InvIT unitholder requirement mandates multiple independent holders and limits sponsor concentration for private placement fundraising. Regulation 26B permits an InvIT to borrow as allowed by its trust deed, subject to approval from the investor quorum specified in that deed, and requires a minimum number of independent unit holders (excluding sponsor(s), their related parties and associates) who together hold a prescribed minority stake of the InvIT. The regulation previously included detailed private placement rules on placement memoranda, investor eligibility, minimum subscription, investor caps, filing obligations, and an investment allocation requirement for eligible infrastructure projects.