CIRCULAR
SEBI/HO/DDHS/DDHS-PoD-2/P/CIR/2025/88 June 12, 2025
To,
Indian REIT Association (IRA)
All Real Estate Investment Trusts (REITs)
All Parties to REITs
All Recognised Stock Exchanges
Madam / Sir,
Subject: Investor Charter Real Estate Investment Trusts (REITs)
1. SEBI, vide Circular no. SEBI/HO/DDHS/DDHS_Div3/P/CIR/2021/672 dated
November 26, 2021 and Chapter 14 of Master Circular for REITs dated May 15,
2024 (hereinafter mentioned as ‘Master Circular’), inter alia, issued Investor
charter and format for disclosure of investor complaints by merchant banker for
public offers by REITs.
2. In a move to enhance financial consumer protection alongside enhanced
financial inclusion and financial literacy and in view of the recent developments
in the securities market including introduction of Online Dispute Resolution
(ODR) platform and SCORES 2.0, it has been decided to introduce the investor
charter for REITs.
3. In view of the above and based on consultation with Hybrid Securities Advisory
Committee (HySAC), investor charter for REITs is placed at Annexure-A.
4. In this regard, IRA is advised to disseminate the Investor Charter on their website
and mobile applications (if any), and display the Investor Charter at prominent
places in the office. Further, REITs are advised to bring the Investor Charter to
the notice of their investors by way of disseminating the Investor Charter on their
respective websites and mobile applications (if any), making them available at
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prominent places in the office, provide a copy of Investor Charter through e-mails/
letters etc. IRA and REITs are also advised to review the Investor Charter from
time to time and update the same in light of any changes made in the SEBI (Real
Estate Investment Trusts) Regulations, 2014 and/or circulars issued thereunder.
5. Additionally, in order to ensure transparency in the Investor Grievance Redressal
Mechanism, all the registered REITs shall disclose on their respective websites,
the data on complaints received against them or against issues dealt by them
and redressal thereof, on each of the aforesaid categories separately as well
as collectively, latest by 7th of succeeding month, as per the format enclosed at
Annexure-B to this circular.
6. The provisions of this circular shall come into force with immediate effect.
7. This circular is issued in exercise of powers conferred under Section 11(1) of
Chapter IV of the Securities and Exchange Board of India Act, 1992 to protect
the interests of investors in securities and to promote the development of, and to
regulate the securities markets and shall come into effect from the date of this
circular.
8. The recognized Stock Exchanges are advised to disseminate the contents of this
Circular on their website.
9. This Circular is available on the website of the Securities and Exchange Board
of India at www.sebi.gov.in under the category “Legal” and under the drop down
“Circulars”.
Yours faithfully
Ritesh Nandwani
Deputy General Manager
Department of Debt and Hybrid Securities
Tel No.022-26449696
Email id - riteshn@sebi.gov.in
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Annexure-A
Investor Charter for REITs
1. VISION
To commit to advancing the growth and development of the Real Estate Investment
Trust (“REITs”) sector in India, with a focus on the growth of commercial real estate
assets including other assets portfolio management. To advocate for both business
and investor interests while adhering to regulations. To develop integrity and
excellence, and foster industry best practices that are benchmarked to leading
global REIT standards.
2. MISSION
i. To foster the growth of a dynamic, transparent, ethical, and globally competitive
REIT Sector in parallel to the international REIT markets
ii. To enact and enforce rules and regulations that promote the maintenance of
high professional and ethical standards in all areas of operation of the REITs
industry
iii. To create and maintain a growth-oriented environment that attracts investments
in the REITs sector while ensuring responsible communication with all
stakeholders
iv. To establish and maintain highest standards of integrity, responsibility,
collaboration and trust among the investor community and industry players
v. To promote REITs as a fine asset-class to attract a broader and more diverse
range of investors
vi. To assist both investors and Industry players in capitalizing on the right
opportunities in the REITs market
vii. To collaborate with the REITs industry to promote sound business practices
and uphold a robust code of conduct, ensuring the best interests of unitholders
and investors are prioritized
viii. To recommend standardized operational processes to simplify and improve
investor experience and benefit the REITs industry at large.
ix. To undertake national and international investor awareness programmes to
educate both existing and potential investors on REITs as an asset class,
enhancing public understanding of their working mechanisms.
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x. To protect the interest of investors and unit holders through continuous
advocacy
xi. To build an environment for creating a sustainable and a diversified portfolio of
high-quality real estate assets, including commercial properties, developments,
and specialized investments such as healthcare facilities and industrial spaces.
