Brookprop Settles Alleged REIT Norm Violation with SEBI
Brookprop Management Services has settled a case regarding alleged violations of REIT norms with SEBI, paying Rs 20.47 lakh. SEBI's notice claimed that Brookprop used borrowed funds for the distribution of Net Distributable Cash Flow. The case was resolved through a settlement without admission of guilt.
- Country:
- India
Brookprop Management Services, the entity managing Brookfield India Real Estate Trust, has resolved a regulatory dispute with India's capital market authority, SEBI. The settlement involves a payment of Rs 20.47 lakh concerning allegations of breaching Real Estate Investment Trust (REIT) norms.
The Securities and Exchange Board of India (SEBI) issued a show cause notice accusing Brookprop of leveraging borrowed capital to distribute Net Distributable Cash Flow (NDCF). This alleged breach prompted the regulatory review and subsequent proceedings.
The matter has been settled with Brookprop proposing a resolution without admitting or denying the findings. SEBI accepted the settlement terms and thereby concluded the adjudication proceedings, initially launched through a show cause notice dated June 11, 2024.
(With inputs from agencies.)
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