Mandatory listing of REIT units on a nationwide exchange; non listing requires refund with prescribed interest and trading rules apply. Listing of REIT units is mandatory on a recognized nationwide stock exchange and governed by the listing agreement; failure to obtain listing permission or withdrawal of the Board's observation letter makes units ineligible for listing and requires refund of subscription monies with prescribed interest. Trading, clearing and settlement must follow exchange bye laws and Board directions; trading lot is one unit. Redemption is limited to buy back or delisting. Minimum public holding requirements apply, breaches may lead to actions including delisting with a trustee granted six month rectification period for the manager, and pre offer holders (other than sponsors) must hold for one year from listing.