To provide long-term value and consistent returns to investors by focusing on
strategic acquisitions, efficient property management, and sustainable growth.
xii. To drive sustainable growth and maximize shareholder value by leveraging a
disciplined approach to property acquisition, asset management, and strategic
financing while, adhering to the highest standards of transparency, operational
efficiency, and regulatory compliance.
3. DESCRIPTION OF ACTIVITIES / BUSINESS OF THE ENTITY
i. To offer investment opportunities to the investors by encouraging more market
players to join the REITs sector, thereby growing the overall Industry.
ii. To offer a dedicated and a consistent asset class generating stable returns for
investor community while adhering to the highest standards of regulatory
compliance and governance. To create an environment for generating and
managing a diversified portfolio of income-producing commercial and real
estate asset class
iii. To enhance and create focus on integrating Environmental, Social, and
Governance (ESG) factors into its investment and operational strategies to
drive long-term, sustainable growth and sustainable property management
practices
iv. Deploy the pooled capital from investors unitholders in accordance with the
objectives stated in the offer documents or any other documents including
placement document etc and, ensuring compliance with all applicable laws and
regulations.
v. Disclose various information including annual reports / half yearly reports /
valuation reports / distributions advices / credit ratings on a timely basis
vi. Ensure timely payment of distributions / interest / redemption proceeds to the
investors in accordance with the applicable regulations
vii. Efficiently process for both financial and non – financial transactions or service
requests from Investors, ensuring smooth operations and minimal delays
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viii. To provide prompt and effective support for resolving any grievances or issues
related to the REITs, whether from investors or industry players, ensuring that
the concerns are addressed fairly and swiftly.
4. SERVICES PROVIDED TO THE INVESTORS:
Non-Financial Transaction
Sr. Description of Service / Activity Time taken for providing service
no.
1. Providing distribution advices Within 5 working day of completion of
distribution
Financial Transactions (Commercial Transactions)
Sr. Description of Service / Activity Time taken for providing service
no.
1. Pay-out of distribution proceeds Within 5 working days from the record date
2. Pay-out of interest / redemption As per the Debenture Trust Deed(s) / Term
proceeds to security holders Sheet for the issue(ies)
proceeds on maturity of a close-
ended scheme
3. Refund of subscription Money As per the Master circular of REITs
in case of IPO/FPO
Complaints/Requests
Sr. Description of Service / Activity Time taken for providing service
no.
1. Submission of ATR to Investors Within 21 calendar days
in respect of complaint received
from investor through SCORES
Disclosure / Reports
Sr. Description of Service / Activity Time taken for providing service
no.
1. Disclosure of Credit Rating Within 1 working day of receipt of Credit
Rating
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2. Disclosure of Annual report Within 3 months from the end of financial
year
3. Disclosure of Half-yearly report Within 45 days from the end of half year
ending on Sep 30th
4. Disclosure of valuation report To be disclosed to unitholders within 15
days from receipt of valuation report.
5. Disclosure of Audited Within 60 days from the end of the financial
Financials year
6. Disclosure of quarterly / half within 45 days from the end of quarter / half
Yearly Unaudited Financials year
7. Disclosure of notice in respect at least 2 working days in advance,
of distributions declaration excluding the date of the intimation and date
of the meeting in which the distributions will
be declared
8. Disclosure of Investor Within 21 days from the end of each quarter
grievance redressal report
9. Disclosure of unitholding Within 21 days from the end of each quarter
pattern
10. Disclosure of compliance report Part A of Annexure 13 of the Master
on corporate governance Circular for REIT - within 21 days from the
end of each quarter;
Part B of Annexure 13 of the Master
Circular for REIT - Within 21 days from the
end of financial year on an annual basis;
Part C of Annexure 13 of the Master Circular
for REIT - within three months from the end
of financial year on an annual basis;
11. Disclosure of NAV Within 15 days of receipt of Valuation
Report
12. Disclosure of statement of Along with the submission of financial
deviation / variation in the use of results
proceeds
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5. GRIEVANCE REDRESSAL MECHANISM FOR INVESTORS
i. In case of any grievance / complaint, an investor should approach the
concerned REIT / RTA of the REITS. If the complaint remains unresolved, the
investor may write to the designated Investor Relations Officer/ Compliance
Officer of the REIT. The name of the Investor Relations Officer/ Compliance
Officer contact person is mentioned on the website of the REIT, whom one may
approach/ write to in case of any query, complaints or grievance.
