InvIT investment conditions and distribution rules shape asset allocation, control rights, cash flows, and borrowing restrictions. Investment by an InvIT is confined to holdcos, SPVs, infrastructure projects or permitted securities in India, subject to the regulations and the investment strategy in the offer document or placement memorandum. The framework prescribes control rights, board appointment, voting participation, minimum asset allocation, permitted temporary investments, mandatory distribution of net distributable cash flows, transfer of unpaid distributions to the Investor Protection and Education Fund, restrictions on lending and cross-investment, minimum holding period for infrastructure assets, and conditions for co-investment. It also bars the launch of schemes under the InvIT and permits the Board to impose further investment conditions.