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The Securities and Exchange Board of India (SEBI) has tweaked norms for Real estate investment trusts (REITs) and Infrastructure investment trusts (InvITs) regulations on exit options for dissenting unitholders for acquisition and change in sponsors. REITs and InvITs are currently emerging investment vehicles. The exit is available in various cases, including acquisition, change in sponsor, inducted sponsor, change in control sponsor or induced sponsor according to an open offer. In any such case, the exit price would be enhanced by an amount equal to a sum determined at 10% per annum from the date of first notice and second notice, as per the two separate circulars issued by SEBI. The summary of the activities of the exit option or the open offer has to take place along the period given by SEBI. As per the Substantial Acquisition of Shares and Takeovers Regulations 2011, the regulatory authority has also clarified the meaning of the relevant date in such cases, which would mean the date of the public announcement for the acquisition. SEBI had also introduced a mechanism to provide an exit option to dissenting unitholders of REITs and InvITs, last year in July. Image Source Also read: REITs and InvITs to be added in Nifty indices from September 30