ISLAMABAD, January 30: The Securities and Exchange Commission of Pakistan (SECP) has issued
notification for public consultations on the proposed amendments to the Real Estate Investment
Trust (REIT) Regulations, 2022 (the “REIT Regulations”).
The draft amendments follow an extensive consultation process with key stakeholders, including
REIT Management Companies (RMCs), trustees, the banking sector, mutual funds, legal firms, and
consultants. Initial feedback was collected to pinpoint areas for improvement in the REIT
Regulations. The insights were consolidated into a detailed Consultation Paper titled “Areas of
Improvement in the REIT Regulations, 2022”, which was published to invite further feedback.
In-person consultations were subsequently held in Karachi and Lahore, where the feedback was
discussed in-depth, ensuring the proposals were refined based on a consensus-driven approach.
The SECP has now notified the draft amendments for comments before these become effective.
These amendments focus on streamlining procedures for registration of trust deed and REIT
Scheme; establishing clearer timelines for transferring real estate/shares of Special Purpose
Vehicles (SPVs) under the REIT scheme, and promoting early listing of REIT schemes to boost their
presence as a capital market asset class. Additionally, the amendments aim to strengthen the roles
and responsibilities of the RMC and trustee, address regulatory arbitrage across different REIT
structures, and enhance adherence to the Shariah governance framework.
The SECP is committed to a robust and transparent consultation process, ensuring stakeholders
have ample opportunity to contribute during the regulatory review. Feedback on the draft
amendments can be submitted by February 13, 2025, to REIT.Feedback@secp.gov.pk. The
notification detailing the proposed amendments is available on the SECP website at
secp.gov.pk/document/s-r-o-77i-2025-draft-amendments-to-the-real-estate-investment-trustreit-
regulations-2022/?wpdmdl=55386&refresh=679b6d017773d1738239233.
