India’s commitment to developing world-class infrastructure is evident through initiatives like the National Infrastructure Pipeline and “Gati Shakti.” To achieve the goal of a developed nation by 2047, the government recognizes the need for significant investments. Bridging the funding gap necessitates global capital, leading to the establishment of the International Financial Services Centres Authority (IFSCA) Expert Committee on Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) in the International Financial Services Centre (IFSC) at Gandhinagar.
The constitution of the Expert Committee by IFSCA marks a significant step towards realizing India’s infrastructure goals. By focusing on REITs and InvITs, the committee aims to attract diverse global investors. The recommendations and roadmap provided by the committee are expected to create a robust ecosystem, positioning GIFT IFSC as a preferred gateway for financing critical projects. Access the committee details here.
Expert Committee on REITs and InvITs in IFSC
| Sr. No. | Details of Committee Member | Capacity |
|---|---|---|
| 1 | Mr. Ananta Barua Former Whole Time Member, SEBI |
Chairperson |
| 2 | Mr. Anand Jha Managing Director, Blackstone Advisors India Pvt. Ltd. |
Member |
| 3 | Mr. Bhairav Dalal Partner, PriceWaterhouse & Co LLP |
Member |
| 4 | Mr. Bobby Parikh Managing Partner, Bobby Parikh Associates |
Member |
| 5 | Mr. Kranti Mohan Partner, Cyril Amarchand Mangaldas |
Member |
| 6 | Ms. Lakha Nair Executive Director, Axis Capital Limited |
Member |
| 7 | Mr. Maadhav Poddar Partner, EY India |
Member |
| 8 | Mr. Mathew George CFO, National Highways Infra Trust |
Member |
| 9 | Ms. Preeti Chheda CFO, K Raheja Corp Investment Managers LLP |
Member |
| 10 | Mr. Raghwendra Pande EVP, ICICI Securities Ltd. |
Member |
| 11 | Mr. Samarth Jagnani Managing Director, Global Capital Markets, Morgan Stanley |
Member |
| 12 | Mr. Sanjeev Dasgupta Executive Director & CEO, CapitaLand India Trust |
Member |
| 13 | Mr. Shailendra Sabhnani Senior Vice President, Brookfield Asset Management |
Member |
| 14 | Mr. Tushar Kawedia Group CFO, IRB Infrastructure Developers Limited |
Member |
| 15 | V. Balasubramaniam MD and CEO, NSE International Exchange |
Member |
| 16 | Mr. Mihir Upadhyay General Manager, IFSCA |
Member |
| 17 | Mr. Arjun Prasad General Manager, IFSCA |
Member Secretary |
Terms of Reference
- To provide recommendations on policy measures to facilitate the development of REITs and InvITs in GIFT IFSC
- To study the global best practices for Business Trusts and make recommendations for GIFT IFSC
- To make recommendations for amendments in the various legal, taxation and regulatory frameworks for setting up of REITs and InvITs in GIFT IFSC
- To make recommendations for listing of foreign currency denominated securities issued by Indian REITs and InvITs on the stock exchanges in GIFT IFSC
- To make recommendations on enabling the regulatory framework for Micro, Small and Medium REITs in GIFT IFSC
- To make suggestions for promoting innovation in REITs and InvITs at GIFT IFSC
- To suggest a roadmap for establishing GIFT IFSC as a preferred gateway for financing real estate and infrastructure projects of India and the region
- Any other matter related to REITs and InvITs
International Finanacial Services Centres Authority
Press Release
India’s infrastructure spending, both at the central and state levels, has witnessed substantial growth in the last few years. The Government of India has taken various initiatives, including National Infrastructure Pipeline, “Gati Shakti” programme etc., to build world class infrastructure across various sectors in the country.
The Hon’ble Prime Minister of India has also laid down the vision of achieving the goal of becoming a developed nation by 2047, as mentioned below:
“The goal of the country is Viksit Bharat, Sashakt Bharat. We cannot stop until this dream of a developed India is fulfilled”
– Shri Narendra Modi, Hon’ble Prime Minister of India
India will need huge investments in the infrastructure projects in the coming years to achieve the 2047 target of Viksit Bharat. The infrastructure financing cannot be met solely by domestic capital. The funding gap in the infrastructure projects in India can be bridged through steady and sustained influx of patient capital from global investors.
The structures such as Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) play an important role in monetizing the real estate and infrastructure projects respectively and attracting investments from several classes of investors including foreign investors such as pension funds, sovereign wealth funds, insurance companies and other global funds.
GIFT IFSC can play an instrumental role in emerging as a gateway for international capital flows into the infrastructure and real estate projects in India and the region. With this vision, IFSCA has constituted an Expert Committee for development of a robust and vibrant ecosystem for REITs and InvITs in GIFT IFSC.
The Expert Committee will be chaired by Shri Ananta Barua, Former Whole Time Member, SEBI. The Committee comprises of leaders and experts from various stakeholders such as issuers, investment bankers, consultancy firms, law firms, stock exchange, etc.
The Terms of Reference (ToR) of the Expert Committee are as under:
1) To provide recommendations on policy measures to facilitate the development of REITs and InvITs in GIFT IFSC
2) To study the global best practices for Business Trusts and make recommendations for GIFT IFSC
3) To make recommendations for amendments in the various legal, taxation and regulatory frameworks for setting up of REITs and InvITs in GIFT IFSC
4) To make recommendations for listing of foreign currency denominated securities issued by Indian REITs and InvITs on the stock exchanges in GIFT IFSC
5) To make recommendations on enabling the regulatory framework for Micro, Small and Medium REITs in GIFT IFSC
6) To make suggestions for promoting innovation in REITs and InvITs at GIFT IFSC
7) To suggest a roadmap for establishing GIFT IFSC as a preferred gateway for financing real estate and infrastructure projects of India and the region
8) Any other matter related to REITs and InvITs
The constitution of the committee can be accessed through the following weblink: https://ifsca.gov.in/IFSCACommittees
Gandhinagar
January 19, 2024
