CCI

Fintech Brief — November 4, 2026 Today’s Top Stories SEBI opens the GIFT City door for REIT and InvIT depository receipts SEBI has issued two circulars (dated November 2) creating a formal framework for depository receipts (DRs) backed by REIT and InvIT units, listable on GIFT City’s international exchanges — India INX and NSE International Exchange — to pull foreign capital into India’s real estate and infrastructure trusts. The rules: DR holders and beneficial owners must be non-residents of India; a fresh DR issue needs at least 75% unitholder approval (waived when DRs ride along an initial unit offer or stay within a pre-approved limit); DRs cannot be priced below what domestic investors pay in the corresponding offering; existing unitholders get a tender opportunity if their units back DRs; and international-exchange disclosures must be mirrored to Indian exchanges within 24 hours. Merchant bankers must oversee issuance compliance, SEBI commits to comments within 7 working days, and exchanges promise in-principle approvals in 15 working days. SEBI also cut the cooling-off period for offer-for-sale of illiquid privately listed InvITs from 12 weeks to 8 weeks to improve liquidity. SEBI circular · Moneycontrol · Economic Times · Hindu BusinessLine ...