ISLAMABAD:
The Securities and Exchange Commission of Pakistan (SECP) has envisaged a new regime for the Real Estate Investment Trust (REITs) to remove bottlenecks for new entrants and attract investment in this sector.
The SECP held a consultative session in Karachi to seek stakeholders’ comments and suggestions on draft REITs regulations in order to explain the rationale of the proposed changes, according to a statement issued on Monday.
SECP Commissioner Akif Saeed said the amended framework of REIT Regulations envisages easing of entry barriers like reduction in capital of RMCs, downward revision of capital of REIT Schemes, simplification of approval procedures, permitting avenues for accessing capital to meet emergency needs and incentives for better performance by REIT managers.
He told participants that these changes have been introduced in view of the suggestions made by real estate industry, and recommendations made by the NBF Reform Committee and after examination of REIT regulations framed by some Asian countries.
Published in The Express Tribune, March 17th, 2015.
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