Sebi allows fast-track rights issue by REITs
Markets regulator Sebi has revised its investment manager eligibility norms for Infrastructure Investment Trusts (InvITs) and also permitted fast-track rights issue by REITs and InvITs without filing draft offer document with the regulator. The investment manager needs to have an experience of at least five years in fund management or advisory services or development in the infrastructure sector, Sebi said. Alternatively, Sebi has also allowed a combined relevant experience of at least 30 years of directors, partners and employees of the investment manager, even if it is a newly created entity. "For computing the combined experience, only the experience of the directors/partners/employees with more than 5 years of experience in fund management or advisory services or development in the infrastructure sector shall be considered," the regulator added.
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