Sponsor minimum unitholding requirement enforces staged lock in and transfer restrictions to protect InvIT and unitholders. Sponsors and sponsor groups must set up the InvIT, appoint trustees and transfer or undertake to transfer their shareholding, interest and rights in the holdco and/or SPV or ownership of infrastructure projects to the InvIT under a binding agreement with adequate disclosure prior to allotment; they are liable for acts, omissions, representations and covenants related to formation or transfers to the InvIT and the InvIT/trustee has recourse for breaches. Sponsors must meet staged minimum unitholding requirements, with requisite units locked in and subordinate units excluded from meeting these thresholds, and transfers of locked-in units are restricted to sponsor group entities subject to continued lock-in and compliance by transferees.