Market regulator SEBI was almost ready with REIT regulations and would place them before its board for final approval once tax issues on such vehicles are sorted out, UK Sinha, Chairman, SEBI has said.
He said the Securities and Exchange Board of India (SEBI) has pitched for tax pass-through on REITs with the Finance Ministry.
"We are almost ready. We have to go to our board. But we believe that we must have clarity on tax treatment before REITS are put in place and become effective,” Sinha told presspersons on the sidelines of the 36th Skoch Summit here.
Once that clarity comes about, SEBI will not take much time and come out with the regulations immediately, he said.
Earlier at the event, Sinha also expressed the hope that the Government would soon initiate steps to convert the securities laws ordinance into a law.
This ordinance empowers SEBI to undertake search and seizure actions and also effectively tackle the menace of Ponzi schemes.