SEBI vide its circular dated 22nd September, 2022 came out with conditions for issuing of listed commercial papers by listed REITs as following :
- REITs shall abide by the guidelines prescribed by Reserve Bank of India for issuances of commercial papers.
- REITs shall abide by the conditions of listing norms prescribed by SEBI under SEBI (Issue and Listing of Non-Convertible Securities) Regulations, 2021 and circulars issued thereunder.
- The issuance of listed CPs shall be within the overall debt limit permitted under SEBI (Infrastructure Investment Trusts) Regulations, 2014
Further it is to be noted that in terms of Reserve Bank Commercial Paper Directions, 2017 dated 10th August, 2022 Real Estate Investment Trust (REIT) having net worth of INR 100 Crore or higher are eligible to issue commercial paper. This Circular is applicable to all Real Estate Investment Trust (REIT), Parties to REITs, Recognised Stock Exchanges, Depositories, and Merchant Bankers.