NISM Series XXIII:
REIT & InvIT.
The real estate and infrastructure investment trust certification. For professionals working with REITs (Real Estate Investment Trusts) and InvITs (Infrastructure Investment Trusts) listed on Indian exchanges.
**REITs and InvITs** are among the newest investment products in Indian markets. Embassy Office Parks became India's first listed REIT in 2019, and the segment has grown to include Mindspace, Brookfield, and Nexus Select Trust. On the InvIT side, India Grid Trust and PowerGrid InvIT have opened infrastructure investing to retail investors.
**NISM Series XXIII** certifies professionals working with these instruments — from the managers and compliance officers at REIT/InvIT firms to distributors selling these products.
The certification covers the regulatory framework (SEBI REIT and InvIT Regulations), distribution mechanisms, valuation methodologies, and compliance requirements specific to these trust structures.
REITs and InvITs are India's answer to democratizing real estate and infrastructure investing. Series XXIII certifies the professionals making it happen.
01. Complete Syllabus
Chapter-by-Chapter Breakdown
Indian Real Estate & Infra Markets
REIT Structure & Regulations
InvIT Structure & Regulations
Distribution & Trading
Valuation & Financial Analysis
Taxation of REITs & InvITs
Compliance & Reporting
02. Study Strategy
How to Prepare
REIT + InvIT Regulations (42%)
Chapters 2 and 3 combined carry 42% weight. Know the structural differences, distribution requirements, and SEBI eligibility criteria for both instruments.
Know the Indian Examples
Embassy Office Parks, Mindspace, Brookfield (REITs) and India Grid, PowerGrid (InvITs). Questions often reference real-world structures.
Taxation is Critical
The pass-through taxation structure is complex — understand which component of distribution is taxed as dividend, interest, or capital gain.
03. Career Paths
Where This Takes You
REIT/InvIT Management
Manager roles at Embassy, Mindspace, Brookfield REITs
Real Estate Investment Banking
Structuring and listing REIT/InvIT offerings
Institutional Distribution
Distributing REIT/InvIT units to institutional investors
FAQ
Frequently Asked Questions
What is NISM Series XXIII?
Certifies professionals working with REITs and InvITs — covering SEBI regulations, distribution compliance, valuation, and taxation of these trust structures.
Which REITs are listed in India?
Embassy Office Parks (India's first), Mindspace REIT, Brookfield REIT, and Nexus Select Trust. InvITs include India Grid Trust and PowerGrid InvIT.
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Written By
Rohit Singh
Mr. Chartist
SEBI Registered Research Analyst (INH000015297), Amazon #1 bestselling author, and the founder of Investology — a premium trading ecosystem trusted by 1.5 Lakh+ traders across India.