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TMI BlogEligibility criteria.X X X X Extracts X X X X X X X X Extracts X X X X ..... dance with these regulations and includes responsibilities of the Trustee in accordance with regulation 9; (c) persons have been designated as sponsor(s), manager and trustee under these regulations and all such persons are separate entities; (d) with regard to sponsor(s),- (i) 3 [each sponsor shall hold or propose] to hold not less than five per cent. of the number of units of the REIT on post-initial offer basis; 4 [(ia) each sponsor and sponsor group shall be clearly identified in the application of registration to the Board and in the offer document/placement memorandum, as applicable: Provided that, for each sponsor group not less than one person shall be identified as a sponsor;] 5 [Provided further that, of the entities categorized a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o each have not less than five years experience in fund management or advisory services or property management in the real estate industry or in development of real estate; (iv) the manager has not less than half, of its directors in the case of a company or of members of the governing Board in case of an LLP, as independent and not directors or members of the governing Board 6 [of the manager] of another REIT; and (v) the manager has entered into an investment management agreement with the trustee which provides for the responsibilities of the manager in accordance with regulation 10; (f) with regard to the trustee,- (i) the trustee is registered with the Board under SEBI(Debenture Trustees) Regulations, 1993 and is not an associate of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... IT; (j) the 11 [REIT] and parties to the REIT are fit and proper persons based on the criteria as specified in Schedule II of the Securities and Exchange Board of India (Intermediaries) Regulations, 2008; (k) whether any previous application for grant of certificate by the 12 [REIT or the parties to the REIT or their directors/members of governing board] has been rejected by the Board; (l) whether any disciplinary action has been taken by the Board or any other regulatory authority against the 13 [REIT or the parties to the REIT or their directors/members of governing board] under any Act or the regulations or circulars or guidelines made thereunder. *************** NOTES:- 1 Substituted ibid for an applicant . 2 Substituted for a by the SE ..... X X X X Extracts X X X X X X X X Extracts X X X X
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