The Securities and Exchange Board of India (SEBI) has notified amendments to the regulations governing infrastructure investment trusts (InvITs) and real estate investment trusts (REITs). The key changes include reduction of the minimum subscription from any investor for a publicly issued InvIT from Rs 1 million to Rs 0.1 million, and for publicly issued REITs from Rs 0.2 million to Rs 50,000. The minimum trading lot for InvITs has been reduced from Rs 0.5 million to Rs 0.1 million, and for REITs from Rs 0.1 million to Rs 50,000. This is expected to increase the reach of retail investors in such instruments. The other key change is the increase in the leverage limit for InvITs from the earlier 49 per cent of the InvIT’s assets to 70 per cent. This is subject to disclosure and compliance requirements including a minimum track record of six distributions on a continuous basis, and a credit rating of AAA or equivalent for the consolidated debt.