Property Share, which facilitates fractional ownership of commercial assets, on Friday said it has received the Small and Medium Real Estate Investment Trust (SM REIT) license from market regulator SEBI.
In a statement, the company said it has "become the first fractional ownership platform (FOP) to receive the Small and Medium Real Estate Investment Trust (SM REIT) license from the Securities and Exchange Board of India (SEBI)".
The license has been given by the SEBI under the newly notified SM REIT regulations under the name of Property Share Investment Trust (PSIT).
Property Share will become the investment manager of PSIT.
In 2022, Property Share raised Rs 347 crore in a Series B round from WestBridge Capital.
"We look forward to continue working closely with SEBI in launching the IPO (Initial Public Offer) of the first SM REIT scheme in the weeks to come," said Kunal Moktan, Co-Founder of Property Share.
