018 (w.e.f. 29.9.2014).] in the [holdco and/or] [Inserted by Notification No. SEBI/L.A.D.-NRO/GN/2016-17/022, dated 29.11.2016 (w.e.f. 26.9.2014).] SPV or entire ownership of the real estate assets to the REIT prior to allotment of units of the REIT to the applicants:Provided that this shall not apply to the extent of any mandatory holding of shares or interest [and rights] [Inserted by Notification No. SEBI/LAD-NRO/GN/2018/06, dated 10.4.2018 (w.e.f. 29.9.2014).] in the [holdco and/or] [Inserted by Notification No. SEBI/L.A.D.-NRO/GN/2016-17/022, dated 29.11.2016 (w.e.f. 26.9.2014).] SPV by the sponsor(s) [and sponsor group(s)] [Inserted by Notification No. SEBI/LAD-NRO/GN/2018/06, dated 10.4.2018 (w.e.f. 29.9.2014).] as required [under] [Inserted by Notification No. SEBI/LAD-NRO/GN/2018/06, dated 10.4.2018 (w.e.f. 29.9.2014).] any Act or regulations or circulars or guidelines of government or regulatory authority as specified from time to time.
