With the number of fractional ownership platforms (FOPs) growing, and large sums of money belonging to retail investors being invested through them, the Securities and Exchange Board of India (Sebi) has come out with a consultation paper that is a precursor to regulating them under the MSM (micro, small, medium) REIT (real estate investment trust) framework. The idea is that if these real estate platforms grow within a regulated environment, they will be more transparent, financially disciplined, and accountable. Investors will also feel safer investing through them.