The Securities and Exchange Board of India (Sebi) on Friday decided to relax rules for real estate investment trusts (REITs), including allowing them to invest a larger portion of their funds in assets under construction.In another important move, the regulator also proposed changes that would make it easier for eligible offshore fund managers to relocate to India, including allowing them to register as portfolio managers or as investment advisers.The Sebi board, which met here, approved proposals to remove restrictions on REITs relating to investment in the special purpose vehicle (SPV) structures, while the norms relating to related party transactions would also be eased. The proposed move would allow up to 20 per cent investment by REITs in under-construction projects, up from a maximum of 10 per cent allowed currently.

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