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of <h1>InvITs Must List Units on National Exchanges; Refund Required if Listing Fails; Specific Trading and Redemption Rules Apply</h1> All Infrastructure Investment Trusts (InvITs) must list their units on a recognized stock exchange with nationwide trading terminals, unless the initial offer fails to meet minimum subscription or subscriber requirements. Listing must comply with agreements with stock exchanges, and failure to receive listing permission necessitates refunding subscription monies with interest. Units are traded according to stock exchange rules and can only be redeemed via buyback or delisting. Minimum public holding and unit holder requirements are specified, with consequences for non-compliance. Privately placed units must list within 30 days, and publicly offered units within 12 days, with specific trading lot sizes. Additional guidelines may be issued by the Board or stock exchanges.
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