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June 27, 2019

SECP assures ISE REIT of support

Business

June 27, 2019

ISLAMABAD: Securities and Exchange Commission of Pakistan (SECP) Chairman Farrukh Sabzwari met with a delegation of the ISE Towers REIT Management Company Limited

(ISE REIT) on Wednesday, and assured them of support in addressing issues that hamper the growth of REITs in the country.

REIT ISE Chairman Zahid Latif Khan led the delegation. The meeting deliberated upon a number of measures for the development of the Real Estate Investment Trusts (REITs), including ease of doing business, cost of doing business, regulatory and taxation reforms etc.

Issues related to cost associated with transfer of property to REIT Scheme, permissible businesses, listing requirements, tax on dividend from REIT Scheme and capital gain tax were also discussed.

Sabzwari welcomed the suggestions and assured of the SECP’s full support. He also briefed the delegation on the various amendments already introduced in the RIET Regulations 2015 focusing on simplified regulatory requirements, unit holder’s protection and industry dynamics.

“Major amendments in the Regulations include the concept of private investors along with eligibility criteria to invest in REIT Scheme, introduction of grace period for mandatory listing, enhancing RMC’s capacity to borrow and issuance of right units,” he added.

He highlighted that the basic idea behind the said amendments was to promote ease of doing business and reducing the cost of REIT business. The revamped regulatory framework for REITs is likely to help in providing more conducive regulatory environment for establishment of formal real estate sector in the country coupled with enhanced documentation in the economy.

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