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Transfer of subordinate units

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....ransferable to any person except the sponsor, its associates and the sponsor group entities. (3) The subordinate units shall not be encumbered in favor of any person except the sponsor, its associates and the sponsor group entities. (4) The depository shall not register the transfer or encumbrance of a subordinate unit in favour of any person unless such a person is a sponsor of the InvIT, a....

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