Mandatory disclosures require InvITs to publish specified annual, half yearly and quarterly financial, valuation and material event information. InvITs must include in the annual report the Investment Manager's activity report and consolidated audited financials, MD&A, project wise asset and revenue details, a summary of the full valuation report, and disclosures of changes during the year (asset additions/divestments with counterparties and consideration, valuation/NAV updates, borrowings, credit ratings, and changes to key parties or contracts). The report must also set out outstanding borrowings and debt maturity profile, operating expenses and fee break ups, past unit performance and trading data, related party transactions above materiality thresholds, material litigations or regulatory actions, risk factors, and a contact person, with mandatory annexures of the valuation summary and auditor's report.