ii. If the investor’s complaint is not redressed satisfactorily, one may lodge a
complaint with SEBI on SEBI’s portal, named, “SCORES”, which is a
centralized web-based complaints redress system. SEBI takes up the
complaints registered via SCORES
(https://scores.gov.in/scores/Welcome.html) with the concerned REIT /
intermediary for timely redressal. SCORES facilitates tracking the status of the
complaint. Investors may also lodge a complaint on the SMART ODR portal
(https://smartodr.in/login).
iii. Investors may send their complaints to: Office of Investor Assistance and
Education, Securities and Exchange Board of India, SEBI Bhavan. Plot No. C4-
A, “G” Block, Bandra-Kurla Complex, Bandra (E), Mumbai - 400 051
6. DO’s and DON’Ts FOR INVESTORS
A. Do’s for the investors
i. Check registration status of the REIT on SEBI website before investing in
the REIT.
ii. Read all the documents related to the REITs like the final offer document,
profile of the REIT and the performance data as well as distribution history
as available on the website of the REIT, website of Stock Exchange(s), etc,
and understand the features and the risks involved and suitability of the
REIT investment to the investor’s risk profile.
iii. Always keep your information updated. Inform your stock-broker /
depository participant whenever there is change in your address or bank
details or email ID or mobile number. Since SIM cards now have the feature
of getting ported to different service providers, investors may keep single
mobile numbers attached with their respective accounts. (Mobile number is
the key to all important transactions)
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iv. Read communications / notices / addendums / presentations / press
releases, etc. sent via email or physical letters / or published by the REIT
via website of the respective REIT, website of Stock Exchange, email, etc.
v. Consider availing nomination facility in respect of investments made.
vi. Invest through registered and regulated entities.
vii. Keep critical information such as user ID, password, etc confidential. Do
change the passwords frequently.
viii. An investment in the Units involves a high degree of risk. Investors should
carefully consider all the information pertaining to a respective REIT, its
business, result of operations, Cash flows and financial conditions as well
as various other risk factors before making an investment in its Units.
ix. You may consult with a SEBI registered Investment Advisor for your
investment needs in securities market
x. Invest in a scheme/product depending upon your investment objective and
risk appetite.
xi. Insist on a valid contract note/ confirmation memo for trades done within 24
hours of the transaction. Keep track of your portfolio in your demat account
on a regular basis.
xii. Periodically check the holdings directly through the website of depositories
/ depository participants.
xiii. Carefully note all the charges/ fees/ brokerage that are applicable on your
accounts and keep a record of the same.
xiv. Keep a record of documents signed, account statements, contract notes
received and payments made.
xv. Periodically review your financial needs / goals and review the portfolio to
ensure that the same are possible to achieve.
xvi. Always pay for your transactions using banking channel, i.e. no dealing in
cash.
B. Don’ts for the Investors
i. Do not invest based on speculation, rumours or informal advice.
ii. Do not fall for the promise of indicative or exorbitant or assured returns.
iii. Don't deal with unregistered brokers / other unregistered intermediaries.
iv. Don’t pay more than the agreed brokerage/charges to the intermediary.
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v. Don't execute any document with any intermediary without fully
understanding its terms and conditions.
vi. Don’t sign any blank form or Delivery Instruction Slips.
vii. Don’t issue general power of attorney (PoA) in favour of the Stock Broker/
Depository Participant. Exercise due diligence by issuing a very specific
one, if you want to issue a PoA.
viii. Do not rely on making your investment decisions on hot tips as a person
who wants to offload securities which may not be marketable may be
indulging in it. Disseminating hot tips is also an illegal activity which should
be reported to SEBI.
ix. Never share your password for online account with anyone.
x. Don’t fall prey to Ponzi schemes, unregistered chit funds, unregistered
collective investment or unregistered deposit schemes.
xi. Don't forget to strike off blank spaces in your KYC documents.
xii. Don't opt for digital contracts, if you're not familiar with computers.
7. RIGHTS OF INVESTORS
i. Right to receive information and details about the REIT including about its
investment philosophy, and such other information as may be required under
SEBI regulations to enable investors to make an informed decision about
investing in a REIT, prior to making any such investment.
ii. Right to timely receipt of distribution advices / interest / proceeds / refunds and
evidencing a transaction as specified in the SEBI REIT Regulations, or to
receive such statements on request.
iii. Right to receive Annual report / half yearly report and valuation reports,
iv. Right to be informed about such disclosures which may have a material
bearing on their investments in REIT.
v. Right to privacy of information in accordance with the applicable laws of the
land.
vi. Right to information about how complaints are handled and can be escalated
in the event investors are not satisfied with the resolution provided. Right to
timely redressal of grievances and complaints within the timelines specified by
regulations and the right to escalate complaint not resolved satisfactorily to the
Investor Grievance Officer of the respective REIT Manager.
