Regulation 26Z - Advertisements - Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014

1 [ Advertisements. 26Z . (1) The SM REIT may issue an advertisement pertaining to the issue of units of a scheme. (2) The public communication including advertisement, publicity material, research reports, etc. concerned with the issue shall not be misleading and shall not contain any matter extraneous to the contents of the scheme offer document. Explanation. Public communication includes corporate, project and issue related advertisements of the SM REIT, interviews, blogs, and social media posts by its investment manager and its trustee, directors of any of the parties to the SM REIT, duly authorized employees or representatives of the SM REIT or its investment manager, documentaries about the SM REIT or its investment manager, periodical reports, press releases, etc. (3) The investment manager shall, on behalf of the SM REIT, make prompt, true and fair disclosure of all such developments taking place between the date of filing scheme offer document with the Board and the date of allotment of units, which may have a material effect on the scheme of the SM REIT, by issuing public notices on the website of the SM REIT and designated stock exchanges and in all the newspapers in which the pre-issue advertisement was released. (4) In respect of all public communications, the investment manager on behalf of the scheme of the SM REIT shall obtain approval from the merchant bankers responsible for marketing the issue. (5) Each public communication shall, (a) be truthful, fair and shall not be manipulative or deceptive or distorted; (b) not contain any statement or promise which is untrue or misleading; (c) reproduce all information in full and disclose all relevant facts relating to any information contained in an scheme offer document and not be restricted to select extracts; (d) be set forth in a clear, concise and understandable language; (e) not include any issue slogans or brand names for the issue except the normal commercial name of the investment manager; (f) not use extensive technical, legal terminology or complex language and excessive details which may distract the investor; (g) not contain statements which promise or guarantee rapid increase in profits, yield or returns; (h) not display models, celebrities, fictional characters, landmarks or caricatures or the likes; (i) not appear in the form of crawlers i.e., the advertisements which run simultaneously with the programme in a narrow strip at the bottom of the television screen, on television; (j) not scroll the risk factors on the television screen in any issue advertisement on television screen, and the advertisement shall advise the viewers to refer to the scheme offer document for details; (k) not contain expletives or non-factual and unsubstantiated titles; and (l) state the risk factors with equal importance in all respects including print size of not less than point seven size, if the advertisement contains highlights. (6) No such public communication issued during the issue period shall give any impression that the issue has been fully subscribed or oversubscribed. (7) No such public communication shall contain any offer of incentives, whether direct or indirect, in any manner, whether in cash or kind or services or otherwise. ] ************** NOTES:- 1. Inserted vide Notification No. SEBI/LAD-NRO/GN/2024/166 dated 08-03-2024