SEBI (Real Estate Investment Trusts) (Second Amendment) Regulations, 2023 introduced 'Minimum Unitholding Requirement' for sponsors and sponsor groups of REIT. Explain the revised regulations.

Minimum Unitholding Requirement for sponsors and sponsor groups as per SEBI (Real Estate Investment Trusts) (Second Amendment) Regulations, 2023 The revised regulation mandates that sponsor(s) and sponsor group(s) collectively hold not less than: 15% of total units of REIT for three years from the date of listing of units in the initial offer. If it exceeds 15% by any sponsor or sponsor groups, it shall be held for a period of not less than one year from the date of listing of units issued in initial offer. 5% of total units of REIT from beginning on 4 th year till the end of 5 th year from the date of listing of the units issued in the initial offer. 3% of total units of REITs from beginning of 6 th year till the end of 10 th year from the date of listing of the units issued in the initial offer. 2% of total units of REITs from the beginning of 11 th year till the end of 20 th year from the date of listing of the units issued in the initial offer. 1% of total units of REIT after completion of 20 th year from date of listing of units issued in the initial offer. However, the maximum value of the units to be held by the sponsor(s) and sponsor group(s) for compliance shall not exceed ₹ 500 crore. The units required to be held as mentioned above shall be locked in and shall not be encumbered.