Securities And Exchange Board Of India - Subsection
Section 14(22) in Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014
(22)Units may be offered for sale to public,-(a)if such units have been held by the existing unit holders for a period of at least one year prior to the filing of draft offer document with the Board:Provided that the holding period for the equity shares [, compulsorily convertible securities (from the date such securities are fully paid-up)] [Inserted by Notification No. SEBI/LAD-NRO/GN/2017-18/022, dated 15.12.2017 (w.e.f. 26.9.2014).] or partner ship interest 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 against which such units have been received shall be considered for the purpose of calculation of one year period referred in this sub-regulation;[Provided further that the compulsorily convertible securities, whose holding period has been included for the purpose of calculation for offer for sale, shall be converted to equity shares of the holdco or SPV, prior to filing of offer document.] [Inserted by Notification No. SEBI/LAD-NRO/GN/2017-18/022, dated 15.12.2017 (w.e.f. 26.9.2014).](b)subject to other circulars or guidelines as may be specified by the Board in this regard.
