New norms will enable listing and trading of Real Estate Investment Trusts -REITs as any other security on the stock exchange
Market regulator Securities and Exchange Board of India (SEBI) said it will soon notify norms for creation and listing of business trusts to help attract greater foreign and domestic investments into real estate.
Addressing a conference organised by Assocham in New Delhi, SEBI's Executive Director Ananta Barua said, "We will soon notify the new norms on Real Estate Investment Trusts or REITs."
Last month, SEBI board had approved regulations on REITs after receiving public comments.
According to experts, the new instrument has the potential of attracting $8-10 billion into the cash-starved real estate sector.
This trust would help in the progress of the real estate sector, Barua said.
Like mutual funds, REITs would pool in money from investors and issue units in exchange. Most of the money collected would be invested in commercial properties which are completed and generate income.
The new norms will enable listing and trading of REITs as any other security on the stock exchange and also help create new platform for raising of funds by real estate companies.
The guidelines, approved by SEBI board, have fixed the minimum requirement for asset sizes permitted to be listed in India at Rs500 crore. Earlier there was a minimum requirement of Rs1,000 crore in this regard.
REITs may invest directly in properties or through a special purpose vehicle (SPV). As per the norms, 80% of the value of a REIT shall be invested in completed and revenue-generating assets, and the remaining 20% may be invested in developmental properties and other assets.
In the Union budget, Finance Minister Arun Jaitley had announced significant tax incentives for this product.
The government feels the new investment avenue would reduce pressure on the banking system while also making available fresh equity in form of long-term finance from foreign and domestic sources including the NRIs for the real estate sector.
According to the drug pricing regulator, creating a database is necessary for monitoring production and availability of scheduled formulations and the active pharmaceutical ingredients in the scheduled formulations, and monitoring the prices of non-scheduled formulations
The National Pharmaceutical Pricing Authority (NPPA) has asked all pharmaceutical companies to register themselves under its integrated pharmaceutical database management system (IPDMS) for online filing of returns for monitoring, fixing and revision of drug prices.
In a notice on its portal, the drug pricing regulator said, “Availability of reliable database is a necessary pre-requisite for carrying out the functions of price fixation and price revision in respect of scheduled drugs; price fixation in respect of new drugs.”
It further said such a step was also necessary for monitoring production and availability of scheduled formulations and the active pharmaceutical ingredients contained in the scheduled formulations, and monitoring the prices of non-scheduled formulations.
The registration process will be kept open till 30 October 2014 after which that data inputting facility shall be made available to all registered users for submission of online reports in respect of form II, III and V under drug price control order (DPCO) 2013.
Online filing of returns has to be done under the DPCO 2013, it added.
This is being done as “the objective of the DPCO 2013 is that the government should in due course come out with an appropriate mechanism of obtaining market-based data related to drugs,” NPPA said.
With the transition from DPCO 1995, which followed cost-based mechanism for price fixation, to the DPCO 2013, which follows market-based mechanism for price fixation, reference data and source of market based data has assumed critical importance, it added.
The IPDMS is being launched with immediate effect for the purpose of registration, NPPA said.
The reporting obligation on the manufacturers is a legal obligation, which they are required to carry out with full and correct disclosure of information in a timely manner at prescribed intervals, the regulator said.
“Any default in the reporting would be deemed to be an act of contravention of the DPCO 2013 and therefore attracts penalties under the Essential Commodities Act, 1955,” it added.
NPPA was established to fix or revise prices of controlled bulk drugs and formulations and to enforce prices and availability of the medicines in the country, under the Drugs (Prices Control) Order, 1995.
The organisation is also entrusted with the task of recovering amounts overcharged by manufacturers for the controlled drugs from the consumers and also monitors the prices of decontrolled drugs in order to keep them at reasonable levels.
The winning total needed was 18.52 lakh and nationally, the margin of victory is about 55% to 45%
In a historic referendum, Scotland on Friday rejected independence and decided to remain in a 307-year-old union with the United Kingdom, in a relief to Prime Minister David Cameron.
With 30 out of Scotland's 32 council areas having declared results, the "No" side has an unbeatable lead of 18.77 lakh votes to 15.13 lakh, official results confirmed.
The winning total needed was 18.52 lakh and nationally, the margin of victory is about 55% to 45%. This margin of victory is some three points greater than that anticipated by the final opinion polls.
The vote is the culmination of a two-year campaign and talks will now begin on devolving more powers to Scotland, which in 1707 had joined UK.
Glasgow, Scotland's largest council area and the third largest city in Britain, voted in favour of independence with 194,779 'Yes' votes to 169,347 'No' votes. Dundee, West Dunbartonshire and North Lanarkshire also voted "Yes".
But Edinburgh, the nation's capital, rejected independence by 194,638 votes to 123,927 votes, while Aberdeen City voted "No" by a margin of more than 20,000 votes.
There have also been big wins for the pro-UK campaign in many other areas.
British Prime Minister David Cameron said: "I've spoken to Alistair Darling (head of the pro-UK Better Together campaign) - and congratulated him on a well-fought campaign."
Scotland's First Minister Alex Salmond on Friday conceded defeat in the referendum, while saying the large number of 'Yes' votes represented a substantial number for Scottish independence in the future.
The people of Scotland had been queueing up to register their vote in the historic referendum yesterday to decide their future as part an independent country or the UK.
They had a simple "Yes" or "No" choice to the question: "Should Scotland be an independent country?"
Nearly 97% of the electorate, adding up to 42.85 lakh people, were registered to vote at 2,608 polling places across the country.