Published on 25 September 2026
The RBI’s latest amendment to its 2025 investment portfolio directions for All India Financial Institutions plugs a clear regulatory gap by laying down precise valuation rules for InvIT and REIT units. Issued on 22 September 2026, it responds to the growing presence of these instruments in AIFI portfolios and the need for consistent treatment of both quoted and unquoted holdings. Quoted units will now follow the same mark-to-market rules as other listed securities, while unquoted units must be valued at the NAV disclosed by the trust—or at a punitive ₹1 if SEBI-mandated disclosures are missed or the units are infrequently traded. The stated intention is simply to remove ambiguity and enforce uniform practices across institutions. There is no public record of any specific query, complaint or controversy that triggered the change; it appears to be a proactive, housekeeping measure as these alternative investment vehicles gain traction.
References
1. Reserve Bank of India. (2026, September 22). Reserve Bank of India (All India Financial Institutions – Classification, Valuation, and Operation of Investment Portfolio) Amendment Directions, 2026 (RBI/2026-27/268).
2. Business Today. (2026, September 22). RBI revises InvIT, REIT valuation norms for all India financial institutions.
3. The Economic Times. (2026, September 22). RBI amends valuation rules for InvIT, REIT units held by all-India financial institutions.