SEBI proposes electronic book provider platform to issues REITs, INVITs
This story was originally published at 20:12 IST on 20 March 2025
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MUMBAI – The Securities and Exchange Board of India Thursday has proposed infrastructure investment trusts and real estate investment trusts with issue sizes exceeding INR 10 billion to access an electronic book provider platform for such issuances. Earlier, there was no specific regulatory provision. The move aims to enhance the efficacy of the electronic book provider platform, ensuring operational uniformity across various platforms, SEBI said.
In a consultation paper, the regulator also proposed bidding on the electronic book provider platform to be restricted to working days of stock exchanges, between 0900 IST and 1700 IST, excluding bank holidays.
Additionally, SEBI proposed mandating issuers to disclose details of anchor investors and allocated amounts on the electronic book provider platform, along with the placement memorandum and term sheet. Anchor investors must confirm their participation on the electronic book provider platform a day prior to the bidding and any unconfirmed amounts by the issuer will be added back to the base issue size, SEBI said in the consultation paper.
SEBI has proposed that the greenshoe portion will be capped at three times the base issue size, down from five times earlier. SEBI in its paper has also proposed to reduced the settlement time to T+1 from T+2 earlier. Under new proposal, the regulator has mandated open bidding for issuances exceeding INR 10 billion. End
Reported by Vaishali Tyagi
Edited by Akul Nishant Akhoury
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