Driven by excellence, focused on strategies for the longer term.

This is the crux of who we are. It is an articulation of precision in purpose, from the Firm’s beginnings to where we are today. Our collective eye is unerringly trained on tomorrow.

Deep sectoral expertise across services and industries.

Our insistence on strategic advisory exacts an in-depth understanding of and involvement with our clients’ businesses and industries. We engage not just individual businesses, but also contribute to the country’s legal and regulatory frameworks.

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We commit early. We pull together internally for greater support. Every effort is sincere, every individual deeply dedicated to their task, their role, to the Firm.

Our undertakings for long-term impact are an organic extension of our purpose.

They are to employ our deep knowledge of the law beyond the business, the transaction, the deal. To use the opportunities and skills we possess, to reflect on the culture we’re creating. Individually and collectively, these are our efforts to help shape the thinking of our future generations, and arm them with strategies for true, sustainable growth.

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This is a repository of thought leadership, deep insights and strong viewpoints, legal and other news and events and how they impact the industry and our clients.

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Amplifying intrinsic talent, sharpening skills, expanding knowledge, is vital to leading. It defines every aspect of how our firm functions and transacts. This is how we create new benchmarks and set industry standards.

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Jan 30, 2026

SEBI Notifications on Reclassification of REITs As Equity Related Instruments

SEBI has, by way of the SEBI (Mutual Funds) (Second Amendment) Regulations, 2025 dated October 31, 2025, amended the SEBI (Mutual Funds) Regulations, 1996, to provide for, amongst other things, the reclassification of investments made by Mutual Funds (‘MFs’) and Specialized Investment Funds (‘SIFs’) in Real Estate Investment Trusts (‘REITs’) as investments in equity related instruments.

Further, SEBI has, by way of its Circular dated November 28, 2025, provided, amongst other things, that:

i.    investments in REITs from January 1, 2026, will be considered as investment in –equity related instruments;

ii.   existing investments in REITs held by debt schemes of MFs and investment strategies of SIFs as on December 31, 2025, will be grandfathered; and

iii.  any inclusion of REITs in equity indices will be done only after July 1, 2026.

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DISCLAIMER

These are the views and opinions of the author(s) and do not necessarily reflect the views of the Firm. This article is intended for general information only and does not constitute legal or other advice and you acknowledge that there is no relationship (implied, legal or fiduciary) between you and the author/AZB. AZB does not claim that the article's content or information is accurate, correct or complete, and disclaims all liability for any loss or damage caused through error or omission.

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