India opens up market with a step in the Reit direction

After years of discussions, the Securities and Exchange Board of India (Sebi) has finally approved the setting up of real estate investment trusts (Reits) and infrastructure investment trusts (InvITs). Market watchers hailed the move as a step in the right direction, but before issuers and investors go into action, concerns over tax and valuation need to be cleared up, write Rashmi Kumar and Rev Hui.