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Real Estate Investment Trust on anvil: SEBI

Special Correspondent

— PHOTO: SUSHANTA PATRONOBISH

EMPOWERING CLIENTS: C. B. Bhave, Chairman, Securities and Exchange Board of India, at an interactive session organised by Bharat Chamber of Commerce in Kolkata on Thursday.

KOLKATA: The Chairman of Securities and Exchange Board of India (SEBI), C. B. Bhave, has said that a Real Estate Investment Trust was on anvil and work on it was progressing.

Participating in an interactive session organised by Bharat Chamber of Commerce, he said norms for a Real Estate Mutual Fund were ready since last year but the scheme could not be operationalised as the market started going down from April-May 2008. “We want to see how the Real Estate Mutual Fund goes,” he said.

He said that the market regulator was also working on a scheme that would allow investors to verify their investments in a portfolio management scheme (PMS). Talking in the context of the collapse of overseas financial institutions since last year, he said the need was to create checks and balances within the system. “We want to empower the client to verify the assets under the PMS scheme so that he does not have to go by the word of his PMS manager only”.

He said SEBI was also looking at the issue of buyback of shares by companies as it was often found that companies did not proceed with their buyback plans even after announcing them.

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