Brookprop Settles REIT Violation Case with Sebi

New Delhi, Sep 1 (PTI) Brookprop Management Services, the manager of Brookfield India Real Estate Trust, on Monday settled a case pertaining to alleged violation of REIT (Real Estate Investment Trusts) norms with capital market regulator Sebi after paying Rs 20.47 lakh.

"In view of the acceptance of the settlement terms and the receipt of settlement amount (Rs 20.47 lakh)... the instant adjudication proceedings initiated against applicant vide show cause notice (SCN) dated June 11, 2024, is disposed of in terms of ...the settlement Regulations," Sebi said in its order.

The Securities and Exchange Board of India (Sebi), in its show cause notice, alleged that the applicant had made use of borrowed funds for facilitating the distribution of Net Distributable Cash Flow (NDCF).

The latest order came after the entity filed an application with Sebi proposing to "settle the instant proceedings initiated against it, without admitting or denying the findings of facts and conclusions of law, through a settlement order".