Report
India sets rules for REIT and InvIT depositary receipts on overseas exchanges
SEBI's rules let foreign investors access Indian real estate and infrastructure trusts through depositary receipts on select overseas exchanges.
TLDR
Depositary receipts are foreign-currency instruments backed by securities held with a domestic custodian. REITs and InvITs can use new or existing units for the receipts, which can be listed on international exchanges in GIFT City. Fresh issues need at least 75% of votes cast by unitholders in favor, except when a trust conducts an IPO alongside a simultaneous overseas receipt listing.
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