The Securities and Exchange Board of India has issued a Master Circular for Real Estate Investment Trusts that consolidates the provisions of SEBI circulars applicable to REITs up to the issuance date into a single, operative reference document. The Master Circular takes effect immediately and supersedes the individual circulars listed in its appendix. The compilation covers operational and transaction requirements across the REIT lifecycle, including online filing for registration and ongoing submissions, public issuance processes (including bidding and application mechanics such as ASBA and the UPI option for eligible investors), offer document and financial disclosure expectations, continuous disclosure and reporting obligations (including statements related to net distributable cash flows and fair value reporting), and frameworks for follow-on offers, rights issues, preferential issues and institutional placements. It also brings together provisions on strategic investor participation, debt securities and listed commercial paper issuance, dematerialisation of REIT holdings in HoldCos and SPVs, unitholder meetings (including via video conferencing), governance and secretarial compliance reporting formats, mechanisms for minimum public unitholding, board nomination rights, handling unclaimed distributions (including transfer to the Investor Protection and Education Fund), and exit options for dissenting unitholders. Supersession is structured to preserve prior actions, approvals, pending applications, liabilities and enforcement processes under the replaced circulars as continuing under the corresponding provisions of the Master Circular.

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