SEBI’s 2025 consultation paper mark a progressive step toward enhancing the ease of doing business, operational clarity, transparency and investor inclusiveness in the REIT and InvIT frameworks.

The author believes that any attempt to characterize the units as equity rather than hybrid would affect the very artificial juridical character of these investment trusts as trusts.

As the regulatory perimeter expands and matures, the distinction between corporate issuers and trust-based entities will continue to blur—at least in terms of compliance expectations.

The authors advocate for inclusion of REITs and involvement of appropriate regulatory bodies to govern lending of RWAs through blockchain routes.

The author suggests that the amendment fills regulatory loopholes and embraces emerging investment models such as FOPs.

SEBI should either frame a specific framework or clarify the application of CIS Regulation for FOPs engaged in real-world assets.

The standardization not only brings clarity and predictability to the calculation of NDCF but also aligns with global best practices.

The author analyzes the extent to which SEBI has addressed governance concerns through amendments to REIT/InvIT regulations.

Per the author, it is useful to examine the cost of pursuing green goals, given the existing housing demand in India.

The author addresses the significance of REITS and InvITs in resurging a beleaguered investor space, and the pain points for an investor.