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Sebi to allow direct investment in real estate
25 Apr 2008
According to the body, funds will be close-ended with their units listed on the stock exchange said the regulator.
The fund will have to declare its net asset value (NAV) of the fund will have to be declared daily and at least 35 per cent of the net assets should be directly invested into real estate.
"Taken together, investments in real estate assets, real estate-related securities... shall not be less than 75 percent of the net assets of the scheme," SEBI said in a statement on its website.
Other recommendations include existing Mutual Funds are eligible to launch real estate mutual funds, but only if they have an adequate number of key personnel or directors experienced in these matters.
Previously the regulators announced it had decided to allow mutual funds to sell government securities contracted for purchase.
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