LISTING AND TRADING OF UNITS :
• It shall be mandatory for units of all InvITs to be listed on a recognized stock exchange having nationwide trading terminals, whether publicly issued or privately placed.
However, this sub-regulation shall not apply if the initial offer does not satisfy the minimum subscription amount or the minimum number of subscribers under these regulations.
• The listing of the units shall be in accordance with the listing agreement entered into between the InvIT and the designated stock exchanges.
• The units of the InvIT listed in the designated stock exchanges shall be traded, cleared and settled in accordance with the bye-laws of designated stock exchanges and such conditions as may be specified by SEBI.
• The InvIT shall redeem units only by way of a buy-back or at the time of delisting of units.
• The units shall remain listed on the designated Stock Exchanges unless delisted under these regulations.
• The minimum public holding for the units of the publicly offered InvIT after listing shall be 25% of the total number of outstanding units, at all times, failing which action may be taken as may be specified by SEBI and by the designated stock exchanges including delisting of units under these regulations.
• The minimum number of unit holders in an InvIT other than the sponsor(s),–
– in case of privately placed InvIT, shall be five, each holding not more than 25% of the units of the InvIT.
– forming part of public shall be twenty, each holding not more than 25% of the units of the InvIT, at all times post listing of the units, failing which action may be taken as may be specified by SEBI and by the designated stock exchanges including delisting of units under these regulations.
• With respect to listing of privately placed units,–
– its units shall be mandatorily listed on the designated stock exchange(s) within thirty working days from the date of final closing;
– trading lot for the purpose of trading of units on the designated stock exchange shall be rupees one crore.
• With respect to listing of publicly offered units,–
– Its units shall be mandatorily listed on the designated stock exchange(s) within 12 working days from the date of closure of the initial offer. This sub-regulation shall not apply if the initial offer does not satisfy the minimum subscription amount or the minimum number of subscribers as prescribed in these regulations.
– Trading lot for the purpose of trading of units on the designated stock exchange shall be five lakh rupees.
• Any person other than the sponsor(s) holding units of the InvIT prior to initial offer shall hold the units for a period of not less than one year from the date of listing of the units.
• SEBI and designated stock exchanges may specify any other requirements pertaining to listing and trading of units of the InvIT by issuance of guidelines or circulars.