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of <h1>Unit offers must be by registered trusts with ?500 crore assets and minimum ?250 crore offer, plus issuance procedures</h1> No initial offer of units may be made unless the trust is registered with the regulator, holds specified underlying assets valued at least ?500 crore and the offer size is at least ?250 crore (these asset and offer-size conditions may be satisfied before allotment under binding agreements and disclosure). Public offering and private placement rules set minimum public-holding percentages or values depending on post-issue capital, private-placement investor qualifications, minimum investment and investor-number limits, and caps on concentration from non-sponsors. Public-issue procedures require draft filings, public disclosure, due diligence, prescribed timelines, dematerialized issuance, prescribed subscription/allotment and refund mechanics, pricing by book-building, interest for delayed allotment/refund, holding-period conditions for sellers, limits on general-purpose proceeds, and deregistration if no offer within prescribed period.
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