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vii. Right to escalate unresolved complaints to SEBI via the SCORES portal.
8. RESPONSIBILITIES OF INVESTORS
i. To check registration status of the REIT on SEBI website before transacting
with them.
ii. Read all the documents related to the REITs like the final offer document,
profile of the REIT and the performance data as well as distribution history as
available on the website of the REIT and understand the features and the risks
involved and suitability of the REIT investment to the investor’s risk profile.
iii. Always keep your information updated. Inform your stock-broker / depository
participant whenever there is change in your address or bank details or email
ID or mobile number. Since SIM cards now have the feature of getting ported
to different service providers, investors may keep single mobile numbers
attached with their respective accounts. (Mobile number is the key to all
important transactions)
iv. To read communications / notices / addendums / press releases, etc. sent / or
published by the REITs via respective REITs website, Stock Exchanges,
email, etc.
v. To consider availing facility to nominate in respect of investments made.
vi. To invest through registered and regulated entities and not to invest based on
speculation, rumour or informal advice.
vii. To keep confidential critical information such as user ID, password, etc.
9. DUTIES OF INDIAN REITS ASSOCIATION (IRA)
i. Support Grievance Redressal:
To support grievance redressal in a transparent and efficient manner for all the
Stakeholders. They can lodge a grievance against any REIT industry member
by emailing at ira@indianreitsassociation.com
ii. To act as a Facilitator between the Investors and the REITs:
Facilitate communication between investors and the concerned IRA member in
case of disputes.
iii. Ensuring Timely Resolution:
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To monitor all complaints received on the SCORES portal assigned to IRA as a
designated body, coordinate with relevant members and ensure that the
complaints are resolved within the stipulated timeframe.
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Annexure-B
Format for Investor Complaints Data to be displayed by REITs on their
respective websites
Part A: Total complaints report (including complaints received through
SCORES)
For the Quarter ending:
All complaints including SCORES
SCORES complaints Complaints
Number of investor complaints
pending at the beginning of the
Quarter
Number of investor complaints
received during the Quarter
Number of investor complaints
disposed of during the Quarter.
Number of investor complaints
pending at the end of the
Quarter.
Average time taken for
redressal of complaints for the
Quarter
Complaints pending during FY FY/QE__________
Less 1-3 3-6 6-9 9-12 Greater Total
than 1 months months months months than 12
month months
All
complaints
SCORES
complaints
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Complaints resolved during FY FY/QE__________
Less 1-3 3-6 6-9 9-12 Greater Total
than 1 months months months months than 12
month months
All
complaints
SCORES
complaints
Part B: For Financial year ending
All complaints including SCORES Complaints
SCORES complaints
Number of investor
complaints pending at the
beginning of the year
Number of investor
complaints received during
the year
Number of investor
complaints disposed of
during the year.
Number of investor
complaints pending at the
end of the year.
Average time taken for
redressal of complaints for
the year
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Part C: For disclosure in the Annual Report
All complaints SCORES Complaints
including SCORES
complaints
Number of investor complaints
pending at the beginning of
the year
Number of investor complaints
received during the year
Number of investor complaints
disposed of during the year.
Number of investor complaints
pending at the end of the year.
Average time taken for
redressal of complaints for the
year
Part D: Trend of monthly disposal of complaints (including complaints received
through SCORES)
Sr. Month Carried Received Resolved* Pending**
Nos: forward from
previous
month
1 2 3 4 5 6
1. April- YYYY
2. May- YYYY
3. June- YYYY
4. July- YYYY
Grand Total
*Should include complaints of previous month resolved in the current month. If any.
** Should include total complaints pending as on the last day of the month, if any.
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Part E: Trend of annual disposal of complaints (including complaints received
through SCORES)
Sr. Year Number of Number of Number of Number of
Nos.: complaints complaints complaints complaints
carried forward received resolved pending at
from previous during the during the the end of
year year year the year
1. 2019-20
2. 2020-21
3. 2021-22
4. 2022-23
5. 2023-24
6. 2024-25
Grand
Total
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