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JC - Legal Updates - SEBI permits REITs and InvITs to issue listed commercial paper

Legal Updates

28 Sep 2022

SEBI permits REITs and InvITs to issue listed commercial paper

Brief Overview:

Securities and Exchange Board of India (“SEBI”), vide its circular dated 22nd September 2022, has permitted REITs and InvITs to issue listed commercial paper in compliance with guidelines and conditions prescribed by the Reserve Bank of India (“RBI”) and SEBI under (Issue and Listing of Non-Convertible Securities) Regulations, 2021 and the circulars thereunder. 

REIT comprises a portfolio of commercial real assets, a major portion of which is already leased out whereas InvITs comprise a portfolio of infrastructure assets such as highways and power transmission assets. 

Technical Details: 

● RBI’s directions on Commercial Paper dated 10th August 2017 highlights that InvITs and REITs with a net worth of at least Rs 100 Crore are eligible to issue commercial paper. 

● SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021 includes REITs and InvITs within the purview of “Issuer” hence, they shall comply with the conditions as provided in the SEBI norms. 

For further details, please see: 

For any queries / clarifications, please feel free to ping us and we will be happy to chat: 

● Ms. Apurva Kanvinde (apurva.kanvinde@jclex.com)

● Mr. Smit Parekh (smit.parekh@jclex.com)