ELIGIBILITY CRITERIA :
For the purpose of the grant of certificate to an applicant, SEBI shall consider all matters relevant to the activities as a REIT.
Without prejudice to the generality of the foregoing provision, SEBI shall consider the following, namely, –
(a) Applicant: Applicant must be a Trust and the Trust deed must be duly registered in India under the provisions of the Registration Act, 1908 containing the main objective as undertaking activity of REIT in accordance with the set Regulations.
(b) Sponsor: There are not more than 3 sponsors, each holding or proposing to hold not less than 5% of the number of units of the REIT on post-initial offer basis. The sponsor must have a net worth of at least Rs. 100 Crores on a collective basis and have not less than 5 years’ experience in the real estate industry on an individual basis.
(c) Manager: -It must have net worth of not less than Rs. 10 crore; not less than 5 years of experience in fund management/ advisory services/ property management in the real estate industry or in development of real estate; and not less than 2 key personnel who each have not less than 5 years of experience in fund management/ advisory services/ property management in the real estate industry or in development of real estate.
(d) Trustee: It should be registered with SEBI under SEBI (Debenture Trustees) Regulations, 1993; not an associate of the sponsor/ manager/ principal valuer and the trustee has such wherewithal with respect to infrastructure, personnel, etc. to the satisfaction of SEBI and in accordance with circulars or guidelines as may be specified by SEBI;
(e) The unit holder of the REIT shall not enjoys preferential voting or any other rights over an other unit
holder;
(f) There are no multiple classes of units of REIT;
(g) The applicant has clearly described details related to proposed activities at the time of application for registration.
(h) The applicant and parties to the REIT are fit and proper persons based on the criteria as specified in SEBI (Intermediaries) Regulations, 2008;
(i) Whether any previous application for grant of certificate by the applicant or any related party has been rejected by SEBI.
(j) Whether any disciplinary action has been taken by SEBI or any other regulatory authority against the applicant or any related party under any Act or the regulations or circulars or guidelines made thereunder.