Securities And Exchange Board Of India - Subsection
Section 11(3) in Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014
(3)With respect to holding of units in the REIT, [***] [Omitted 'the sponsor(s) shall,-' by Notification No. SEBI/L.A.D.-NRO/GN/2016-17/022, dated 29.11.2016 (w.e.f. 26.9.2014).](a)hold a [the sponsor(s) and sponsor group(s) shall collectively] [Inserted by Notification No. SEBI/L.A.D.-NRO/GN/2016-17/022, dated 29.11.2016 (w.e.f. 26.9.2014).] minimum of twenty five percent of the total units of the REIT after initial offer on a post-issue basis:Provided that the minimum 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).] holding specified in this clause shall be held for a period of atleast three years from the date of listing of such units:Provided further that any holding of 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).] exceeding the minimum holding as specified in this clause, shall be held for a period of atleast one year from the date of listing of such units;(b)[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).] together hold not less than fifteen per cent of the outstanding units of the listed REIT at all times;(c)[each of the sponsor] [Inserted by Notification No. SEBI/L.A.D.-NRO/GN/2016-17/022, dated 29.11.2016 (w.e.f. 26.9.2014).] individually [shall] [Inserted by Notification No. SEBI/L.A.D.-NRO/GN/2016-17/022, dated 29.11.2016 (w.e.f. 26.9.2014).] hold not less than five per cent of the outstanding units of the listed REIT at all times.
