InvIT disclosure obligations require regular reports and prompt material disclosures to exchanges and unit holders. Regulation 23 requires InvITs and their investment managers to make prescribed disclosures: privately placed InvITs must follow placement memorandum requirements, publicly offered InvITs must follow offer document schedules, and investment managers must file annual, half yearly and, when applicable, quarterly reports containing Schedule IV disclosures. The investment manager must disclose to designated stock exchanges material information affecting operation, performance or price sensitivity-including project transactions above materiality thresholds, significant borrowings, unit issues, credit rating changes, matters requiring unit holder approval, material legal proceedings, meeting notices and results, regulatory non compliance, and other material issues-and must comply with listing agreement and Board specified sectoral and unitholding disclosure requirements.