Mandatory listing of InvIT units on recognised exchanges ensures prescribed listing, trading, redemption, and refund obligations. Units of all InvITs must be listed on a recognised nationwide stock exchange unless initial offers fail prescribed thresholds; listing must follow the listing agreement and, if listing permission is not granted or an Observation Letter withdrawn, the InvIT must refund subscription monies with interest. Listed units are traded, cleared and settled per exchange bye laws and Board conditions. Redemption is limited to buyback or delisting. Minimum public holding and minimum non sponsor unit holder thresholds must be maintained, with specified timelines and trading lot rules for privately placed and publicly offered units.